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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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Many things you will need to know in order to do well on the Economics Quiz.
Flashcards
29 cards
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Practice quiz
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Questions
29
Answers
1
A person who leaves their country to live elsewhere is called a...
emigrant
debtor
mercenary
yeoman
2
__________ is an economic situation where it takes more money to buy the same amount of goods.
strike
boycott
inflation
siege
3
What was at the heart of the Industrial Revolution?
the steam generator
new machines and technology
farms, rivers and streams
the cotton gin
4
Which of the following directed the flow of goods between England and the colonies?
Colonies' Charter
Merchant's Pledge
Navigation Acts
Colonists' Rights Law
5
What helped increase cotton production?
steam engine
cotton mills
factory system
cotton gin
6
In which locations did many new industrial towns develop?
along rivers and canals
along mountain ranges
near other large towns
near oceans and bays
7
A person who learns a trade from a skilled craftsperson is called a...
yeoman
apprentice
emigrant
mercenary
8
What was the purpose of Henry Clay's American System?
to help the economy in each section of the country
to deny money for internal improvements
to oppose the Tariff of 1816
to keep an even balance of power in the Senate
9
A period of time when economic activity slows down and unemployment increases is known as...
a depression.
stagnation.
a recovery.
an upturn.
10
Which of these was a significant development in the way goods were made?
development of mills
factory system
wealthy merchant association
economic factors
11
To __________ is to purchase goods from a foreign country.
boycott
import
blockade
export
12
Which law did Congress pass letting the federal government pay Native Americans to move west?
Force Bill
Nullification Act
Relocation Act
Indian Removal Act
13
A person (or country) that owes money is called a...
debtor
emigrant
yeoman
mercenary
14
_______ is a measure of how much a worker can produce within a given amount of time and effort.
perjury
profit
potential
productivity
15
What did some colonists do to avoid the taxes imposed by Britain?
They moved back to England.
They sued and went to court.
They resorted to smuggling.
They argued for more taxes.
16
A paid soldier who serves in the armed services of a foreign country is called a...
mercenary
yeoman
debtor
apprentice
17
The study of how choices are made about using scarce resources to fulfill wants and needs.
physics
economics
sociology
biology
18
What happened as a result of the creation of the Second Bank of the United States?
American businesses were able to grow.
Many state banks acted unwisely.
Too much money was in circulation.
Republicans closed the bank.
19
The difference between revenues and the cost of producing/selling a good/service is called...
profit
productivity
potential
perjury
20
England, France, and the Netherlands hoped to find _____ by exploring the North American coast.
a route to South America
a southwest passage to India
a northwest passage to Asia
a faster route to Africa
21
In a ______, you can buy, sell, and produce whatever you want, without government intervention.
liberalist system
free enterprise economy
feudalism economy
command economy
22
In colonial times, what was the main cash crop of South Carolina and Georgia?
wheat
tobacco
cotton
rice
23
The Jamestown settlers made a profit for their investors by growing...
tobacco
rice
cotton
sugar
24
President Jackson believed that the Second Bank of the United States...
unfairly favored poor people.
should be supported at all costs.
was corrupt.
unfairly favored wealthy people.
25
Which country's colonists maintained a profitable fur trade in North America?
Spain
England
Japan
France
26
Which group controlled the economic and political life of the Southern Colonies?
farmers
merchants
plantation owners
craftsmen
27
A _____ is when people refuse to buy items as a form of protest.
boycott
strike
embargo
siege
28
________ is when employees stop working as a protest against their employer.
A strike
A siege
An embargo
A boycott
29
A farmer who owns a small farm is called a...
mercenary
debtor
apprentice
yeoman
