Economic Basics

Oil production is decreased due to a hurricane, causing gasoline prices to rise nationwide.

• Macroeconomics

• Microeconomics

A local grocery store issues coupons for milk

• Microeconomics

• Macroeconomics

What is the system of trading goods and services for other goods and services called?

• Arbitrage

• Bartering

• Commoditization

• Monopsony

Throughout history, these metals were the most common form of money:

• Copper and Tin

• Gold and Silver

• Iron and Nickel

• Lead and Aluminum

Where was the first paper currency used?

• China

• Egypt

• England

• The United States

What year did U.S. Congress pass the Federal Reserve Act to establish control of the money supply?

• 1776

• 1787

• 1861

• 1913

What is the name of the shared currency used by 19 European countries?

• Franc

• Euro

• Kronor

• Pound

What expenses do governments use taxes for?

• Education

• The Military

• Police and Firefighters

• All of the above

Which type of tax is based on the purchase of goods and services?

• Income tax

• Property tax

• Sales tax

• Social security and Medicare tax

Companies may share profits with their stockholders by paying one of these:

• Margin

• Order

• Dividend

• Yield