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Intro to Economics Quiz Flashcards | StudBud
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Intro to Economics Quiz
Intro to Economics Quiz
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1
What is the likely result of cutting taxes and increasing government spending?
smaller national debt
weaker GPD
higher unemployment
improved economy
2
These people are eating at a restaurant. What are they called?
Producers
Consumers
Manufacturists
Purchasers
3
Which type of economic system do we have in the United States?
Capitalism
Socialism
Communism
Mercantilism
4
When lots of people want to buy the same thing, that's called ______.
Demand
Interest
Supply
Desire
5
When demand goes up, supply should ____.
Increase
Stay the same
Decrease
6
People who make goods or provide services are ____________.
Consumers
Manufacturists
Service Specialists
Producers
7
Which part of government has the most control over monetary policy?
Congress
President
Federal Reserve
State Legisalatures
8
What is the term for the total value of all goods and services produced in a single economy?
Economic Recession
Gross Domestic Produect
Stock Market
Capitalism
9
Who is the father of capitalism?
Adam Smith
John Locke
Karl Marx
Joseph Stalin
10
Which of the following economic systems allows for the most government control?
Mercantile Economy
Capitalism
Communism
Barter Economy
