In the Money, Honey

The Federal Reserve is called "The Bankers Bank" because it supervises banks.

• False

• True

What is the name of our nation's central bank?

• The Federal Reserve
• The United States National Bank
• The National Bank of the United States
• Bank of America

Iron, minerals, coal and plants are examples of which productive resource?

• land
• labor
• entrepreneurship
• capital

How are the Board of Governors appointed?

• Appointed by the Federal Open Market Committee
• Approved by the Senate after appointment by the President of the United States.
• The presidents of the regional reserve banks are appointed as the governors.
• Appointed by the people of the United States

What is the long term goal of the Federal Reserve?

• High inflation
• Low inflation
• Unstable inflation
• Fast inflation

The definition of Scarcity is...

• An unlimited amount of resources to meet limited wants and needs
• A limited amount of resources to meet unlimited wants and needs.
• When people use time and energy to create events
• a city where individuals commit themselves to unlimited wants and needs

Land includes...

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

Entrepreneurs are...

• people with all their efforts and abilities

• individuals who start a new business or bring a product to market.

• The "gifts of nature" or natural resources not created by human effort.

• the tools, equipment, and factories used in production of goods and services

The opportunity cost is best defined as

• The next best use alternative use of money, time, or resources when making a choice.

• The list of alternatives that are available when making a choice.

• The diagram representing the maximum number of goods that can be sold.

• A simplified version of a complex concept or behavior.

• Human Capital

• Physical Capital

• Land

• Labor