1) Allows privately owned property and businesses to influence much of the economy with government regulation protecting consumers. Socialism can be related to this concept. a) Microeconomics b) Macroenconomics c) Planned Economy d) Free market e) Mixed economy 2) The study of the overall economy of a nation and global economic systems. a) Microeconomics b) Macroenconomics c) Planned Economy d) Free market e) Mixed economy 3) No government control over the economy. Related to 19th century idea of 'laissez-faire' where the economy is influenced by competition for goods and services. a) Microeconomics b) Macroenconomics c) Planned Economy d) Free market e) Mixed economy 4) Government controls all goods and services through central planning. Communism is an example. a) Microeconomics b) Macroenconomics c) Planned Economy d) Free market e) Mixed economy 5) The study of how individuals, families, or small businesses make economic decisions. a) Microeconomics b) Macroenconomics c) Planned Economy d) Free market e) Mixed economy 6) A small group of companies control an industry or service. (car manufacturers) a) market b) supply and demand c) competitive markets d) monopoly e) monopolistic competition f) oligopoly 7) When there is a surplus of goods or services, prices are lower. When there is a shortage of goods or services, prices increase. (When the amount produced is equal to the amount people want to buy, it is equilibrium pricing.) a) market b) supply and demand c) competitive markets d) monopoly e) monopolistic competition f) oligopoly 8) Companies selling similar products are in strong competition with one another to dominate an industry or service. (Coke vs. Pepsi) a) market b) supply and demand c) competitive markets d) monopoly e) monopolistic competition f) oligopoly 9) No one can dominate a service or industry. a) market b) supply and demand c) competitive markets d) monopoly e) monopolistic competition f) oligopoly 10) The exchange of goods and services between producer and consumer. a) market b) supply and demand c) competitive markets d) monopoly e) monopolistic competition f) oligopoly 11) One company controls an industry or service, completely controlling pricing and preventing other companies from entering the market. a) market b) supply and demand c) competitive markets d) monopoly e) monopolistic competition f) oligopoly 12) The movement of the economy through expansion, peaks, contraction, and troughs. Hard to predict where economy is currently at. a) GDP (Gross Domestic Product) b) CPI (Consumer Price Index) c) Unemployment Rate d) Per Capita e) Business cycle f) Inflation 13) The number of people actively seeking work who cannot find it. (economists find 3-5% to be healthy as 0% can lead to too much demand and rapid inflation). a) GDP (Gross Domestic Product) b) CPI (Consumer Price Index) c) Unemployment Rate d) Per Capita e) Business cycle f) Inflation 14) Measurement of the total amount of original goods and services bought and produced in a country per quarter. Measures government spending, consumer spending, business spending, and imports minus exports. a) GDP (Gross Domestic Product) b) CPI (Consumer Price Index) c) Unemployment Rate d) Per Capita e) Business cycle f) Inflation 15) Means per person.  a) GDP (Gross Domestic Product) b) CPI (Consumer Price Index) c) Unemployment Rate d) Per Capita e) Business cycle f) Inflation 16) The increase of prices over time. Small, gradual increases are normal; sudden, sharp increases are bad. a) GDP (Gross Domestic Product) b) CPI (Consumer Price Index) c) Unemployment Rate d) Per Capita e) Business cycle f) Inflation 17) A measure of inflation; the price of different goods regularly bought by consumers is measured quarterly and regionally. a) GDP (Gross Domestic Product) b) CPI (Consumer Price Index) c) Unemployment Rate d) Per Capita e) Business cycle f) Inflation 18) Differences in the standard of living throughout the U.S. and World. a) fiscal policy b) monetary policy c) federal reserve d) income inequality e) market failure 19) The Federal Reserve regulates the economy by increasing or decreasing the money supply through open market operations, reserve requirements, or discount rate. a) fiscal policy b) monetary policy c) federal reserve d) income inequality e) market failure 20) Real gdp declines for 2 quarters in a row; the real gdp is far lower than the potential gdp. a) fiscal policy b) monetary policy c) federal reserve d) income inequality e) market failure 21) Congress regulates the economy through taxing and