Economics Review Quizizz

Which one of these is NOT one of the 4 factors of production of any good or service?

• land
• labor
• money
• capital
• entrepreneurial ability

Who implements fiscal policy?

• the President
• the Federal Reserve
• the Supreme Court
• Congress

Which country was the first in the world to experience a communist revolution?

• China
• Russia
• Bulgaria
• Poland

The price where supply meets demand is known as

• demand
• equilibrium price
• inelasticity of supply
• market sales

An economic system where the production and distribution of goods and services are privately owned is called:

• capitalism
• communism
• socialism
• barter system

Which of the following types of economic systems has been considered the most successful over time?

• capitalism
• communism
• socialism
• the barter system

These are produced by private individuals or businesses and are purchased or consumed by the private sector.

• Free rider
• Private goods
• public goods
• gross national product

Type of economic system whose goal is to change capitalism through peaceful means to bring about peaceful change; some businesses are privately owned, some are owned by the state.

• Traditional economy
• Free enterprise
• socialism
• capitalism

If a country is experiencing severe inflation, fiscal policy that might be recommended might be to: .

• raise taxes and lower government spending
• lower taxes and raise government spending
• lower taxes and lower government spending
• raise taxes and raise government spending

Which of the following is NOT a tool used by the Fed to implement monetary policy?

• increasing or decreasing the discount rate
• increasing or decreasing banks’ reserve ratio
• buying and selling of bonds (open market operations)
• increasing or decreasing taxes