U.S. Economy

Look at this chart. What would happen if the price of this good decreased from $6.00 to $3.00

• Customers would not buy as much
• Profits would increase
• There would not be enough produced
• Cost of production would rise

"An economy in which communities use simple tools and methods to harvest and hunt for food often results in little economic growth."
Which type of economic system is being defined?

• Command
• Free Market
• Mixed
• Traditional

Which term best describes the picture here?

• Entrepreneur
• Profit Motive
• Opportunity Cost
• Competition

Which is an example of proprietorship?

• 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.

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

• Provides public goods and services
• Provides private goods and services
• Pays taxes
• Encourages monopolies

Adam put $500 in his savings account last year and has not added any more money. His last statement showed he had $515 in it. Which statement best explains why the amount in his savings account increased?

• 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

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

• 5th
• 10th
• 13th
• 15th

Which two amendments to the U.S. Constitution have to do with due process?

• 1st and 4th
• 1st and 5th
• 5th and 14th
• 10th and 14th

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

• Extra money she could earn
• New clothes she could buy
• Time she could spend studying
• Additional hours she spends at the job

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

• Command
• Free Market
• Mixed
• Traditional