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WorksheetsUS Economy
Total questions: 24
Worksheet time: 44mins
In a _____________ economy, there is some government control and some free enterprise.
mixed
communist
traditional
supply
Americans are free to manage their own ____________
state
property
government
laws
_______________ and quotas are the main ways the United States government controls trade.
Products
Tariffs
Foreign
International
The _____________ is involved in the economy because it makes laws to protect businesses.
business
foreign trade
government
global economy
The study for how people's needs and wants are provided is ________________.
scarcity
mixed
economics
enterprise
A term that means there is not enough of something is ____________.
supply
economics
scarcity
enterprise
What does the government use taxes for?
private goods and services
public goods and services
paying its own taxes
increasing consumption
Technology has contributed to the global economy by (a)
Markets in which the buying and selling of worldwide goods and services by all nations takes place is called (a)
A major advantage of trading with other nations is that (a)
Which of the following is a function of money?
It's a standard of value.
It's a store of value.
It's a medium of exchange.
All of the above.
Our money has value because it is
It's easily destroyed.
It's made of gold and silver.
It's generally acceptable.
All of the above.
One advantage of a market economy is its ability to (a)
*Decentralized decision making
*Adjusts to changes in the marketplace
*Producers & Consumers have control of the economy
command
market
socialist
traditional
Imposing some sort of cost on trade that raises the price of the traded products in MOST LIKELY an example of
command
traditional
pure market
mixed market
A tariff is a tax on
exports
food
imports
services
A tariff is a form of taxation on foreign products, while a quota is a _________ on imports from foreign countries.
boost
increase
limit
rise
In the United States, (a)
Match the following descriptions to the correct part of the U.S. Economy they represent:
Personal Property
When we purchase our own products & services and they belong to us...
Profit
When businesses earn more money than they spend on producing goods...
Competition
When multiple businesses vie for the same customer base...
Consumer Sovereignty
When buyers dictate what products should be produced based on their purchasing choices...
These are examples of public services provided by the government EXCEPT
Social Security
Stocks
Medicare
Education
_________ has the largest national economy in the world.
Russia
Europe
China
United States
Business firms in the U.S. have much _______ regulation than those in many other nations.
Less
More
of the same
The government provides some _______ to take care of people’s needs.
services
products
both
