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The United States Economy

Authored by Karen Haluska

Social Studies

7th Grade

Used 5+ times

The United States Economy
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26 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The United States economy is primarily a free market economy. However, there is some government involvement. Therefore the US is a ...

traditional economy

trade economy

mixed economy

free market economy

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a characteristic of the US economy?

limited and few markets

profit motive

private property

free enterprise

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The rivalry between producers and/or between sellers of a good or service. (Usually results in better quality goods and services at lower prices.)

consumer sovereignty

free enterprise

competition

profit motive

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumers determine through purchases what goods and services will be produced. (HINT: people can choose what to buy and where to buy it)

private property

consumer sovereignty

markets

profit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Where are most decisions regarding the production of goods and services made in the US?

public sector (the government)

private sectors (individuals and businesses)

6.

MATCH QUESTION

1 min • 1 pt

Media Image

Match the following items with the correct element on the graph:

where the red and blue lines meet

demand

red line

supply

blue line

equilibrium price

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_______ is determined by the interaction of supply and demand.

incentives

quantity

money

price

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