stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Civics 8 Midterm Review Unit 5&6 ch13-18 Economics Flashcards | StudBud
Explore
/
Civics 8 Midterm Review Unit 5&6 ch13-18 Economics
Civics 8 Midterm Review Unit 5&6 ch13-18 Economics
25 terms
·
StudBud Administration
·
518 plays
8th Grade Civics review economics #economics #8thgrade
Flashcards
25 cards
F
Practice quiz
P
Host live
L
Questions
25
Answers
1
Which term describes the economy of the United States?
free enterprise
capitalist
market
all of the above
2
Loans provided by banks to businesses and individuals
decrease the banks' profitability.
generate economic growth.
have been reduced in number since the mid-1950s.
are greatly restricted by the Fed.
3
Who makes the economic choices in a market economy?
a central planning group
the government or a central authority
the marketing executive
private individuals
4
Which of the following is a service industry?
mining
computer manufacture
clothing fabrication
· insurance
5
What is the largest entitlement program?
Medicare
Social Security
Federal Budget
Medicaid
6
Which of the following products would most likely have an excise tax levied on it?
gasoline+ tobacco
a house
a pencil
an automobile
7
Which of the following is the most
numerous
form of business in the United States today?
partnership
corporation
sole proprietorship
entrepreneurship
8
A share in the ownership of a corporation is called a
payment.
bond
wage.
stock.
9
which of the following is considered a financial institution?
credit union
personal check
treasury
safety deposit box
10
Which level of government taxes individuals?
all of the above
federal
state
local
11
Why does the government promote economic growth?
to create price stability
to avoid inflation
to fund entitlement programs
to raise the standard of living
12
Which is an example of a fringe benefit?
wages
healthcare
earned income
salary
13
Lower interest rates encourage
a run on banks.
a decrease in the money supply.
increased payments on loans.
more borrowing.
14
Which of the following is an economic problem?
a balanced federal budget
a rising employment rate
a rising GDP
a falling employment rate
15
The amount by which government spending exceeds government income is called
a business cycle.
monetary policy.
· a surplus.
the deficit.
16
Payments from the profits of companies in which one owns stock are called
fringe benefits.
dividends.
shares.
disposable income.
17
When several companies organize to profit from the high prices they agree to charge its a
oligopoly.
monopoly.
trust.
surplus.
18
A slowdown in economic productivity is called
a loan.
inflation.
fractional reserve banking.
a recession.
19
Economic growth is an increase in
the inflation rate.
business profits.
the gross domestic product (GDP).
the tax rate.
20
An income tax is
neither a direct nor an indirect tax.
both a direct and indirect tax.
a direct tax.
an indirect tax.
21
The command economy
was developed in China.
was invented by communist governments
is the newest type of economy.
has existed for thousands of years.
22
By 1920, unions had successfully negotiated for
yellow-dog contracts.
slowdowns.
the eight-hour workday.
health care.
23
Which of the following is most likely to be a variable expense?
payments toward the purchase of a computer
car payments
rent
electricity and utlity payments
24
The Fed is responsible for all of the following EXCEPT
controlling the nation's money supply.
making loans to banks.
providing personal checking accounts.
helping to foster a healthy economy
25
In which type of economy does the desire to make a profit play the largest role?
traditional economy
a production economy
command economy
a market economy
