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15
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The 2008 financial crisis led to government intervention in the form of...
New minimum wage laws
Bailouts
Price caps
Subsidies for small businesses
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15
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What is scarcity in economics?
When there are limited resources to meet unlimited wants
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25
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What does deregulation in financial markets mean?
Reducing government rules and oversight of financial institutions.
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thief
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star
Double points!
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rocket
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thief
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15
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Which group was partly responsible for inaccurate ratings of financial products in 2008?
Credit rating agencies
Federal Reserve
Real estate agents
Consumers
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25
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Name one ethical issue raised by the actions of financial institutions during the 2008 crisis.
Selling risky loans as low-risk investments to increase profits
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15
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How does inflation generally affect consumers?
Makes goods cheaper
Reduces purchasing power
No effect
Increases purchasing power
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15
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Which of these best describes economic scarcity?
Abundant resources
Financial savings
Equal distribution of wealth
Limited resources vs. unlimited wants
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15
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What is an opportunity cost?
Cost of new opportunities
Price increase over time
Expenses of daily needs
Value of the next best alternative
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15
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What is a key purpose of government intervention in markets?
Guarantees profits
Decreases competition
Ensures private ownership
Protects against market failures
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15
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What financial product played a key role in the 2008 crisis?
Mortgage-backed securities
Credit cards
Car loans
Savings bonds
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25
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How can governments use taxes to influence the economy?
Increasing taxes can reduce spending, while lowering taxes can boost demand.
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15
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In a command economy, resource allocation is primarily decided by...
The government
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seesaw
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fairy
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fairy
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baam
Lose 10 points!
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monster
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rocket
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fairy
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thief
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15
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What is the primary focus of microeconomics?
Decisions of individuals and businesses
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