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