Unit 14 Review Part 2 Question Preview (ID: 56524)


Unit 14 Economics Review Party 2. TEACHERS: click here for quick copy question ID numbers.

Which Founding Father wanted an economy based on agriculture? (farming)
a) Hamilton
b) Jefferson
c)
d)

Which Founding Father did not want to tax American citizens?
a) Hamilton
b) Jefferson
c)
d)

True or False: If my expenses are SMALLER than my income, I would go into debt
a) TRUE
b) FALSE
c)
d)

TRUE OR FALSE: If my income is BIGGER than my expenses, I am able to save money
a) TRUE
b) FALSE
c)
d)

The cost of living or running a business is what?
a) revenue
b) taxes
c) income
d) expenses

If the demand for an item goes down, will the price go UP or DOWN?
a) UP
b) DOWN
c)
d)

The amount of money a person makes in a year is their ______________
a) revenue
b) taxes
c) income
d) profit

If something is high in demand and the supply is low, will the price go UP or DOWN?
a) UP
b) DOWN
c)
d)

Which of the following is NOT a service
a) firefighter
b) teacher
c) vegetables
d) bus drivers

What is the name of the book written by economics Adam Smith?
a) Free for All
b) Buy Smarter
c) The Wealth of Nations
d) Guide to Buying

What will happen to the price of oranges if more people want to buy them?
a) the price will increase
b) the price will decrease
c) the number of oranges will increase
d) there will be no changes

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) the government tries to control the economy
d) all of the above

A person who buys goods is called a what?
a) producer
b) supply
c) tariff
d) consumer

The Constitution protects and encourages competition in the economy by doing what?
a) giving inventors patents or copyrights
b) allowing states to print their own money
c) putting taxes on certain popular goods
d) all of the above

Which Founding Father created the first national bank?
a) Hamilton
b) Jefferson
c)
d)

What is interest?
a) free money
b) extra money you owe when paying back a loan
c) gifts you get from the bank
d)

The total amount of money a business makes is what?
a) income
b) revenue
c) profit
d) expenses

The amount of money a business spends to operate is what?
a) income
b) revenue
c) profit
d) expenses

The amount of money made by a business after subtracting expenses is what?
a) income
b) revenue
c) profit
d) expenses

Which of the following cannot make revenue?
a) a person
b) a business
c) a tree
d) all of the above

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