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WorksheetsCE 12 Review - Gov + Econ/Federal Reserve
Total questions: 20
Worksheet time: 7mins
Name
Class
Date
1.
Government interferes in the economy when the ________________ outweighs the costs.
a)
Inflation
b)
Benefits
c)
Consequences
d)
Potential
2.
Which concept says that the people can trade freely without undue government interference?
a)
Private Property
b)
Competition
c)
Consumer Sovereignty
d)
Free Enterprise
3.
Competition leads to lower prices and…
a)
Better Quality Goods
b)
New Markets
c)
Higher Demand
d)
Opportunity Cost
4.
The fact that the United States trades with other countries makes it part of the…
a)
Worldwide Market
b)
International Trade Network
c)
Global Economy
d)
United Marketplace
5.
Which of the following is not a reason countries trade with each other?
a)
To purchase products they can't make themselves
b)
It creates jobs
c)
Buying things at a lower price
d)
Offloading extra products
6.
Banks and ___________________ are examples of Private Financial Institutions.
a)
The Federal Reserve
b)
Credit Unions
c)
Social Security
7.
Banks give out loans in order to…
a)
Help Grow Businesses
b)
Make Money
c)
Support Homebuyers
d)
All of the above
8.
When you get a loan from a bank, you pay back more money than what you borrow. This extra money is called…
a)
Fees
b)
Damages
c)
Interest
d)
Profit
9.
How many banks are part of the Federal Reserve System?
a)
12
b)
7
c)
9
d)
50
10.
What system is resposnible for controlling the money supply and interest rates
a)
The Global Economy
b)
The Federal Reserve
c)
State Government
d)
Credit Unions
11.
Which of the following is not a type of tax used in the United States?
a)
Property
b)
Sales
c)
Income
d)
Investment
12.
What level of government uses taxes to pay for Medicare and Social Security?
a)
National (Federal)
b)
State
c)
Local
13.
Which of the following things would Local Government pay for with tax money?
a)
National Defense
b)
Medicare
c)
Roads
d)
Social Security
14.
Money is used to measure the _____________ of things.
a)
Exchange
b)
Value
c)
Supply
d)
Demand
15.
Which of the following is not one of the most common currencies used in the United States?
a)
Cash
b)
Cryptocurrency
c)
Coins
d)
Bank Deposits/Accounts
16.
Which Amendment created the income tax?
a)
1st
b)
14th
c)
16th
d)
10th
17.
Money that is put into a bank account is called a…
a)
Interest
b)
Investment
c)
Withdrawal
d)
Deposit
18.
The idea that people own things by law is called…
a)
Consumer Sovereignty
b)
Private Property
c)
Global Economy
d)
Rule of Law
19.
Another word for paper money and coins is…
a)
Federal Reserve
b)
Credit
c)
Currency
d)
Interest
20.
People help decide what products are made based on what they buy. This idea is called…
a)
Consumer Sovereignty
b)
Private Property
c)
Global Economy
d)
Interest
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