U.S. Economy

Front

What would happen if the price of this good decreased from $6.00 to $3.00?

Back

There would not be enough produced.

Front

Which type of economic system is defined as an economy in which communities use simple tools and methods to harvest and hunt for food often results in little economic growth? Options: Command, Free Market, Mixed, Traditional

Back

Traditional

Front

Which term best describes the picture here? Options: Entrepreneur, Profit Motive, Opportunity Cost, Competition

Back

Competition

Front

Which is an example of proprietorship? Options: Ed owns a restaurant and is responsible for all debts., Rob owns stock in a steel company and receives a portion of profits., John and June own a bookstore and both a responsible for debts., Jane and Mary own a flower shop and equally split the profits.

Back

Ed owns a restaurant and is responsible for all debts.

Front

What role does the government play in the economic flow (circular map)?

Back

Provides public goods and services

Front

Why did Adam's savings account increase from $500 to $515? Options: The bank deducted the required fees, The bank statement reflected a debit from a grocery store, The bank paid interest on the money saved, His employer contributed to his retirement fund

Back

The bank paid interest on the money saved

Front

Which amendment to the U.S. Constitution led to the decision in the court case Miranda v. Arizona?

Back

5th

Front

Which two amendments to the U.S. Constitution have to do with due process? Options: 1st and 4th, 1st and 5th, 5th and 14th, 10th and 14th

Back

5th and 14th

Front

Olivia normally works after school on Mondays and Wednesdays. What is her opportunity cost if she adds Tuesday and Thursdays to her work schedule?

Back

Time she could spend studying

Front

Private ownership of property and resources
Which economic system is best described above?

Back

Free Market