2 32 25262728 18192021 11 4 121314 567 333435293031 1617 242322 3 15 98 1 10 36393837414042

2

32

25 26 27 28

18 19 20 21

11

4

12 13 14

5 6 7

33 34 3529 30 31

16 17

242322

3

15

98

1

10

36 393837 4140 42

Question 1What is intergovernmental revenue?

(Money that comes from another level of gov’t)

Question 2What is meant by a traditional economy?

(Basic economic questions are answered

the way ancestors answered them.)

Question 3What are reserve requirements?

(The amount that banks are required to keep on hand.)

Question 4What is a trade surplus?

(Where a country exports more than

they import)

Question 5This economic system is

based on the private ownership of resources and on individual freedom.

(Capitalism)

Question 6What condition exists when a single seller controls an entire market?

(A monopoly)

Question 7What government group investigates counterfeiting and protects the President?

(The Secret Service)

Question 8What government agency oversees mergers and monopolies?

(FTC)

Question 9What agency prints US money? (Bureau of Engraving

& Printing)

Question 10What does FDIC do?

(It protects deposits if banks

fail)

Question 11Give an example of a

government monopoly.

(Post Office, electric co., cable co., etc.)

Question 12

To the nearest trillion, what is our current national debt? (Nearly $11 trillion)

Question 13

What often causes a technological monopoly?

(Patents)

Question 14What type of tax is the

largest source of revenue for the federal government?

(Personal income taxes)

Question 15This is an economic system

under which no private property exists and where people work for the common good.

(Communism)

Question 16What is the largest

expenditure for the federal government? (Entitlements or payments

to individuals)

Question 17What are profits paid to stockholders based upon the number of shares owned called?

(Dividends)

Question 18

Who is the father of communism?

(Karl Marx)

Question 19

Who is the father of capitalism?(Adam Smith)

Question 20

How many US denominations of coins are minted

(6)

Question 21This word means a rivalry of sellers so that no one producer can control the market.

(Competition)

Question 22What is fiscal policy?

(Controlling the economy through

taxing and spending)

Question 23Who controls monetary policy in the US? (The Federal Reserve)

Question 24Who controls fiscal policy in the US?

(Congress and the President)

Question 25This is the total dollar value of all final goods produced in a country in a year.

(GDP)

Question 26This is the lowest point in the business cycle.

(A trough or recession)

Question 27

This is what backs the US currency.

(Confidence)

Question 28

What 2 components make up US money?

(Currency and demand deposits)

Question 29

How do corporations easily raise revenue?(Issue more shares of

stock)

Question 30What is the discount rate? (It is the interest rate the

Fed charges banks.)

Question 31Which government agency makes coins? (The Bureau of the Mint)

Question 32Which type of economic system is also called a market economy?

(Capitalism)

Question 33Which type of economic system is also called a command economy?

(Communism)

Question 34Which type of economic system is also called a mixed economy?

(Socialism)

Question 35What 3 benefits does competition bring to consumers?(Lower prices, better

quality, more selection)

Question 36Name a communist country today?

(China, Cuba, Myanmar, North Korea, Vietnam)

Question 37Name a socialist country in the world today.

(Norway, Sweden, Finland, UK, etc.)

Question 38Name a capitalist country besides the US.(Jamaica, Singapore,

Thailand, etc.)

Question 39What is a deficit budget?(Where Expenditures

are greater than revenue)

Question 40What is a surplus budget?(Where Expenditures are less than revenue)

Question 41What are 3 differences

between developing and developed countries?(Standard of living, birth and death rates, quality of

life, types of jobs in economy, etc.)

Question 42Name 2 permanent

members of the UN Security Council with veto power besides the US?

(UK, France, Russia, China)