The United States Economy
Authored by Karen Haluska
Social Studies
7th Grade
Used 5+ times
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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
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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