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Challenge 1 Economics Review Flashcards | StudBud
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Challenge 1 Economics Review
Challenge 1 Economics Review
29 terms
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242 plays
Review of Bluestocking Guide, Penny Candy, and Money Mystery
Flashcards
29 cards
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Practice quiz
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Host live
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Questions
29
Answers
1
Choose the BEST answer: Dictators inflate because they______.
can
fear revolutions
need money
want to buy things
2
If supply or demand increases, (all other things being equal), prices_____________.
fall
plateau
rise
spiral
3
In 1799 in France, as a result of runaway inflation & a subsequently failing economy, there was a ___________.
recession
assignat
coup d'etat
depression
4
Natural Law is represented by the _______________.
Higher Law
Higher Power
Old English Common Law
Declaration of Independence
5
Fiat Money is legal tender money.
True
False
6
Tanstaafl means there ain't no such thing as a free lunch.
False
True
7
A _______________ is the correction period following an inflation.
business cycle
deflation
recession
depression
8
Wage/price spirals are caused by_____________.
higher wages
inflation
government controls
unions
9
Grooves on the edge of a coin are called "reeding."
False
True
10
When a government forbids traders to change their prices or sell or transport goods.
Soviet Bloc
black market
grain embargo
freeze
11
Inflation causes:
recession and/or depression
wealth
rising prices
falling prices
12
A sandwich coin, or a coin made of two different types of metals.
token
base coin
disk coin
clad coin
13
The shortfall between the government's income and its spending.
deficits
national debt
federal debt
runaway spending
14
Workers usually join unions to get______________.
job security
higher wages
friends
promoted
15
At bottom, inflation is __________________.
a government problem
a lie
inevitable
an ethics problem
16
When the gov't makes ________ to the economy, it is manipulating the businesses, careers, & investments of innocent ppl.
adjustments
investments
changes
controls
17
The Natural Law grows out of two fundamental premises taught by all__________.
parents
religions
schools
governments
18
Choose the BEST answer: Inflation causes business people to___________.
make more money
make less money
raise prices
make mistakes
19
Our paper money is currently called "Legal Tender." Years ago, it was printed with the term______________ instead.
Silver Certificate
Token
Precious Metal Tender
Silver Tender
20
We cannot consume more than we produce.
True
False
21
The production, sale, or trade of goods or services against the wishes of the government.
assignat
black market
French Example
anomoly
22
Government is funded by_________.
production
the economy
taxes
other governments
23
The speed at which money changes hands.
velocity
fast money
supply
demand
24
An economic & political system under which virtually everything & everyone is owned & controlled by government agencies.
fascism
dictatorship
socialism
Marxism
25
Choose the BEST answer: Democracies/Republics inflate because they want___________.
to fulfill campaign promises
to spend more
keep the people happy
to get re-elected
26
Production and Trade. Also, an organization which produces and/or trades.
economy
buisness
business cycle
circulation
27
A country's economic prosperity, or lack of it, is directly related to its_________________.
legal system
natural law
religion
employment rate
28
The ___________ is the system of producing and distributing wealth.
business cycle
Federal Reserve
legal tender
economy
29
Those 2 premises are: 1-do all you have agreed to do & 2-do not encroach on another person's property
False
True
