Question 1 What is intergovernmental revenue? (Money that comes from another level of gov’t)

Question 2 What is meant by a traditional economy? (Basic economic questions are answered the way ancestors answered them.)

Question 3 What are reserve requirements? (The amount that banks are required to keep on hand.)

Question 4 What is a trade surplus? (Where a country exports more than they import)

Question 5 This economic system is based on the private ownership of resources and on individual freedom. (Capitalism)

Question 6 What condition exists when a single seller controls an entire market? (A monopoly)

Question 7 What government group investigates counterfeiting and protects the President? (The Secret Service)

Question 8 What government agency oversees mergers and monopolies? (FTC)

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

Question 10 What does FDIC do? (It protects deposits if banks fail)

Question 11 Give 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 14 What type of tax is the largest source of revenue for the federal government? (Personal income taxes)

Question 15 This is an economic system under which no private property exists and where people work for the common good. (Communism)

Question 16 What is the largest expenditure for the federal government? (Entitlements or payments to individuals)

Question 17 What 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 21 This word means a rivalry of sellers so that no one producer can control the market. (Competition)

Question 22 What is fiscal policy? (Controlling the economy through taxing and spending)

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

Question 24 Who controls fiscal policy in the US? (Congress and the President)

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

Question 26 This 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 30 What is the discount rate? (It is the interest rate the Fed charges banks.)

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

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

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

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

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

Question 36 Name a communist country today? (China, Cuba, Myanmar, North Korea, Vietnam)

Question 37 Name a socialist country in the world today. (Norway, Sweden, Finland, UK, etc.)

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

Question 39 What is a deficit budget? (Where Expenditures are greater than revenue)

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

Question 41 What 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 42 Name 2 permanent members of the UN Security Council with veto power besides the US? (UK, France, Russia, China)