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Unit 2 Review (Interdependence) Flashcards | StudBud
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Unit 2 Review (Interdependence)
Unit 2 Review (Interdependence)
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Questions
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Answers
1
Laissez-Faire means government is hands off
False
True
2
Demand Side Economics Gives Money to ___________ and is supported by___________
Households, Republicans
Firms, Democrats
Firms, Republicans
Households, Democrats
3
Price Ceilings will create
a surplus
a shortage
Limited Demand
Unlimites supply
4
The Airline Industry is an example of -
Monopolistic Competition
monopoly
Oligopoly
Perfect Competition
5
Which of the following Market Structures no longer Exist
Oligopoly
Monopoly
Perfect Competition
Mononpolistic COMPETITION
6
In a command economy, who controls what is produced?
Laissez-Faire
Mix of government and Industry
Government
Capitalism
7
If the Economy is going through inflation, The Fed will implement -
Easy money- Decrease interest rates
Tight money- Increase interest rates
Tight money- Decrease interest rates
Easy money- increase interest rates
8
This image Supports
Protectionism
Free Trade
9
What are the three different Economic Systems
None of the above
Command, oligopoly, monopoly
Mixed, market, command
Mixed, market, Monopolistic
10
Which of the answers below is in order from MOST Competitive to LEAST competitive
monopolistic, monopoly, oligopoly, Perfect
None of the above
Monopolistic, Perfect competiton, Oligopoly, Monopoly
Perfect competiton, Monopolistic competition, Oligopoly, Monopoly
11
Contractionary Monetary policy will lead to
Decrease in Demand
Increased Demand
12
The image below is of a price floor, Price Floors Benefit....
Goverment
Capitalism
Firms
Households
13
Fiscal Policy uses ________ and _________ to stabilize the economy
Government Spending, interest rates
Interest rates, firms
Government spending, Taxes
Taxes, Interest
14
North Korea is an example of-
Capitalism
Mixed Economy
Free Market
Command Economy
15
The US is a Market Economy
True
False
16
The circular flow model most directly supports which of the following statements?
Firms that allocate their resources most quickly earn the most profit.
The government should avoid interfering in product and factor markets.
Events that impact households will ultimately also impact firms.
An economy works best when households and firms compete against each other.
17
This type of tax Increases as Income Increases
Progressive
Regressive
Sales tax
Flat
18
This type of Government Spending myst be approved yearly
Mandatory
Discretionary
Entitlements
Taxes
19
In the Resource Market, Firms purchase
Nothing, they dont buy in the resource market
Factors of production
Goods and services
20
Flat tax do
not
change based on income
False
True
21
The Federal Reserve uses ___________ to stabalize the economy
none of the above
Taxes
Spending
Interest Rates
22
The federal Reserve is responsible for which type of Policy?
Free- Enterprise
Monetary
Inflation
Fiscal
