Unit 4 & 5 Review

In a socialist economy, the means of production are owned by

In a market economy, the strongest incentive for entrepreneurship is the opportunity to

Inflation is

Why does the U.S. government enforce antitrust laws?

Which numbered pair places communism and socialism at appropriate points on the chart?

John Maynard Keynes would most likely support which type of economic system?

Which of the following would be included in the GDP?

Use the list below to answer the question. Which phrase best completes this list?

Which of the following is the largest component in the GDP?

Collecting taxes to pay for public goods is one role of _____________.

A definition of fiat money is currency that

Which characteristic describes fiat money?

Which of the following BEST completes this list?

Use the list below to answer the question. Which phrase BEST completes the title?

Which result is a benefit of the free enterprise system?

Which item is an example of commodity money?

Housing prices increased in the early 2000’s, followed by a collapse in housing prices and a recession in 2008.

Which function of money allows transactions to occur without barter?

How do consumers exercise their power in the American economy?

Which characteristic best completes the following diagram?

Which action would the Federal Reserve take to help reduce unemployment?

The government’s action stated in this newspaper headline is an example of which type of economy?

Which term replaces the question mark?

As Houston’s population grows, the highway traffic grows increasingly worse

What function of money is being used when prices for goods and services are stated in terms of money?