YCSD Unit 8 Review - United States Economy

A student decides to start a dog walking business after school. This would be an example of --

• corporation

• industry

• entrepreneurship

• partnership

In ECONOMIC FLOW what is the role of business?

• invest and save earnings from employees

• buy resources, make and sell products, use profit to buy more resources

• use tax revenue to provide public goods and services

• form partnership, proprietorships, and corporations

Which of the following apply to equilibrium price? Click all that apply.

• A. Where supply and demand meet.

• B. Everyone who wants to sell at that price can sell.

• C. Where profit margins fall.

• D. Everyone who wants to buy at that price can buy.

What is one benefit of the use of technology in production?

• Lowers cost of production

• Increase cost of production

• Rises cost of production

• Voids cost of production

Which is an example of a good or service that the government provides from tax revenue collected in the economic flow model?

• A. Roads, Schools, and Postal Services

• B. Television, Radio, and Telephone Services

• C. Entrepreneurs, Proprietors, and Corporations

• D. Free electric, Water, and Fuel

Banks and credit unions, are all–

• private financial institutions

• public goods and services

• major economic systems

• major utilities

What is the term for the worldwide exchange of buying and selling of goods and services by individuals, nations, and businesses?

• tax revenue

• global economy

• public services

• banks and credit unions

Eight owners of a landscaping company hire a lawyer to incorporate their business so it can act as a legal entity. This allows them to have limited liability. This would be an example of

• corporation
• proprietorship

• partnership

• industry

Which term completes this economic flow?

• taxes

• income

• savings

• investments

The amount of a good or service that producers are able to sell at a certain price is

• production

• demand

• scarcity

• supply