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Unit 14 Review Part 2
Test Description: Unit 14 Economics Review Party 2
Instructions: Answer all questions to get your test result.
1) The Constitution protects and encourages competition in the economy by doing what?
A
putting taxes on certain popular goods
B
allowing states to print their own money
C
giving inventors patents or copyrights
D
all of the above
2) A person who buys goods is called a what?
A
supply
B
consumer
C
producer
D
tariff
3) Which of the following is true about a free market economy?
A
prices are set by the government
B
prices change because of supply and demand
C
all of the above
D
the government tries to control the economy
4) What will happen to the price of oranges if more people want to buy them?
A
the price will increase
B
the number of oranges will increase
C
the price will decrease
D
there will be no changes
5) What is the name of the book written by economics Adam Smith?
A
Buy Smarter
B
Free for All
C
Guide to Buying
D
The Wealth of Nations
6) Which of the following is NOT a service
A
teacher
B
vegetables
C
bus drivers
D
firefighter
7) If something is high in demand and the supply is low, will the price go UP or DOWN?
A
UP
B
DOWN
8) If the demand for an item goes down, will the price go UP or DOWN?
A
DOWN
B
UP
9) The amount of money a person makes in a year is their ______________
A
taxes
B
revenue
C
profit
D
income
10) The cost of living or running a business is what?
A
taxes
B
revenue
C
expenses
D
income
11) True or False: If my expenses are SMALLER than my income, I would go into debt
A
FALSE
B
TRUE
12) TRUE OR FALSE: If my income is BIGGER than my expenses, I am able to save money
A
FALSE
B
TRUE
13) Which Founding Father wanted an economy based on agriculture? (farming)
A
Hamilton
B
Jefferson
14) Which Founding Father did not want to tax American citizens?
A
Hamilton
B
Jefferson
15) Which Founding Father created the first national bank?
A
Hamilton
B
Jefferson
16) What is interest?
A
extra money you owe when paying back a loan
B
gifts you get from the bank
C
free money
17) The total amount of money a business makes is what?
A
income
B
profit
C
expenses
D
revenue
18) The amount of money a business spends to operate is what?
A
profit
B
revenue
C
income
D
expenses
19) The amount of money made by a business after subtracting expenses is what?
A
income
B
revenue
C
profit
D
expenses
20) Which of the following cannot make revenue?
A
a tree
B
a person
C
all of the above
D
a business
*select an answer for all questions
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