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MO Economy Review Flashcards | StudBud
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MO Economy Review
MO Economy Review
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Questions
27
Answers
1
How are people's needs met?
shelter
food/water
clothes
toys
2
What is the difference between a private and public goods and services?
A public good or service is for everyone to use.
A private good or service is only for people who can pay for it.
3
What is demand?
How much of an item people want
How much of an item is available
An item that can be purchased
4
The combined Sales Tax is 5.72%. If you buy a pair of shoes that costs $20, what would be the equation for sales tax?
5.725% x 20.00= tax amount x 20.00= total
5.725% x 20.00= tax amount + 20.00= total
5.725% x 20.00= tax amount - 20.00= total
5.725% x 20.00= tax amount + 50.00= total
5
Why did other countries buy fewer American products during the Great Depression?
America was making less products
Businesses shut down
Other countries also had less money
6
What caused the Great Depression. Select the best two answers.
Thousands of banks closed
People didn't care about America
Stock Market Crash
Businesses didn't hire enough workers
7
Why were jobs sent overseas?
Businesses could not make enough money while in America
Businesses could make more product with jobs overseas
Businesses could not get enough workers to keep the business in America
Businesses could have the same amount of workers and pay them less
8
Households affect the government by paying taxes.
True
False
9
What is a financial investment? Select all that apply.
People put in money hoping that it will increase over time
A stock
A bond
10
What is a savings account?
People give their money to a bank and have a debit card to use the money
People store money at their homes to save it and so no one will steal it
To put money in an account so it will grow over time by drawing interest
11
What is a good?
Something that is approved
Something that is right
Something a person does for another
An item that someone can purchase
12
The word invest means putting money into something so that you make a profit.
True
False
13
What happened during the Great Depression? Select all that apply.
People did not spend very much because they didn't have money
Many people lost jobs because businesses were closing
People store their money in their home or buried it underground
14
What is a service?
Something a person does for another
Something that is not approved
A service can sometimes be purchased
Something that is not right
15
How do businesses meet the needs of customers?
eating food
selling goods and services
buying clothes
16
What is sales tax?
A tax on a person's property
A tax on goods bought at a store
A tax on goods that are imported
A tax on a person's crops
17
Households affect businesses by buying goods.
False
True
18
If a business were to shutdown, it would affect households by them having to travel elsewhere to buy the good/service.
True
False
19
What is one reason America is in debt currently?
People do not save money
Increase in American jobs
People do not go out often
Increase in military spending
20
What caused the Great Recession? Select the best two answers.
Banks lost a lot of money (mortgages)
People were able to work more
House prices decreased
Jobs were sent to other countries
21
What is one policy that is currently in place?
Tax Increase
Affordable Care Act
War on Terror
22
A savings account and financial investment both invest money for it to grow over time.
False
True
23
What is supply?
An item that can be purchased
How much of an item is available
How much of an item people want
24
Governments affect business and households by doing what? Select all that apply.
Providing healthcare
Shutting down
Taxing goods
25
What is Missouri's current debt?
Trillions of dollars
Billions of dollars
Millions of dollars
26
How are supply and demand related?
If the demand is low and the supply is high, the supply could go on sale.
If demand is high and supply is low the price may raise
27
Businesses affect households by selling goods to be purchase. Name two goods sold by businesses.
Clothes
Toys
Hospital
Walmart
