Young Ameritowne Final Test Practice

Front

The study of the ways people produce, distribute, and consume goods and services is the definition of:

Back

Economics

Front

Which of the following is NOT an example of the flow of money in the economic cycle? A business sells a product to a consumer. A business pays its employees for their work. A company goes out of business. A consumer buys goods from a business.

Back

A company goes out of business.

Front

Which business provides goods to consumers? A doctor. A computer technician. A grocery store. A hair stylist.

Back

A grocery store.

Front

If bad weather causes most of the orange trees to die, the price of orange juice will probably rise.

Back

True

Front

If bad weather causes most of the orange trees to die, the price of orange juice will probably rise.

Back

True

Front

For a business to be successful, it is important to know_____________.

Back

What consumers want to buy and how much they are willing to spend.

Front

Which of the following is an example of a service: A jewelry store sells a bracelet. A bank cashes a check for an account holder. A clothing store sells a T-shirt. A bookstore sells a book.

Back

A bank cashes a check for an account holder.

Front

What are the three branches of government?

Back

Executive, legislative, and judicial

Front

Your check register shows you have a checking account balance of $5.00. You have $2.00 in cash. You may _______________.

Back

Write a check for $5.00 to the Sign and Print Shop for a bottle of magic ink.

Front

The prices for products in Young Ameritowne are determined (set/changed) by ________________________.

Back

Supply and demand for items.