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Fiscal Policy
Monetary Policy
Trade
Trade Barriers
Misc.
100

What is the main source of revenue for governments to fund themselves, provide services, and uphold their responsibilities?

Taxes

100

What is the minimum amount of money that banks need to have on hand?

Reserve Requirement

100
Because no country has the resources and factors of production to produce every want and need, they are driven to trade. What basic economic concept explains this phenomenon? 

Scarcity

100

The United States enacted one of these against Cuba in 1962. OPEC also enacted one of these against western nations in 1973.

Embargo

100

This type of unemployment occurs because of the usual economic upturns and downturns; which causes a decrease in demand, which causes workers to be laid off.

Cyclical Unemployment

200

This tax is the United States government's largest source of revenue.

Income Tax

200
The Discount Rate and Federal Funds Rate are both what?

Interest Rates

200

When a country is exporting more than it imports?

Trade Surplus (Favorable Balance of Trade)

200
A government-imposed trade restriction that limits the number of goods that a country can import. Ex. Sugar

Quota

200

This is the main tool for labor unions, the ability to negotiate on behalf of the entire organized body.

Collective Bargaining

300

What type of spending is used for Social Security and Medicare, which is forced by law?

Mandatory Spending

300

This policy combats rising inflation; tools include increasing the discount rate, selling securities, and increasing the reserve requirement.

Contractionary Policy

300

This is the increased interdependence among countries and interaction through trade, money, labor, communication, and technology.

Globalization

300

The taxes are placed on imports in order to protect domestic businesses, and sometimes to raise revenue.

Tariffs

300

It can be used as a medium of exchange because it establishes a value and maintains a value.

Money

400

Because a sales tax at 7% takes a larger percentage of someone with low-income compared to someone with high-income, it's what type of tax?

Regressive

400

To implement a contractionary policy, what would the US government due what with open market securities?

Sell Bonds

400
When countries decide to produce a certain good or service due to an advantage in labor, resources, and/or technology.

Specialization

400

The practice of protecting a country's domestic industries from foreign competition is known as what?

Protectionism

400
What kind of money is a dollar bill?

Fiat

500

What type of policy is the US government participating in when they lower taxes and increase spending?

Expansionary Policy

500

How many times the federal reserve has raised interest rates between the start of Covid and Fall 2023.

11

500

This type of advantage is when a country is able to produce a good at a lower opportunity cost than its competitor.

Comparative Advantage

500

What entity was created in Europe that established a single currency, eliminated trade barriers, and fostered cooperation and peace?

European Union

500

Berkshire Hathaway is the most expensive stock. What is the price per share? (Closest gets the point)

$406,747.25