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Economic Policy Flashcards | StudBud
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Economic Policy
Economic Policy
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1
This economic system has a central authority.
market
traditional
mixed
command
2
Under this economic system, the government owns some factors of production.
naturalization
communism
socialism
capitalism
3
What kind of of economy does the USA have today?
market
traditional
command
mixed
4
When governments take control of industry
socialism
free enterprise system
capitalism
communism
5
If the government chose to raise the reserve requirements on banks, what would likely occur?
Banks would lend more money.
Banks would borrow more money from the Fed.
Banks would lend less money.
Banks would borrow less money from the Fed.
6
The money and other valuables that belong to a corporation or partnership is called?
liens
assests
corporate taxes
ownership
7
If there are enough workers to fill all jobs available then the pay is ___
too high
at equilibrium
in high demand
too low
8
In the economic system of communism, the government
owns and operates all productive resources.
owns and operates some productive resources.
funds privately owned businesses.
does not own any productive resources.
9
A 12-month accounting period is called a
fiscal year
calendar year
deficit year
monetary year
10
What does it mean if a good is inelastic?
few substitutes for the good
customers are sensitive to price changes
demand goes down hen price goes up
people will buy the product regardless of price increases
11
Employers subtract _______ from employees' wages to pay taxes
Withholdings
Taxes
income
Loans
12
Because it is based on a taxpayer's ability to pay, the federal income tax is called a
audit tax
proportional tax
progressive tax
regressive tax
13
Habit and custom dictate the rules for all economic activity in this system.
traditional
mixed
command
market
14
The opposite of competition, this exists when an industry includes only one seller.
command market economy
monopoly
oligopoly
entrepreneurship
15
Who is NOT a major trading partner of the USA?
Mexico
Germany
Canada
Japan
16
What are the resources used to make all goods and services
trade-offs
opportunity cost
factors of production
price floor
17
This task is a responsibility of the Federal Reserve System.
Collect Tax Revenue
Allocate Taxes
Raise or lower the reserve requirement
set tax limits
18
2. How could the Federal Reserve encourage banks to lend out more of their reserves?
raise the Required Reserve Requirement
raise Progressive Tax rates
reduce the Discount Rate
reduce the Monetary Policy
19
Which economic system that allows buyers and sellers to act in their own interest
mixed
market
command
traditional
20
Resources made by humans and used to create other goods is called
capital
Taxes
services
factors of production
21
Individual initiative, Private ownership, competition, and freedom of choice describes....
oligopoly
capitalism
communism
socialism
22
This office is responsible for preparing the national budget.
IRA
OMB
IRS
NSC
23
3. What protects the customers money if the bank fails?
Quota
Gift Tax
Federal Deposit Insurance Corporation
Interest Rates
24
An individual's total income, minus certain deductions and personal exemptions, is called the
taxable income
social insurance tax
excise tax
withholding
25
The central banking system is supervised by
President
Congress
The Monopoly man
An appointed board of Governors
26
What is an opportunity cost?
best decision possible to make
alternative decisions that could have been made
most desirable alternative given up
amount of money that an item will cost
27
why were Soviet farms run so inefficiently
of severe droughts.
farmers had little incentive to work hard.
the soil was bad.
perestroika made farming difficult.
28
Traditional, market, and command are types of
government controls
economic systems
free markets
government structures
29
What does it mean to be underemployed?
person is overqualified for the job
person making too much money
person is working but poor
person has been laid off
30
Expenditures required by law or those from previous budgetary commitments are
incrementalism
audits
social insurance taxes
uncontrollables
31
Taxes on transportation, and sale of goods (Sin) on the performance of services are called
excise tax
custom tax
tax loopholes
corporate tax
32
The power to raise revenue and pass appropriations is the power of
the president
Congress
The Federal Reserve
The Supreme Court
