

Economics Flashcard
Flashcard
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Other
•
9th Grade
•
Practice Problem
•
Hard
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39 questions
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1.
FLASHCARD QUESTION
Front
Which would a laissez-faire economist most likely favor? Options: government support of basic industries, high protective tariffs on imports, minimal government regulation of the marketplace, unemployment insurance and workers’ compensation programs
Back
minimal government regulation of the marketplace
2.
FLASHCARD QUESTION
Front
A nation's gross national product functions primarily as
Back
an indicator of economic activity
3.
FLASHCARD QUESTION
Front
Poor weather conditions in coffee-producing countries often lead to rises in coffee prices in the United States. This best illustrates the idea of
Back
supply and demand
4.
FLASHCARD QUESTION
Front
A decision of the United States Government to spend money for defense rather than on social programs illustrates the economic principle of
Back
opportunity cost
5.
FLASHCARD QUESTION
Front
Which action would most likely lead to a lowering of the inflation rate? Options: increasing consumer demand by cutting taxes and increasing the money supply, increasing production while limiting the growth of the money supply, cutting the production of goods and services, increasing government spending for social welfare programs
Back
increasing production while limiting the growth of the money supply
6.
FLASHCARD QUESTION
Front
Which action taken by a country would indicate it is following a policy of economic nationalism? Options: removing from subsidies, raising tariff rates, decreasing exports, liberalizing its immigration laws
Back
raising tariff rates
7.
FLASHCARD QUESTION
Front
The main purpose of any economic system is to:
Back
produce and distribute goods and services
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