Cards in this guide (22)
What explains the difference between a tax and a tariff
Taxes are paid on domestic economic activity while tariffs are
paid on international trade.
Why must public goods be provided by the government instead of the free market
Public goods are non-excludable, so they suffer from a
free-rider problem.
What is one effect of a price floor
What does the budget of the US government represent
an agreement among various politicians about public spending
Why does the government need to regulate the free market to protect competition
Producers driven by the profit motive seek to reduce their
competition.
What happens to the expenses involved in compliance with government regulations
passed on to the consumer
What is a cartel
a group of producers working together to raise prices and
profits
What do politicians use to win support from their constituents
Politicians might use pork barrel spending to win support from their constituents.
What is one of the requirements that a company must meet when it begins to sell shares in a stock market
The company must disclose details about its finances.
Currency traders buy on margin so they can do which of the following
Make large currency trades using small amounts of money.
Which of the following is one disadvantage for a company that goes public
The pressure to make profits is increased.
How would you match each type of tariff A revenue tariff B protective tariff with its purpose C retaliatory tariff 1 earn money for the government 2 engage in a trade war 3 help domestic producers
Revenue tariff - Earn Money for the Government
Protective Tariff - Help domestic producers
Retaliatory tariff - engage in a trade war
Monetary policy in the US is carried out primarily by what agencies
Which of the following best describes how the federal reserve bank keeps banks during a bank run
The Federal Reserve Bank manages the U.S. economy by controlling
the money supply.
The commodity market is which of the following
Ask us of the following most accurately explains why fiat money differs from commodity money
Fiat money has value bc the gov. declares that it has value.
What is an example of a labor law in economics
A restriction on when a union may call a strike
Which of the following is an example of expansionary fiscal policy
Match each organization with its correct relationship to the government
A. Social security _ government agency
B. U.S. Postal Service _ government corporation
C. Boeing _ government contractor
Order to make up for a budget deficit the government can do what (Apex)
Match each type of unfair business practice with its description (apex)
1.Vendor lock in: a company say a wide range of product can be used with its products but this is not true.
- Price fixing: a group of companies agree that all of them will charge the same price.
3.Predatory pricing: a large company charges a price below production cost in order to eliminate small competitors.
Match each organization with the correct labels (apex)
Organization of Petroleum Exporting Countries competition regulator
Lockheed Martin Corporation government contractor
Antitrust Division of the Department of Justice cartel