Characteristics of the US Economy

Characteristics of the US Economy

6th - 8th Grade

15 Qs

quiz-placeholder

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Characteristics of the US Economy

Characteristics of the US Economy

Assessment

Quiz

History

6th - 8th Grade

Medium

Created by

Vincent Carter

Used 27+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The United States has a -

Free Market Economy

Command Economy

Mixed Economy

Traditional Economy

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Competition results in all of the following EXCEPT

Lower prices

Better quality

more choices

fewer sales

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business’ profit is its -

net worth minus earnings

earnings minus expenses

price per share of stock

investment divided by income

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Private property is best described as -

setting prices higher for extra quality goods

the interaction of supply & demand

individuals’ right to own their own goods and resources

government control of goods and services

 

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Free markets are allowed to operate –

without interference from the government

without many rules

at the will of the people

at times of economic prosperity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the American economy, buyers determine what is produced by the purchases they make.  This is known as -

opportunity cost

incentives

capital resources

consumer Sovereignty

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

“I just bought 50 acres of prime farmland. This land is mine, and I will use it to create a Christmas tree farm to start a Christmas tree business”

consumer sovereignty

profit

free enterprise; markets and limited government

competition

private property

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