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Basics of Economics Flashcards | StudBud
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Basics of Economics
Basics of Economics
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#lleonartbasicsofeconomics
Flashcards
12 cards
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Questions
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Answers
1
Who is the founder and CEO of Amazon?
Jeff Bezos
Bill Gates
Mark Zuckerberg
Steve Jobs
2
Which of the following is not among the top five most important currencies in the World?
Mexican Peso
Swiss Franc
Euro
Japanese Yen
3
How do banks make money when they lend it to either consumers or businesses?
by charging interest
by investing that money
all of these
by paying interest
4
What is an organization of workers whose aim is to improve wages, benefits, and working conditions?
municipality
none of these
corporation
union
5
What is an example of cryptocurrency?
British Pound
Spanish Peso
Bitcoin
the Euro
6
Which of the following has a free market economy?
North Korea
Hong Kong
Cuba
Vietnam
7
Assume that the demand of consumers for a product is greater than its supply. How would prices react to this situation?
none of these
prices would stay the same
prices would decrease
prices would increase
8
Which of the following is a important commodity traded internationally?
data
coffee
gold
petroleum
9
This refers to a person or group of people living in the same residence.
business
firm
government
household
10
The United States has this type of economy.
market economy
capitalism
all of these
free-enterprise
11
Which economist developed the theory of Communism?
Adam Smith
Milton Friedman
Karl Marx
John Maynard Keynes
12
This refers to the price of one nation's currency in relation to another county's.
medium of exchange
exchange rate
none of these
free trade
