Economics Quiz #3

How much your currency is worth when you trade it for another country’s currency

• Liquid Assets

• Equity

• Exchange Rate

• Monetary Policy

Place high tariffs on imports and limiting the number of foreign goods to protect local businesses

• Non-Rivalry

• Protectionism

• Price Floor

• Progressive Tax

State of the economy in which production represents consumer preferences

• Income Inequality

• Price Gouging

• Exchange Rate

• Allocative Efficiency

Rent control is an example of this

• Price Ceiling

• Budget Deficit

• Debt Ceiling

• Capital

When sellers raise the price for essential items to a much higher level than is considered reasonable

• Price Ceiling

• Price Gouging

• Income Inequality

• Regulatory Prices

The minimum level of income deemed adequate in a particular country

• Price Floor

• Micro Credit

• Wealth

• Poverty Line

A law sets a minimum price in a specific market

• Poverty Line

• Price Floor

• Price Gouging

• Budget Deficit

The idea that one person's consumption of the good doesn’t ruin it for other people

• Non-Rivalry

• Exchange Rate

• Liquid Assets

• Securitize

The extent to which income is distributed in an uneven manner

• Poverty Line

• Allocative Efficiency

• Progressive Tax

• Income Inequality

It looks at how individuals, businesses, and governments make decisions

• Allocative Efficiency

• Marginal Analysis

• Protectionism

• Price Floor