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BJU Economics CH 11 Flashcards | StudBud
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BJU Economics CH 11
BJU Economics CH 11
47 terms
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#BobJones, #Economics, #CentralBank
Flashcards
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Questions
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Answers
1
What risk balances out the many advantages of both the sole proprietorship and partnerships?
limited management skills
unlimited financial liability
lack of accountability
lack of independence
2
Which tool of the Federal Reserve is used most often?
open market operations
changing the rrr
changing interest rates
changing the money supply
3
All of the following are roles of the Fed except:
Serve as a bank for banks
Serve as the bank of the Federal government
Creating money
Balance the federal budget
4
In Mercantilism, how was wealth measured
domestic production
new lands and colonies
labor force
gold and silver
5
Which of these are a good example for product differentiation
Distilled water
Soy Beans
Automobiles
Carrots
6
The major responsibilities of the Federal Reserve Board is to
Implement monetary policy
Help the president run the executive branch
Regulate commodity prices
Control government spending
7
Does the Federal Reserve System need Congress to approve actions affecting the economy?
Yes
No
8
What does an electronic funds transfer (EFT) allow you to do?
Send paper checks to PO Boxes
Pay your bills online
Pay your bills with paper checks
Increase the spending limit on your credit card
9
Radical communism ultimately sees no need for government.
True
False
10
The following are economic characteristics of the Welfare state,
EXCEPT
Those who earn more pay less taxes
Regulation of the minimum wage.
Protectionism and control of the economy.
Progressive expansion of public services: Housing, educational...,
11
Which stock exchange has no floor
London
NASDAQ
Amex
NYSE
12
why does the federal reserve exist?
hold the governments money
supervise and regulate member banks
serve the public efficiently
all of these
13
Radical capitalism ultimately sees no need for government.
True
False
14
Not backed by anything of value.
fiat
commodity
legal tender
15
A partnership must have an express written agreement to be leglly valid
True
False
16
What is a barter economy?
An economy that exchanges one set of goods or services for another
An economy that uses tokens or coins to pay for goods
An economy where everything is free
An economy that trades goods for money
17
What are Open Market Operations?
when the Fed buys & sells US treasury bills through banks
when you operate and the market is open
witholding government bonds from the public
economics related answer
18
What is the chief advantage of incorporating a company?
secrecy of business information
freedom from excessive taxes
ease of formation
limited personal liability
19
What is the definition of elastic currency?
checks that bounce
all of the above
currency the grows with the economy
currency that changes face value
20
WHAT ARE TWO POWERS CONGRESS HAS OVER THE FEDERAL RESERVE
cancel the charter for the federal reserve
inspect the federal reserve books without permission
firing members of the federal resrve board
increase the budget for the federal reserve
21
This type of business gives the owner the most freedom
Sole Proprietorship
Partnership
Limited Partnership
Corporation
22
How is the Federal Reserve independent of the government?
financially and operationally
politically, finacially, and operationally
politically and financially
financially, operationally, and legally
23
What does token money mean?
The coins used at chuck-e-cheeses
The face value is less than its intrinsic value
The face value is greater than its intrinsic value
Money that is free
24
Founded by Charles Dow and Edward Jones
New York Times
Wall Street Journal
Boston Herald
Washington Post
25
One advantage of a partnership over a sole proprietorship is that a partnership
has easier decision making.
avoids double taxation.
can get credit more easily.
faces less regulation.
26
Commercial banks are often called full service banks
True
False
27
Coins, paper currency, and checking account is money
True
False
28
What was the first piece of legislation passed regarding monopolies?
Standard Oil Act
Monopoly Treaty
Sherman Act
Newman Act
29
What book of the Bible gives much advice about personal financial practices?
Ruth
Proverbs
Colossians
Ecclesiastes
30
Radical capitalism ultimately sees no need for government.
True
False
31
Who developed the concept of imperfect competition?
Ludwig Von Mises
Andrew Carnegie
Joan Robinson
Milton Friedman
32
Andrew Carnegie
Railroads
Oil
Steel
33
What is the Communist Manifesto?
A pamphlet outlining the ideas of centralized communism
A book of laws for state capitalism
Book about capitalism
A pamphlet outlining the ideas of Queen Victoria
34
Why are commercial banks are often called full service banks
making loans
miscellaneous financial service
regulating interest rates
accepting deposits
35
The Federal Reserve system was established to:
control the amount of money in circulation
control the gold standard
control the amount of production
control safety for travelers
36
Money is the root of all evil!
False
True
37
Which of these are not purposes of commercial banks?
Works with investment banks to raise capital.
Provide banking services to the public.
Offer financial and tax planning advice.
Distributes the national currency.
38
Which type of money came first?
representative money
Commodity Money
Token Money
Fiat Money
39
Which of the following was intended to provide a more elastic currency?
Glass-Steagall Act
Federal Reserve Act
National Bank Act
Second Bank of the United States
40
What is Discount rate?
The Buying And Selling Of Bonds
The Percent Of Demand Deposit
The Buying And Selling Of Securities
The Interest Rate The Fed Charges For Short Term Loans
41
Andrew Carnegie rarely donated to charities.
True
False
42
Radical capitalism exists only theoretically
False
True
43
M1 money consists of
coins and notes
savings accounts and money market deposit s
mutual funds and stocks
coins, notes, and stocks
44
The finacial crisis in the 1980's led to this institution being established.
Office of Thrift Supervision
FDIC
Federal Reserve Bank
Office of Consumer Protection
45
All of the following are roles of the Fed except:
Regulate member banks
Clear checks
Issue New Currency
Raise taxes
46
Adam Smith is kown as the father of
joint-stock companies
mercantilism
the putting out system
capitalism
47
Who was the teacher of imperfect competition?
Andrew Carnegie
Joan Robinson
