Unit 14 Review Part 1 Question Preview (ID: 56522)
Questions About Unit 14 Economics.
TEACHERS: click here for quick copy question ID numbers.
Under the Constitution the government is able to _____________
a) choose what people can buy
b) determine the price of goods
c) place tariffs on international trade
d) decide what jobs people can do
True or False: Every state in the US uses the same form of currency
a) True
b) False
c)
d)
Who believed the government should play a LARGE role in the economy?
a) Hamilton
b) Jefferson
c)
d)
Who believed the government should play a SMALL role in the economy?
a) Hamilton
b) Jefferson
c)
d)
Under the Articles of Confederation, the government had ___________
a) a trade economy
b) too much money to spend
c) no power over the economy
d) total control of the economy
In a free market, prices rise when ___________
a) supply is higher than demand
b) demand is higher than supply
c) demand and supply are the same
d) there is no demand or supply
In what type of economy are people allowed to decide what to buy and sell?
a) constitutional economy
b) free market economy
c) farming economy
d) closed economy
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
The Constitution gives the government the ability to
a) create money
b) borrow money
c) make laws about trade
d) all of the above
What part of the government is responsible for collecting taxes?
a) army
b) senate
c) supreme court
d) treasury
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
c)
d)
When do prices fall?
a) when there is a shortage of goods
b) when demand is lower than supply
c) when demand is higher than supply
d)
What is the main role of producers in our economy?
a) they create goods
b) they buy services
c) they borrow money
d) they control trade
Which of the following statements is true about a free market economy?
a) prices are chosen by the government
b) prices change with supply and demand
c) the government controls all businesses through taxes
d) all of the above
When you borrow money from a bank, you will be charged __________ as you pay back the loan
a) consumer
b) demand
c) interest
d) specialization
How much people want an item or service is ___________
a) supply
b) demand
c) consumer
d) producer
A company or person who makes goods to sell is a ____________
a) producer
b) consumer
c) demand
d) supply
A person who buys goods is called a ___________
a) producer
b) consumer
c) supply
d) demand
_____________ is the amount of a good that is available to buy
a) consumer
b) producer
c) supply
d) demand
If the government needs land to build a road, it ________________
a) can take the land it wants
b) has to buy the land from the owner
c) ask for the states permission
d) remove people living on the land
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