spending. Cut taxes and increase government spending to stimulate consumer spending and economic growth to improve economy and decrease unemployment rate. Increase taxes and cut government spending to slow consumer spending and lower inflation. a) fiscal policy b) monetary policy c) federal reserve d) income inequality e) market failure 22) Following the 1907 financial crisis which saw bank runs and collapses, Congress sought to create greater bank stability by improving the flow of money and credit. Goal of maximizing employment, stabilize prices, and moderate long-term interest rates through monetary policy. a) fiscal policy b) monetary policy c) federal reserve d) income inequality e) market failure 23) Raising or lowering the cost of borrowing money to impact the money supply and consumer spending. The fed raises the cost for banks to borrow from them; banks pass increase on to consumer. a) open market operations b) discount rate c) reserve requirement d) classical theory e) keynesian theory f) monetary theory 24) Target the money supply when the economy is doing poorly; let everything else fix itself. a) open market operations b) discount rate c) reserve requirement d) classical theory e) keynesian theory f) monetary theory 25) Let the market take care of itself; no government interventions. a) open market operations b) discount rate c) reserve requirement d) classical theory e) keynesian theory f) monetary theory 26) The Fed speeds up the economy by buying back bonds and securities to put more money into the economy. Slows the economy down by selling bonds and securities to take money out of economy. a) open market operations b) discount rate c) reserve requirement d) classical theory e) keynesian theory f) monetary theory 27) During economic crisis, the government must intervene by spending as much as possible to get people back to work. Known as 'pump priming' (stimulus checks, New Deal, etc.) a) open market operations b) discount rate c) reserve requirement d) classical theory e) keynesian theory f) monetary theory 28) The amount of money banks must keep on hand to meet customer needs. (Bank runs often result in failures when this amount is too low). a) open market operations b) discount rate c) reserve requirement d) classical theory e) keynesian theory f) monetary theory 29) Economy is best when taxes and regulations are low. a) Supply side economics b) Fair trade movement c) Virginia Mine Wars of the 1920s d) opportunity-cost e) basic economic questions f) scarcity 30) Due to demand exceeding supply, the need to know what to produce, how to produce it, and for whom to produce it to most efficiently use resources. a) Supply side economics b) Fair trade movement c) Virginia Mine Wars of the 1920s d) opportunity-cost e) basic economic questions f) scarcity 31) Clashes between pro-union workers and anti-union mine owners, state, and local officials during the early 1900s. a) Supply side economics b) Fair trade movement c) West Virginia Mine Wars of the 1920s d) opportunity-cost e) basic economic questions f) scarcity 32) When answering basic economic question, ensure that what you choose is better than your next best option.  This term describes the option you did not choose. a) Supply side economics b) Fair trade movement c) Virginia Mine Wars of the 1920s d) opportunity-cost e) basic economic questions f) scarcity 33) The lack of resources, goods, or services due to need or want outstripping supply. a) Supply side economics b) Fair trade movement c) Virginia Mine Wars of the 1920s d) opportunity-cost e) basic economic questions f) scarcity 34) Fair wages, cooperative workplaces, consumer education, environmental sustainability, direct trade, financial support, community development, and respect for cultural identity, all while promoting transparency and accountability. a) Supply side economics b) Fair trade movement c) Virginia Mine Wars of the 1920s d) opportunity-cost e) basic economic questions f) scarcity 35) The ability of a country to produce faster and cheaper than other nations (China) a) factors or production b) cost-benefit analysis c) elasticity d) market efficiency e) comparative advantage f) factors of income 36) Checking to ensure the benefits outweigh the costs to ensure the choices you make are better than the alternatives. a) factors or production b) cost-benefit analysis c) elasticity d) market efficiency e) comparative advantage f) factors of income 37) Labor earns wages, capital investment earns interest, land earns rent. a) factors or production b) cost-benefit