Random 1
What are most economies today - including the United States?
Mixed economies
What are some characteristics of a traditional economy?
Economic decisions based on custom and historical precedent
People often perform the same type of work as their parents and grandparents regardless of potential or ability
What document is the "Supreme law of the land"?
Constitution of the United States of America
In what ways does the government promote marketplace competition?
Establishes and enforces antitrust legislation to discourage monopolies
Encourage global trade
Support business start ups
How does the government pay for the goods and services that it provides?
Tax Revenue
Borrowed Funds
Fines and Fees
Using goods and services is called what?
Consumption
In the economic flow, what role do businesses have?
Businesses buy resources to make products that are sold to individuals, other businesses, and the government. They then use the profit to buy more resources.
In the United States economy, how are prices determined?
Prices are determined by supply and demand
True or false - The Federal Reserve System deregulates banks to ensure the soundness of the banking system and the safety of deposits
False - the Fed regulates banks
In a federal case, what are the three possible courts through which a case might progress?
U.S. District
U.S. Court of Appeals
U.S. Supreme Court
Higher prices for a good or service provides incentives to purchase less or more of the good or service?
Less
Who is a person who takes risks to produce and sell goods and services in search of a profit?
Entrepreneur
U.S. Constitution and Virginia Consitution
Which two amendments to the U.S. Constitution offer protection from unfair governmental actions and laws?
The Federal Reserve System has a Board of Governors. Who appoints the chairperson of the board? How many federal banks are there?
The president
12 banks
A criminal case determines guilt or innocence of what two types of crimes? Which is more serious?
Felony or misdemeanor; felony is more serious
What is a form of business organization with one owner taking all of the risks and profits?
Proprietorship
What are some reasons that states and nations trade?
To obtain goods and services at a lower cost or lower opportunity cost
To obtain goods and services that cannot be produced or produced efficiently
To sell goods and services to other nations
To create jobs
If the United States economy is primarily a free market economy, why is it characterized as a mixed economy?
Because the government does play a role in the economy
When does the government intervene in a market economy?
When the perceived benefits of a government policy outweigh the anticipated costs
What are some of the ways that the media influences public policy and policymakers?
Focus public attention on select issues
Offer a forum for opposing viewpoints
Hold government officials accountable to the public
When a plaintiff files a complaint to recover $100 in damages, is this a civil or criminal case?
Civil Case
Name some of the characteristics of the United States economy?
Private property
Profit motive
Competition
Consumer Sovereinty
What is an opportunity cost?
What is given up when a choice is made?
Which Virginia Court has justices but no jury?
Virginia Supreme Court