Economics Unit 3 Test Review

Front

The dollar value of all final goods, services, and structures produced in a country in a year is known as __________.

Back

Gross Domestic Product

Front

The three synonymous terms to describe the U.S. economic system are __________, __________, and __________.

Back

capitalism, free enterprise, free market

Front

How does the government operate in a free enterprise economy?

Back

It establishes laws and rules to maintain competition.

Front

Consumers can influence the production and sale of goods by __________

Back

"voting" with their dollars

Front

A general rise in the level of prices over time is known as ___________.

Back

inflation

Front

A demand schedule is best described as ______________

Back

graph

Front

Pure competition and monopoly are ____________.

Back

opposites

Front

What is one way the U.S. economy can be adversely affected when interest rates are lowered?

Back

Prices may inflate

Front

The U.S. government was given the authority to collect income taxes with the passage of the

Back

16th amendment

Front

In the U.S. free enterprise system one of the primary roles of the government is to —

Back

ensure the safety of products through regulation