analysis c) elasticity d) market efficiency e) comparative advantage f) factors of income 38) What you need to provide goods and services; labor, capital, land, entrepreneurship, and raw materials. a) factors or production b) cost-benefit analysis c) elasticity d) market efficiency e) comparative advantage f) factors of income 39) In a market economy, production can respond quickly to changing demands. (think what happened during covid) a) factors or production b) cost-benefit analysis c) elasticity d) market efficiency e) cooperative advantage f) factors of income 40) The ability to produce enough to meet consumer demand. (Failures of USSR quota and incentive systems; China's need for special economic zones) a) factors or production b) cost-benefit analysis c) elasticity d) market efficiency e) cooperative advantage f) factors of income 41) Government agency is the only provider of a good or service (British Salt Tax in India or mercantilism) a) natural monopoly b) geographic monopoly c) technological monopoly d) government monopoly e) anti-monopoly 42) Only one business offers a product in an area (Food deserts and Dollar General; Venetian Mediterranean salt monopoly of 13th -15th century) a) natural monopoly b) geographic monopoly c) technological monopoly d) government monopoly e) anti-monopoly 43) Sherman anti-trust Act; Clayton anti-trust Act; Robinson-Patman Act; Security and Exchange Commission. a) natural monopoly b) geographic monopoly c) technological monopoly d) government monopoly e) anti-monopoly 44) A single company controls the tech needed to make a product. a) natural monopoly b) geographic monopoly c) technological monopoly d) government monopoly e) anti-monopoly 45) A single supplier has a distinct advantage; public utilities and railroads. a) natural monopoly b) geographic monopoly c) technological monopoly d) government monopoly e) anti-monopoly 46) The way something looks makes people want to buy it. (Dutch Tulip craze and crash; Iphones) a) form utility b) place utility c) time utility d) ownership utility e) Influence of population growth on economic growth 47) Japan and South Korea have serious concerns of not having enough workers to meet demands and support an aging population. a) form utility b) place utility c) time utility d) ownership utility e) Influence of population growth on economic growth 48) Product is desirable because it is only available at a certain time (McRib; seasonal offerings) a) form utility b) place utility c) time utility d) ownership utility e) Influence of population growth on economic growth 49) The person who owns something makes it more desirable. a) form utility b) place utility c) time utility d) ownership utility e) Influence of population growth on economic growth 50) Location and convenience matter to whether or not someone wants a product or service. a) form utility b) place utility c) time utility d) ownership utility e) Influence of population growth on economic growth 51) Includes intellectual property rights, rights to privacy, data sharing, bringing developing nations into the global system, and allowing secure online trading. a) traditional economy b) dangers of rapid industrialization c) stages of economic development d) cybernomics e) hyperinflation 52) The tech doesn't match the product or services required, poor investment, or a lack of time to adapt to pace of change. (India faced this problem when Britain forced increased development during imperialism; luddites; overspeculation - Panic of 1893) a) traditional economy b) dangers of rapid industrialization c) stages of economic development d) cybernomics e) hyperinflation 53) Agricultural (Neolithic Revolution and the Enclosure Movement), Manufacturing (1st and 2nd Industrial Revolutions), Service sectors (call centers and tech revolution). a) traditional economy b) dangers of rapid industrialization c) stages of economic development d) cybernomics e) hyperinflation 54) Subsistence based, decisions made based on cultural and social customs. a) traditional economy b) dangers of rapid industrialization c) stages of economic development d) cybernomics e) hyperinflation 55) Venezuela's failed social and economic policies of heavy subsidization and overprinting of money leading to price increases of 1000%; Weimar Republic after US Dawes Plan could no longer prop it up as the Great Depression hit. a) traditional economy b) dangers of rapid industrialization c) stages of economic development d) cybernomics e) hyperinflation

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