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money Supply and Demand Economics Local and state govts Econ 2 10 10 10 10 10 20 20 20 20 20 30 30 30 30 30 40 40 40 40 40 50 50 50 50 50

Topic 1 – 10 Points QUESTION: ANSWER: What is currency? Bills and coins

Topic 1 – 20 Points QUESTION: ANSWER: What is inflation? A general rise in prices

Topic 1 – 30 Points QUESTION: ANSWER: What is a deficit? Spending is greater than income

Topic 1 – 40 Points QUESTION: ANSWER: What are the 3 types of money (according to your text)? ANSWER: Cash, checks and travelers checks

Topic 1 – 50 Points QUESTION: ANSWER: What are the 3 functions of money? ANSWER: 1. means of exchange 2. standard of value 3. stores value

Topic 2 – 10 Points QUESTION: ANSWER: What is Supply? Amount of goods and services a producer is willing and able to produce

Topic 2 – 20 Points QUESTION: ANSWER: What is capital? Anything that is saved to produce other goods and services

Topic 2 – 30 Points QUESTION: ANSWER: What is demand? Amount of goods and services buyers are willing and able to buy at different prices.

Topic 2 – 40 Points QUESTION: ANSWER: What is market price? Price where buyers and sellers agree to exchange

Topic 2 – 50 Points QUESTION: ANSWER: What are the 3 factors of production? ANSWER: Land, labor and capital

Topic 3 – 10 Points QUESTION: ANSWER: What is profit? Difference between what it costs to produce and what you can sell it for

Topic 3 – 20 Points QUESTION: ANSWER: What are the 3 types of economies? ANSWER: Traditional, market and command

Topic 3 – 30 Points QUESTION: ANSWER: What are the 3 types of businesses? ANSWER: Sole proprietor, limited partnership and corporation

Topic 3 – 40 Points QUESTION: ANSWER: What is collective bargaining? When labor and management agree to negotiate a contract

Topic 3 – 50 Points QUESTION: ANSWER: Of the 3 businesses, which is the most expensive to start up? ANSWER: Corporation

Topic 4 – 10 Points QUESTION: ANSWER: What is zoning? Deciding how to use land

Topic 4 – 20 Points QUESTION: ANSWER: Local governments get their power from whom? ANSWER: The state

Topic 4 – 30 Points QUESTION: What is a municipality? Government that serves people in an urban area

Topic 4 – 40 Points QUESTION: What is an ordinance? ANSWER: Local law

Topic 4 – 50 Points QUESTION: ANSWER: What is the most expensive part of local government? ANSWER: education

Topic 5 – 10 Points QUESTION: ANSWER: Of the 3 types of businesses, which has the most sales in the US? ANSWER: corporation

Topic 5 – 20 Points QUESTION: ANSWER: Of the 3 businesses, which is the most common in the US? ANSWER: Sole proprietorship

Topic 5 – 30 Points QUESTION: ANSWER: What is monetary policy and who controls it? ANSWER: Regulating the money supply, the Federal Reserve

Topic 5 – 40 Points QUESTION: ANSWER: What is fiscal policy and who controls it? ANSWER: How the nation spends its revenue from taxes and Congress

Topic 5 – 50 Points QUESTION: ANSWER: What is the difference between a monopoly and a trust? ANSWER: Monopoly: when one business controls an industry Trust: when a few businesses collude to control an industry