Ch 4 The National Economy

Question 1

Why money is used instead of bartering

Accepted Answer

All of the above

Question 2

A good that is brought in from another place and sold in the US is called an

Accepted Answer

import

Question 3

A business in which the government sets the prices operates in a

Accepted Answer

command economy

Question 4

Toys and books are examples of

Accepted Answer

Goods

Question 5

The US plays an important role in global trade

Accepted Answer

True

Question 6

In the US the economy is based on a free enterprise, producers have the right to create any goods or services they want

Accepted Answer

True

Question 7

Singing lessons and dog walking is and example of

Accepted Answer

Services

Question 8

Both the US Government and People of the United states produce and consume goods and services

Accepted Answer

True

Question 9

The difference between takin a guess and making a prediction is

Accepted Answer

a prediction is an educated guess based on certain clues

Question 10

What dose scarcity mean

Accepted Answer

Consumers are less likely to have their needs and wants met

Question 11

if the supply of a product is low and the demand is high the the price will

Accepted Answer

rise

Question 12

A good that is shipped from the US to another country and then sold there is called an

Accepted Answer

export

Question 13

If the supply becomes greater than the demand the price of the product will

Accepted Answer

fall

Question 14

an __________ exists to satisfy people's needs and wants

Accepted Answer

economy

Questions 14