Fiscal / Domestic / Foreign Policy

Flashcard
•
Social Studies
•
9th - 12th Grade
•
Hard
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29 questions
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1.
FLASHCARD QUESTION
Front
Which economic system relies on customs and traditions to answer the basic economic questions?
Back
Traditional
2.
FLASHCARD QUESTION
Front
In a market economy, how are decisions about what to produce typically made?
Back
By consumers and producers through supply and demand
3.
FLASHCARD QUESTION
Front
How does scarcity affect government decision-making?
Back
Governments must prioritize resources to address competing demands.
4.
FLASHCARD QUESTION
Front
How do mixed economies differ from command economies?
Back
Mixed economies combine government control with market freedom.
5.
FLASHCARD QUESTION
Front
Which of the following measures changes in the cost of living over time? Gross Domestic Product (GDP), Consumer Price Index (CPI), Unemployment rate, Business cycle
Back
Consumer Price Index (CPI)
6.
FLASHCARD QUESTION
Front
What does the GDP measure?
Back
The total value of goods and services produced in a country
7.
FLASHCARD QUESTION
Front
What is a period of declining economic activity called?
Back
Recession
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