US Economy & Elections

In a _____________ economy, there is some government control and some free enterprise.

• mixed

• communist

• traditional

• supply

Demand is said to control the ____________ of consumer goods.

• scarcity

• enterprise

• supply

• mixed

Under the free enterprise system of Capitalism, Americans are free to manage and own ____________

• state

• property

• government

• laws

The federal ______________is a plan for spending by the government.

• budget

• government

• economy

• market

_______________, taxes on imports, and quotas are the main ways the United States government controls trade.

• Products

• Tariffs

• Budgets

• Agreements

The _____________ is involved in the economy because it makes laws to protect businesses, the environment, and according to Adam Smith, promote & protect free play of competition.

• World Trade Organization

• foreign trade

• government

• global economy

What is the national debt?

• $700 Billion

• $17 Trillion

• $27 Trillion

Individuals who come up with a new idea for a good or service, and then make it a reality

• resource

• human resources

• consumer

• entrepreneur

A Market Economy is based on?

• Goods and Services

• Goods and Products

• Supply and Demand

• Service

A monopoly is what?

• When a bank only has one loan.

• When one business/ corporation controls an entire market.

• A government that only has one central bank.

• When a handful of businesses/ corporations control a market.