US Government and the Economy

• inflation

• taxes

• inflation

• deposits

Which of these is a household - business relationship?

• businesses pay taxes

• government hires workers

• people work as store clerks

Which of the following terms best describes the United States economy?

• Free Market

• Mixed

• Command

• Traditional

In America’s economy, consumers determine what is produced by the purchases they make. This is known as-

• consumer sovereignty

• opportunity cost

• incentives

• interest

The point at which the consumer and producer are both satisfied is called -

• supply point

• surplus

• equilibrium price

• shortage

A form of representative government where citizens are allowed to vote and elect leaders

• Republic

• Dictatorship

• Socialism

• Monarchy

Government makes all economic decisions in a _______________ economy.

• Free Market

• Mixed

• Communist

• I don't know

Which branch of the US government is primarily responsible for creating laws?

• A) Executive

• B) Legislative

• C) Judicial

• D) Federal

What is the primary role of the Federal Reserve in the US economy?

• A) Collect taxes

• B) Regulate the stock market

• C) Control monetary policy

• D) Provide social services

Which economic system is characterized by private ownership and free markets?

• A) Socialism

• B) Capitalism

• C) Communism

• D) Feudalism