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Civics Unit 6--"The American Economy" Flashcards | StudBud
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Civics Unit 6--"The American Economy"
Civics Unit 6--"The American Economy"
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Practice for the Civics Unit 6 Test #economy #america #capitalism #freemarket
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Answers
1
The shifting of the economy from good times to bad times and back again.
communism
capitalism
inflation
business cycle
2
Corporations are owned by
entrepreneurs
managers
partners
stockholders
3
The Fair Labor Standards Act
says students must do all their homework
prevents businesses from hiring teenagers
prevents certain abuses by union officials
created the minimum wage
4
The United States has a
mixed economy
limited command economy
pure market economy
traditional economy
5
The United States largest employer is
Microsoft
the U.S. Government
McDonald's
the U.S. Army
6
Human effort used to produce goods and services is called
labor
professing
inflation
consuming
7
The economic system based on the private ownership of the means of production.
communism
socialism
consumerism
capitalism
8
The use of machines instead of workers to provide goods and services is called
automation
capitalism
communism
fake news
9
A person who buys or uses goods or services.
consumer
professional
laborer
producer
10
The money available through Social Security is collected from
employers
the Federal Reserve
employees
employers and employees
11
The economic principle which states that a person will want more products when prices are low.
law of production
law of demand
law of supply
law of consumption
12
Jobs which require many years of education in which the work is mostly mental are called
service jobs
professions
blue-collar jobs
menial jobs
13
On average, the more years of schooling a person has,
the earlier he or she retires
the less time he or she has to develop a career
the higher his or her income
the more hobbies he or she develops
14
When there is a surplus of a particular product,
the prices will decrease
there is a lack of competition
the demand will increase
the prices remain the same
15
A government health insurance program for people age 65 and older.
Medicare
Health Insurance
Obamacare
Medicaid
16
What is a legal declaration that a person cannot pay back his or her debt?
capitalism
socialism
bankruptcy
communism
17
Workers who perform heavy physical work are called
blue-collar workers
laborers
service workers
white-collar workers
18
There is a recession. The government decides to lower taxes to encourage people to
complain on facebook about Congress
spend more money
join labor unions
increase their productivity
19
A general rise in the cost of goods and services is called
inflation
communism
deflation
competition
20
The gross domestic product is used by economists to
analyze the national system of mass production
measure how well the economy is doing
track the purchasing habits of consumers
measure how well retailers are doing
21
Today, a majority of the U.S. workforce is dedicated to
inspecting meats and other foods
transporting goods
producing goods
providing services
22
Deposits in commercial banks are protected by the
Federal Deposit Insurance Corporation
Federal Reserve bank
Resolution Trust committee
Securities and Exchange Commission
23
Legally, which of these may be used as a basis to evaluate job applicants?
race
religion
education
gender
24
A Capital good is
land and other natural resources
money used to pay salaries
all money coming into a business
a manufactured good used to make other goods
25
Buying a house is usually done
with credit cards
with cash
with debit cards
on an installment plan called a mortgage
26
Which country has a command economy?
Yomamastan
North Korea
South Korea
Russia
27
The four forms of money used in the U.S. are
checks, paper money, barter, and credit
coins, paper money, checks, and credit
coins, paper money, credit, and certificates of deposit
coins, paper money, checks, and certificates of deposit
28
A government system of social insurance for the elderly, disabled, and out of work citizens is
Obamacare
Medicaid
Social Security
Medicare
29
This occurs when a nation sells more than it buys.
trade surplus
inflation
trade deficit
shortage
30
The total dollar value of all goods and services produced annually in a nation is its
Business Cycle
Net Domestic Product
Gross Domestic Product
Economic Production
31
The economic rivalry that exists among businesses selling similar products is called
competition
communism
the business cycle
capitalism
32
Organizations which represent the interests of workers are
monopolies
unions
trusts
clubs
