1
What is the official currency of the European Union?
Euro
What is the American System of mandatory social insurance?
Social Security
Who wrote Das Kapital?
Karl Marx
What type of economics deals with the study of specific components within a major economy?
Microeconomics
When the price of a good falls, the quantity supplied tends to do what?
Decrease
What type of good is an oven used to bake bread in a bakery?
Capital
Besides its utility, what else determines the value of a good by a consumer?
Scarcity
A checking account is what type of account?
Transaction account
What type of account guarantees a certain interest rate and has a specified maturity date?
CD
What agreement among the United States, Canada, Mexico encouraged free trade?
NAFTA
What German city was divided during the Cold War?
Berlin
What are the four factors of production?
Natural Resources, Labor, Capital, Entrepreunership
Advocates the stockpiling of gold and silver in the states treasury
Mercantilism
Regards the entire world as one giant community that should be unified politically and economically
Globalism
What is the highest point of the business cycle?
Peak
Legal tender that is backed by nothing but a government’s promise
Fiat money
What is a basic component of capitalism besides limited government, freedom of enterprise, and competition?
Property Rights
When supply of a good increases, what tends to decrease?
Equilibrium Price
What type of monopoly is a copyright on a novel?
Legal
What was designed to require Nations to buy allowances of “carbon credits” to decrease CO2 and reduce greenhouse emissions?
Kyoto Protocol
During which phase of the business cycle do industries increase the amount the amount of goods they produce?
Expansion
The responsibilities of what should be rewarding good and punishing evil?
The government
What economic system bases production of goods on customs and habits?
Traditional
What was one of the first antitrust laws enacted in the United States?
Sherman Act
What system controls the money supply of the United States?
Federal Reserve