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Flashcards in Test 6 - Misc. Stuff Deck (17)
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1
Q

What term described the exclusive power of an independent state to rule and regulate internal affairs without foreign interference?

A

National Sovereignty

2
Q

What term describes how reducing taxes makes more money available for private investment, thereby increasing productivity?

A

Supply-side Economics

3
Q

What type of inflation is caused when the demand becomes greater than the supply?

A

Demand-Pul

4
Q

What is the trait of doing quality work in an efficient manner?

A

industriousness

5
Q

What is the result when the division of labor is carried past the point of maximum efficiency?

A

Overspecialization

6
Q

What term describes large, complex organizations composed of appointed officials and numerous departments?

A

bureaucracies

7
Q

What term describes the separation of work into individualized tasks?

A

Division of Labor

8
Q

What field of study deals with specific components within a major economy.

A

Microeconomics

9
Q

What type of contract forces a consumer to buy certain products before he can buy the ones he really wants?

A

A Tying Contract

10
Q

What was the name of the French group whose members were some of the earliest influential advocates of laissez-faire economics?

A

physiocrats

11
Q

What should the primary responsibilities of a government be?

A

Rewarding good and punishing evil

12
Q

What are the parts of a business cycle?

A

Expansion
Peak
Recession
Trough

13
Q

A population increase will cause what type of change?

A

change in demand

14
Q

Which economic system is guided by the choices made by the private sector?

A

Free Enterprise

15
Q

Which economic system is regulated by the public sector?

A

Command

16
Q

Which economic system bases production of goods on customs and habits?

A

traditional

17
Q

What German city was divided during the Cold War?

A

Berlin