Transcript Which type of economic system is also called a market economy?

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Question 1
What is
intergovernmental
revenue?
(Money that comes from
another level of gov’t)
Question 2
What is meant by a
traditional economy?
(Basic economic
questions are answered
the way ancestors
answered them.)
Question 3
What are reserve
requirements?
(The amount that
banks are required
to keep on hand.)
Question 4
What is a trade surplus?
(Where a country
exports more than
they import)
Question 5
This economic system
is based on the private
ownership of
resources and on
individual freedom.
(Capitalism)
Question 6
What condition
exists when a
single seller
controls an entire
market?
(A monopoly)
Question 7
What government group
investigates
counterfeiting and
protects the President?
(The Secret Service)
Question 8
What government
agency oversees
mergers and
monopolies?
(FTC)
Question 9
What agency prints
US money?
(Bureau of Engraving
& Printing)
Question 10
What does FDIC do?
(It protects
deposits if banks
fail)
Question 11
Give an example of a
government
monopoly.
(Post Office, electric co.,
cable co., etc.)
Question 12
To the nearest trillion,
what is our current
national debt?
(Nearly $11 trillion)
Question 13
What often causes a
technological
monopoly?
(Patents)
Question 14
What type of tax is the
largest source of
revenue for the federal
government?
(Personal income taxes)
Question 15
This is an economic
system under which no
private property exists
and where people work
for the common good.
(Communism)
Question 16
What is the largest
expenditure for the federal
government?
(Entitlements or payments
to individuals)
Question 17
What are profits paid to
stockholders based
upon the number of
shares owned called?
(Dividends)
Question 18
Who is the father
of communism?
(Karl Marx)
Question 19
Who is the father
of capitalism?
(Adam Smith)
Question 20
How many US
denominations of
coins are minted
(6)
Question 21
This word means a
rivalry of sellers so that
no one producer can
control the market.
(Competition)
Question 22
What is fiscal policy?
(Controlling the
economy through
taxing and spending)
Question 23
Who controls monetary
policy in the US?
(The Federal Reserve)
Question 24
Who controls fiscal
policy in the US?
(Congress and the
President)
Question 25
This is the total dollar
value of all final
goods produced in a
country in a year.
(GDP)
Question 26
This is the lowest
point in the business
cycle.
(A trough or
recession)
Question 27
This is what backs
the US currency.
(Confidence)
Question 28
What 2 components
make up US money?
(Currency and
demand deposits)
Question 29
How do corporations
easily raise
revenue?
(Issue more shares of
stock)
Question 30
What is the discount
rate?
(It is the interest rate the
Fed charges banks.)
Question 31
Which government
agency makes coins?
(The Bureau of the Mint)
Question 32
Which type of
economic system is
also called a market
economy?
(Capitalism)
Question 33
Which type of
economic system is
also called a
command economy?
(Communism)
Question 34
Which type of
economic system is
also called a mixed
economy?
(Socialism)
Question 35
What 3 benefits does
competition bring to
consumers?
(Lower prices, better
quality, more selection)
Question 36
Name a communist
country today?
(China, Cuba, Myanmar,
North Korea, Vietnam)
Question 37
Name a socialist
country in the world
today.
(Norway, Sweden,
Finland, UK, etc.)
Question 38
Name a capitalist
country besides the
US.
(Jamaica, Singapore,
Thailand, etc.)
Question 39
What is a deficit
budget?
(Where Expenditures
are greater than
revenue)
Question 40
What is a surplus
budget?
(Where Expenditures
are less than revenue)
Question 41
What are 3 differences
between developing and
developed countries?
(Standard of living, birth
and death rates, quality of
life, types of jobs in
economy, etc.)
Question 42
Name 2 permanent
members of the UN
Security Council with veto
power besides the US?
(UK, France, Russia, China)