US Constitution
This is the first ten amendments to the Constitution.
What is the Bill of Rights?
The amendment that guarantees freedom of speech and religion.
What is the First Amendment?
The first constitution of the United States.
What were the Articles of Confederation?
This curve shows the relationship between price and quantity demanded.
What is the demand curve?
The total market value of all final goods and services.
What is GDP?
This school emphasizes free markets and minimal government.
What is classical economics?
Goods bought from other countries.
What are imports?
The Constitution divides the government into this many branches.
What are three?
The right to bear arms is protected by this amendment.
What is the Second Amendment?
The “Father of the Constitution.”
Who is James Madison?
This is the next best alternative when making a choice.
What is opportunity cost?
The sustained increase in the general price level.
What is inflation?
John Maynard Keynes advocated for this kind of government intervention.
What is fiscal stimulus (spending)?
Selling goods to other countries.
What are exports?
This part of the Constitution explains its purpose and goals.
What is the Preamble?
This amendment protects against unreasonable searches and seizures.
What is the Fourth Amendment?
This rebellion showed the weakness of the Articles of Confederation.
What is Shays' Rebellion?
This law states that as price increases, quantity demanded decreases.
What is the law of demand?
A period of declining real GDP for 2 quarters
What is a recession?
Milton Friedman is associated with this school.
What is monetarism?
The theory that countries should specialize in what they do best.
What is comparative advantage?
The Constitution was written in this year.
What is 1787?
The amendment that protects the right to a speedy and public trial.
What is the Sixth Amendment?
This document declared American independence.
What is the Declaration of Independence?
This type of market has many buyers and sellers and identical products.
What is perfect competition?
The percentage of the labor force without a job but looking.
What is the unemployment rate?
Adam Smith is associated with this school
What is classical economics?
A tax on imports paid by the importer at the country of arrival and passed on to the consumer.
This Article establishes the legislative branch.
What is Article I?
This amendment prohibits cruel and unusual punishment.
What is the Eighth Amendment?
The branch that interprets the laws.
What is the judicial branch?
A market controlled by one seller.
What is a monopoly?
The government uses this policy to influence the economy through spending and taxes.
What is fiscal policy?
The belief that markets naturally return to full employment is a view of this school.
What is the classical school?
A limit on the quantity of imports.
What is a quota?
This compromise during the Constitutional Convention dealt with representation in Congress.
What is the Great Compromise?
The Third Amendment prevents this during peacetime.
What is quartering of soldiers?
This was the name of the series of essays defending the Constitution.
What are the Federalist Papers?
Goods that are consumed together are called these.
What are complements?
The central bank of the United States.
What is the Federal Reserve?
This school assumes that individuals make rational choices to maximize utility and that markets naturally move toward equilibrium.
What is Neoclassical Economics?
An organization that promotes global trade rules.
What is the World Trade Organization (WTO)?
The number of states required to ratify the Constitution.
What is nine?
The Fifth Amendment guarantees this right to silence.
What is the right against self-incrimination?
The man who wrote the Declaration of Independence
Who is Thomas Jefferson?
The additional benefit of consuming one more unit.
What is marginal utility?
The Fed increases the money supply by buying these.
What are government securities (bonds)?
This school criticizes capitalism and promotes public ownership.
What is Marxism?
A situation where imports exceed exports.
What is a trade deficit?
This system prevents one branch from becoming too powerful.
What are checks and balances?
This amendment protects rights not specifically listed in the Constitution.
What is the Ninth Amendment?
This landmark case established judicial review.
What is Marbury v. Madison?
This occurs when quantity supplied exceeds quantity demanded.
What is a surplus?
This index measures price changes over time for consumer goods.
What is the Consumer Price Index (CPI)?
This school argues that controlling the money supply is the key to managing the economy and preventing inflation.
What is Monetarism?
The value of one currency compared to another.
What is the exchange rate?
This clause makes the Constitution the supreme law of the land.
What is the Supremacy Clause?
This amendment reserves powers to the states.
What is the Tenth Amendment?
This plan favored small states by proposing equal representation.
What is the New Jersey Plan?
A legal maximum price set by the government.
What is a price ceiling?
The total spending in the economy is called this.
What is aggregate demand?
This modern school believes that a government that issues its own currency can never run out of money, and should focus more on inflation than budget deficits.
What is Modern Monetary Theory?
This refers to the rate at which one good is exchanged for another between nations.
What are terms of trade?
The power of the courts to declare laws unconstitutional.
What is judicial review?
This amendment ensures due process and protection of property.
What is the Fifth Amendment?
This amendment changed how Senators are elected.
What is the Seventeenth Amendment?
The responsiveness of quantity demanded to a price change.
What is elasticity?
Government spending greater than revenue.
What is a budget deficit?
This updated school incorporates microeconomic foundations and explains price stickiness using concepts like menu costs and imperfect competition.
What is New Keynesian Economics?
This policy approach uses tariffs, quotas, and subsidies to shield domestic industries from foreign competition.
What is protectionism?