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Unit 6 Test Review
Unit 6 Test Review
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1
If the government wants to provide more services like repairing bridges or improving schools, it might have to -
Raise taxes
Get approval of the states
Lower taxes
Print more money
2
The interaction of supply and demand in the American market place-
can only take place in mixed economies
is based on a command economic system
determines the price of a good or service
is heavily regulated by the government
3
In countries with a centrally planned economy, the gov't controls almost everything. Another name for this system is -
Command economy
Direct economy
Total economy
Managed economy
4
The most common type of economic system in the world today is a -
mixed economy
traditional economy
free market economy
command economy
5
What type of business organization is characterized by this list?
Cooperative
Proprietorship
Corporation
Partnership
6
All of the following are examples of consumption EXCEPT -
Rachel drinks lemonade at a lemonade stand
Khaled purchases a shirt at the mall
Gabriella makes lemonade and sells it at the lemonade stand
Jose pays a maid to clean his house
7
The boxes describe which type of economic system?
Free market economy
Mixed economy
Traditional economy
Command economy
8
Scarcity, which is the inability to satisfy all wants and needs at the same time, means that all -
resources are in limited supply
resources are utilized efficiently
people will share the resources equally
people want the same things
9
Which shows a way competition has a positive effect on an economic system?
Competition allows more people to make a profit
Everything is owned by the individual business owner
Individual business owners determine what is produced
Competition leads to lower prices
10
These are characteristics of a -
free market economy
command economy
mixed economy
traditional economy
11
Many people's roofs were damaged in a hurricane. As a result, what MOST LIKLEY happened to the price of roof repairs?
Prices have doubled
Prices have declined
Prices have increased
Prices have remained the same
12
In 1903 Henry Ford started the Ford Motor Company and used the assembly line to produce cars. Ford is an example of -
consumer
entrepreneur
proprietor
investor
13
Combining resources to make a good or provide a service is called -
Demand
Production
Supply
Consumption
14
Under which conditions would prices fall the MOST for a particular product?
Demand goes down (-), supply goes down (-)
Demand goes up (+), supply goes down (-)
Demand goes down (-), supply goes up (+)
Demand goes up (+), supply goes up (+)
15
Which principle of the American economic system is shown here?
Monopolies
Incentives
Opportunity Cost
Scarcity
16
What label should be given to this web?
Choice
Consumption
Resources
Scarcity
17
What is the best title for this list?
Free Market Economy in the U.S.
Participants in the U.S. Government
Participants in the U.S. Economic System
Federalism at work in the U.S.
18
Which economic system best fits this description: "Individuals determine what is produced, how, and how much to produce"
Free market economy
Traditional economy
Socialist economy
Command economy
19
The type of business organization that legally acts as a single person even though it may have many owners is a
partnership
non-profit
corporation
sole proprietorship
20
In the American economy, buyers determine what is produced by the purchases they make. This is known as -
incentives
capital resources
opportunity cost
consumer sovereignty
21
Nate likes both a blue shirt and a black shirt. Nate purchases the black shirt. The black shirt is an example of -
price
choice
consumption
opportunity cost
22
If cold weather destroys most of the oranges grown in the United States, the price of oranges most likely will -
Remain the same
Vary by region
Go up
Go down
23
Which answer best completes this web?
Barter
Opportunities
Entrepreneurship
Incentive
24
A farmer can only grow corn and wheat on his land. He decides to grow wheat. The corn that he gave up is the -
Scarce resource
Supply
Opportunity cost
Price
25
The type of economy a country has is determined by the -
number of consumers and producers in the market
profit motive of its people
amount of government involvement in decision making
vote of its citizens
