Chapter 17 Shaping America's Economy

A person who buys goods is called a

• consumer

• interest

• specialization

• supply

__________ is a tax on a good from other places.

• consumer

• interest

• specialization

• tariff

____________ is the amount of a good that is available to buy.

• consumer

• interest

• specialization

• supply

Having a skill or knowledge in one job is called

• consumer

• supply

• specialization

• tariff

When you borrow money, you might be charged some

• consumer

• interest

• specialization

• tariff

Which following statements is true about a free market economy?

• Prices are chosen by the government.

• Prices change because of supply and demand.

• The government tries to control the economy through taxes.

• all of the above

What is the main role that producers play in our economy?

• They create goods.

• They buy services from others.

• They borrow money.

• The control trade.

When do prices fall?

• when there's a surplus

• when demand is lower than supply

• when demand is higher than supply

• all of the above

Alexander Hamilton and Thomas Jefferson had different opinions on the government and economy.

How did George Washington respond?

• He put Hamilton in charge of the Treasury.

• He gave the government little power in the economy.

• He chose not to have a free market economy.

• He took control of the economy

What part of the government is responsible for collecting taxes?

• Army

• Senate

• Treasury

• Supreme Court