stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Module 8 Economic Policy Flashcards | StudBud
Explore
/
Module 8 Economic Policy
Module 8 Economic Policy
27 terms
·
StudBud Administration
·
694 plays
Economic policy
Flashcards
27 cards
F
Practice quiz
P
Host live
L
Questions
27
Answers
1
What is one of the dangers of a protectionalist trade policy as opposed to a free trade policy?
It promotes sending american jobs to overseas markets
protectionalism policies are bad for the environment
Other countries are not concerned with what benifits the US in trade
It may lead to price increases and a trade war with other countries
2
A country has an
absolute advantage
when it can provide a product more efficiently—at a lower opportunity cost
True
False
3
The Clayton Antitrust Act permitted practices that limited competition throughout the economy.
True
False
4
You have two cows. The government gave them to you. You sell dairy products in town to earn your income
Communism
Capitalism
Socialism
Marxism
5
How does a traditional economy decide what to produce?
All economic decisions are based on the wants of consumers
All economic decisions are based on supply and demand
All economic decisions are based off of traditions and cultural values
All economic decisions are decided by the government
6
What is an example of Free Enterprise?
Business owners can ignore the laws of supply and demand
Business owners can run their business the way they see fit
Business owners do not have to pay taxes to the government.
Business owners do not have to follow state laws.
7
Which answer is not one of the 5 goals of government regulation on the US Economy
Protecting workers
Protecting Businesses
limiting negative effects
encouraging competition
8
When the supply is down but demand then the product is up the price will decrease.
False
True
9
The Landrum Griffin Act prevented convicted criminals from becoming union officials for a period of 5 years.
False
True
10
Period of temporary economic decline generally identified by a fall in GDP in two for 2 consecutive quarters.
Trough
Contraction
Depression
Recession
11
The Law of Supply states that businesses will produce fewer products when they can sell them at higher prices.
True
False
12
If a nation imports more than it exports it is said to have a...
Trade Surplus
Trade Balance
Trade Inflation
Trade Deficit
13
Is the value of the next best alternative that you choose not to buy...
opportunity cost
absolute advantage
competitive advantage
comperative advantage
14
Why would people in America want Protectionalism trade policies over free trade policies?
To encourage people to buy American Products
All of the answers are correct
To put a stop to unfair trade practices from other countries
To protect the manufacturing jobs here in America
15
Which Government regulation is designed to stop Monopolies from occuring because they hurt free trade?
The Sherman Antitrust Act
The Clayton Antitrust Act
The Taft Hartley Antitrust Act
The Wagner Antitrust Act
16
Which is not a trait of Socialism?
Citizens are heavily taxed
cooperation not competition
Universal healthcare and free education
Promotes the common good of all the people.
17
Which of the following is not a trade barrier?
An import quota
A border wall
An embargo
Voluntary trade restrictions
18
Competition is good for the economy because it increases the innovation of the products.
True
False
19
Which is an example of how the government regulates the economy through regulating private property...?
Property owners in some neighborhoods must follow HOA regulations...
Property owners must pay a property tax
Zoning laws would'nt allow a business to build in a residential zone
All property is owned by the government and must be used as they see fit.
20
Which is not a type of action used by the workers or labor unions?
Job Action
Picketting
Blacklist or do not hire list
Strike or sit down strike
21
Karl Marx was... (Pick 3 Answers)
Wrote the book The Communist Manifesto
Considered the father of Marxism a political theory of a classless society
Considered the Father of Capitalism
Considered the father of Communism
Considered the father of Engelism the study of English capitalism
Wrote the book The Capitalist Manifesto
22
Adam Smith is
was not
....
A believer in an economic theory called laissez-faire or "hands off"
A believer in limited government involvement with the economy
The Father of Capitalism
The aurthor of "Wealth of Nations" about how self-interest leads to wealth
23
What was not one of the results of Govt intervention from President Franklin D Roosevelt's NEW DEAL?
Many government civic-related jobs were created through the (WPA)
The creation of the Federal Deposit Insurance Corporation (FDIC)
The Social Security System
The first minimum wage was set
24
When to many dollars are chasing to few goods this will occur.
Inflation
Deflation
Stagflation
Cost of production
25
What is not one of the five economic Freedoms we have in America?
Freedom to choose your occupation
Freedom to barter
Freedom to compete
Freedom to make a profit
Freedom to buy and sell
Freedom to own Property
26
If the Federal Reserve Bank wanted to speed up the growth of the economy it would have a tight money policy.
False
True
27
What
is not
a way the Federal Reserve Bank can speed up the economy?
Lower the reserve ratio or the amount of cash banks have to have on hand.
Increasing the interest rate
buying back treasury bonds
Lowering the interest rate
