WorksheetsFINAL: Section 2: Economics, The Framework of Business
Total questions: 11
Worksheet time: 11mins
In a capitalist economy, private-sector businesses are free to decide how much they will charge for their products.
True
False
What is the financial and social system of how resources flow through society?
Fiscal cliff
Debt ceiling
Economy
TARP
Macroeconomics involves the study of:
spatial changes in the population of a country.
the gross domestic product of a country.
the competitive aspects of identical products.
family incomes in a given region.
The controversial $700 billion economic bailout plan passed by Congress in early October 2008 was called the _____.
American Recovery and Reinvestment Act
Troubled Assets Relief Program
Clayton Antitrust Act
NCUA Corporate Stabilization Program
The CARES Act was passed by Congress on March 25, 2020. The Consolidated Appropriations Act (2021) was passed by Congress on December 21, 2020 and signed into law on December 27, 2020. The CARES Act implemented a variety of programs to address issues related to the _____.
increased household size of American workers, families.
onset and the continuation of the COVID-19 pandemic.
budget deficit.
economic windfall of small businesses and industries.
What does C.A.R.E.S. (Act passed in 2020) stand for?
The Congress Aim for Respite and Eventual Security Act
The Congress Aiding Republicans and Everyone Suffers Act
The Coronavirus Aid, Relief, and Economic Security Act
The Coronavirus Aim to Recover from Economic Suffrage Act
When Congress agreed to raise the debt ceiling during the economic meltdown in the United States in 2011, it temporarily averted a shutdown crisis, but the deal they reached to do so created the _____.
risk-return relationship
fiscal cliff
bottom-up budgeting
niche barrier
In 1982, the total expenditure of the government of Kargenia, a European country, exceeded its revenue by a substantial amount. This forced the government of Kargenia to borrow funds to meet its legal obligations. In this scenario, the government of Kargenia incurred a _____ in 1982.
fiscal drag
budget deficit
debt brake
revenue backlog
Which of the following is one of the core purposes of the Fed?
regulating taxes
providing short term jobs
investing in critical public assets
influencing the size of the money supply
Which of the following is a feature of capitalism?
The system works toward improving the lot of the working class at the expense of the super-rich.
Private-sector businesses are not free to hire and fire at their discretion.
The government owns and operates key enterprises that directly affect public welfare.
Private-sector businesses are free to make their own choices regarding what they will produce.
_____ is a market structure with only a handful of competitors selling products that can be similar or different and has high barriers to entry.
Monopolistic competition
Monopoly
Oligopoly
Pure competition
