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American Heritage Test 2 Flashcards | StudBud
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American Heritage Test 2
Who is Andrew Carnegie?
What is Money?
American Heritage Test 2
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1
What is Money?
Medium of Exchange
Green
Store of Value
Unit of Account
2
Who is Andrew Carnegie?
A steel producer
Virginia Native
A greedy business man
British Immigrant
3
Prices tell people what to produce and what to consume.
True
False
4
What is self-interest?
Pursuing your own interest
Selfishness
Things you like to do
Greed
5
Who was Adam Smith?
A real handsome guy
He wrote The Wealth of Nations
Preferred government control
Irish Scholar
6
What was the "Protestant ethic?"
The ideal religion
Delayed Gratification
Principle of Capitalist success
Initiative
7
Price Ceilings keeps a price from rising above a certain level.
False
True
8
What does increasing the money supply mean?
Only good things
Lower interest rates
More exchanges
9
Who is Paul Volcker?
Fed Chairman who solved inflation
6'7"
A republican
Advised President Hoover
10
What is Equilibrium Cost?
Caused by monopolies
Supply matches demand
Equal prices on products
11
Supply Curve goes...
Up to the left
Down to the right
Down to the left
Up to the right
12
What are the characteristics of a Market Economy?
Free exchange, efficient
Criminals prevent free exchange, inefficient
Has produce
Gov prevent free exchange, inefficient
13
Demand Curve goes...
Up to the right
Down to the right
Down to the left
Up to the left
14
The Federal Reserve controls the money supply.
False
True
15
Who is the founder of Monetarism?
Paul Volcker
J.M Keynes
Friedrich Hayek
Milton Friedman
16
Externalities are...
Goods exchanged between parties
Limbs
Fixed by internal controls
Effects on people not involved in economic transaction
17
Price Floors keep prices from falling below a certain level.
False
True
