Econ 1206 Unit Test - Simon

Political division in Asia during the 9th and 10th centuries limited trade.

Competition is when businesses cooperate with each other for customers.

To barter means to assign a price to an item and to buy it.

When does the Age of Exploration begin?

Things grown, mined, or manufactured are "goods."

A country with great wealth enjoys which?

Scottish economist who wrote of the need for economic freedom.

In a mixed economy, what might the government have some control over?

The US Treasury Dept oversees the maintenance of our currency.

What happens to the value of the dollar during inflation.

The Western Hemisphere provided Europe with which of the following?

What do countries keep locked in vaults to assure monetary strength.

Anti-trust laws curtail business monopolies.

During the Civil War, the US currency lost its unity.

The American dollar and the European Union euro are worth the same amount.

What is the "United Nations of Monetary Diplomacy" called?

affluence = recession

Gold was found in Africa.

A gain or benefit is called aboon.

In medieval times, anarchists owned manors and serfs.

Many early unions had a philosophy of capitalism.

Standard monetary units in Middle Ages.

Tariff are a sales tax placed on imported goods, like cars from Japan.

The international reserves are a back-up system for countries to strengthen their exchange rate.

Two of the largest CIO unions are the United Auto Workers and the United Steel Workers of America.

Medium of exchange is a good all people would accept as payment.

What is the movement of money though countries, businesses, and people called?

What is the European unified currency called?

$10,000 dollar bills have been discontinued.

Rising inflation causes rising price of goods.

Wrote Communist Manifesto.

During what years were banks free to print and circulate their own dollars?

A "sales tactic" is used to entice a consumer to make a purchase.

Choose which are economic systems.

16th wealth was defined by the amount of gold a country had.

Cuba is an example of communistic economy.

To help your economy grow, what should you look at first?

What causes inflation?

Which are Federal Reserve duties?

Inflation hurts the debtor but helps the creditor.

Gross National Product = # of people who and their value

What price can be placed on an item in high demand?

What is an exchange rate?

Which were examples of trading centers in Europe?

The Foreign exchange markets determine exchange rates.

What year did Columbus "discover" the Western Hemisphere?

If the exchange rate is flexible, it reacts to the demand for the currency of that country.

What is the currency of Canada called?

The AFL was originally for skilled workers only.