Econ Unit 2 PT Flashcards
A savings and loan association is an example of a __________ institution.
thrift
In a __________ or free enterprise economy, consumers make the economic decisions.
market
The fee enterprise system is dependent upon the right of Americans to own their own __________.
bisinesses
An example of a __________ fiscal policy is cutting taxes on lower-income earners
expansionary
The right to own __________ property is essential in the ability to sell or make a profit off this property.
private
The __________ Clause is seen within the Fifth Amendment.
takings
The federal __________ goes into effect each year on October 1st.
budget
The Supreme Court case Kelo v. London (2005) affirmed the government’s power of __________ domain.
eminent
Competition, the pursuit of profit, and private property are parts of the __________ system
free enterprise
Within a market economy, __________ ensures that consumers have access to reasonable prices and a variety of choices.
competition
When one company, due to some advantage, can offer a product at a lower price than other companies, it is said that it creates a __________.
natural monopoly
The National Football League enjoys a
legal monopoly
the major importance of the Sherman Antitrust Act of 1890?
It was the first move of the government to regulate the economy.
What is a startup?
a new business created by an entrepreneur
Who was the major obstacle to the spread of banking in Europe during the 1500s?
the Roman Catholic Church
Which event led to a more centralized banking system in the new United States?
the Revolutionary War
All of the following are examples of money EXCEPT __________.
your first debit card
A means of payment is a way of __________.
settling a dept
Which term describes a function of money?
(Medium of exchange),(Store of value),(Unit of account)
If the Fed wanted to slow down inflation, it would __________.
sell securities in the open market
Which of the following would happen if the Fed were to buy securities?
The dollar loses strength against foreign currency.
Which President eliminated any connections between the dollar and gold?
Richard Nixon
creates Fed policy
Federal Open Market Committee
money according to law
fiat money
