Economics Review Flashcardizz

Front

Which one of these is NOT one of the 4 factors of production of any good or service? Options: land, labor, capital, entrepreneurial ability

Back

money

Front

Who implements fiscal policy? Options: the President, the Federal Reserve, the Supreme Court, Congress

Back

Congress

Front

Which country was the first in the world to experience a communist revolution?

Back

Russia

Front

The price where supply meets demand is known as

Back

equilibrium price

Front

An economic system where the production and distribution of goods and services are privately owned is called:

Back

capitalism

Front

Which of the following types of economic systems has been considered the most successful over time? Options: capitalism, communism, socialism, the barter system

Back

capitalism

Front

These are produced by private individuals or businesses and are purchased or consumed by the private sector.

Back

Private goods

Front

Type of economic system whose goal is to change capitalism through peaceful means to bring about peaceful change; some businesses are privately owned, some are owned by the state.

Back

socialism

Front

If a country is experiencing severe inflation, fiscal policy that might be recommended might be to:

Back

raise taxes and lower government spending

Front

Which of the following is NOT a tool used by the Fed to implement monetary policy? Options: increasing or decreasing the discount rate, increasing or decreasing banks’ reserve ratio, buying and selling of bonds (open market operations), increasing or decreasing taxes

Back

increasing or decreasing taxes