Economics Quiz: Key Concepts and Terms
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Questions and Answers

What does opportunity cost refer to?

  • The profits gained from investments
  • The total benefits received from a choice
  • The price of a good or service
  • What you give up to get something (correct)
  • Which term describes a group of businesses working together to control prices?

  • Monopoly
  • Market competition
  • Cartel (correct)
  • Economic coalition
  • What is a key feature of Keynesian economics?

  • Government intervention in the economy (correct)
  • Emphasis on market self-regulation
  • Promotion of fiscal austerity
  • Strict adherence to gold standards
  • Which term refers to loyalty to a specific region?

    <p>Sectionalism</p> Signup and view all the answers

    What does the free rider problem involve?

    <p>Benefits without contribution</p> Signup and view all the answers

    What is the main focus of monetary policy?

    <p>Controlling the money supply</p> Signup and view all the answers

    Which phrase best describes externalities?

    <p>Unintended consequences of an action</p> Signup and view all the answers

    What does economic inequality indicate?

    <p>Wealth concentration in certain groups</p> Signup and view all the answers

    What concept does the Bill of Rights primarily protect?

    <p>Individual liberties</p> Signup and view all the answers

    Which event is directly associated with government intervention during the Great Depression?

    <p>The New Deal</p> Signup and view all the answers

    Which amendment guarantees due process?

    <p>Fifth Amendment</p> Signup and view all the answers

    Who is known as the 'Father of the Constitution'?

    <p>James Madison</p> Signup and view all the answers

    Which political ideology prioritizes individual freedom?

    <p>Libertarianism</p> Signup and view all the answers

    What did Martin Luther King Jr. primarily advocate for?

    <p>Racial equality</p> Signup and view all the answers

    Which concept refers to a state's ability to govern itself without external interference?

    <p>Sovereignty</p> Signup and view all the answers

    Which key figure is best known for authoring the Declaration of Independence?

    <p>Thomas Jefferson</p> Signup and view all the answers

    What principle did John Locke contribute that influenced the Founding Fathers?

    <p>Natural rights</p> Signup and view all the answers

    What does the Rule of Law signify in a democratic society?

    <p>All individuals, including leaders, are subject to the law</p> Signup and view all the answers

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