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Unit 14 Review Part 1
Test Description: Questions about Unit 14 Economics
Instructions: Answer all questions to get your test result.
1) A person who buys goods is called a ___________
A
producer
B
supply
C
demand
D
consumer
2) _____________ is the amount of a good that is available to buy
A
supply
B
demand
C
producer
D
consumer
3) A company or person who makes goods to sell is a ____________
A
supply
B
producer
C
consumer
D
demand
4) How much people want an item or service is ___________
A
consumer
B
producer
C
supply
D
demand
5) When you borrow money from a bank, you will be charged __________ as you pay back the loan
A
specialization
B
demand
C
interest
D
consumer
6) Which of the following statements is true about a free market economy?
A
all of the above
B
the government controls all businesses through taxes
C
prices are chosen by the government
D
prices change with supply and demand
7) What is the main role of producers in our economy?
A
they buy services
B
they borrow money
C
they create goods
D
they control trade
8) When do prices fall?
A
when there is a shortage of goods
B
when demand is higher than supply
C
when demand is lower than supply
9) Alexander Hamilton and Thomas Jefferson had different opinions about the economy. Who did George Washington put in charge of the Treasury?
A
Hamilton
B
Jefferson
10) What part of the government is responsible for collecting taxes?
A
supreme court
B
senate
C
treasury
D
army
11) The Constitution gives the government the ability to
A
all of the above
B
borrow money
C
create money
D
make laws about trade
12) The Constitution gives people the right to do what?
A
choose what they want to do as a job
B
avoid paying taxes
C
used electricity for free
D
maintain a closed market
13) In what type of economy are people allowed to decide what to buy and sell?
A
farming economy
B
free market economy
C
closed economy
D
constitutional economy
14) In a free market, prices rise when ___________
A
demand is higher than supply
B
there is no demand or supply
C
supply is higher than demand
D
demand and supply are the same
15) Under the Articles of Confederation, the government had ___________
A
total control of the economy
B
a trade economy
C
no power over the economy
D
too much money to spend
16) Who believed the government should play a SMALL role in the economy?
A
Jefferson
B
Hamilton
17) Who believed the government should play a LARGE role in the economy?
A
Hamilton
B
Jefferson
18) True or False: Every state in the US uses the same form of currency
A
True
B
False
19) Under the Constitution the government is able to _____________
A
choose what people can buy
B
decide what jobs people can do
C
determine the price of goods
D
place tariffs on international trade
20) If the government needs land to build a road, it ________________
A
ask for the states permission
B
can take the land it wants
C
remove people living on the land
D
has to buy the land from the owner
*select an answer for all questions
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