WorksheetsChapter 2 TEST Economics: The Framework for Business
Total questions: 20
Worksheet time: 18mins
What is the study of the choices that people, companies, and governments make in allocating soceity's resources?
Microeconomics
Macroeconomics
Economics
Fiscal Policy
Which term refers to the total amount of money available in an economy at a particular point in time?
Federal Debt
Money Supply
Discount Rate
Open Market Operations
What is the economic system where trade and industry are controlled by private owners for profit, rather than by the state?
Socialism
Capitalism
Oligopoly
Pure Competition
Which term describes a market structure characterized by a small number of competitors selling products that can be similar or different?
Monopolistic Competition
Oligopoly
Pure Competition
Federal Debt
What is the name of the U.S. government corporation that provides deposit insurance to depositors in American commercial banks and savings institutions?
Federal Reserve
Federal Deposit Insurance Corporation (FDIC)
Securities and Exchange Commission (SEC)
Internal Revenue Service (IRS)
What is a market structure where a single company or group owns all or nearly all of the market for a given type of product or service?
Monopoly
Socialism
Mixed Economies
Inflation
Which term describes an economic system where the government owns and controls the means of production?
Communism
Natural Monopoly
Deflation
Hyperinflation
What is the term for a sustained increase in the general price level of goods and services in an economy over a period of time?
Inflation
Deflation
Natural Monopoly
Socialism
Which term refers to an economic system that combines elements of both capitalism and socialism?
Mixed Economies
Hyperinflation
Monopoly
Communism
What is the term for a market structure where many firms sell products that are similar but not identical?
Monopolistic Competition
Oligopoly
Monopoly
Perfect Competition
In which economic system is the GOVERNMENT in control of land, resources, and factories?
Socialism
Capitalism
Communism
What the definition of deflation?
decrease in the average price of goods and services
occurs when the price of goods and services rise
the amount one dollar can buy is reduced
If the federal government gives tax breaks to electric vehicle manufacturers and increases taxes on fossil fuel vehicles, to promote clean energy, this will affect taxing and spending. What kind of economic policy deals with taxing and spending?
monetary policy
social policy
fiscal policy
An average monthly inflation rate of more than 50% (a)
Public Utilities like TCEPA or our water association are an example of
(a)
Open market operations gives the Federal Reserve the function of ______
The rate of interest that the Federal Reserve charges when it loans funds to banks
Discount Rate
Inflation
Deflation
Money Supply
This money supply includes checking accounts AND savings accounts, money market accounts, and certificates of deposit.
(a)
Why do you think so many countries in our map assignment are using Mixed Economies now?
Give me a thorough answer with 3-5 sentences. Describe Capitalism and Socialism and what makes Mixed Economy better than one or the other.
