Unit 8 Economics Test Review 2024-2025

Front

The economies of most countries today include which of the following characteristics?
Options:
Gov't determines prices & controls all property and resources,
No gov't involvement in business,
Individuals & businesses make decisions in private sector and gov't for the public sector,
Gov't encourages monopolies and discourages private enterprise

Back

Individuals & businesses make decisions in private sector and gov't for the public sector

Front

Competition usually results in ALL of the following EXCEPT - reduced supply, lower prices, better quality, greater choice

Back

reduced supply

Front

The idea that we are unable to satisfy all of our wants and needs because resources and goods are limited is known as -

Back

scarcity

Front

In the economic circular flow, households sell resources to businesses in exchange for -

Back

income

Front

One primary function of the Federal Reserve system is to -

Back

maintain the value of the dollar

Front

Why does the government create anti-trust laws?

Back

to discourage monopolies

Front

In our economy, households do ALL of the following EXCEPT - own resources used in production, use income to purchase goods & services, pay taxes to the gov't

Back

provide goods and services to the gov't

Front

Which gov't agency regulates TV, radio and internet broadcasting?

Back

the Federal Communications Commission

Front

What producers do to encourage consumers to purchase their product?

Back

offer incentives to buy their item

Front

The North American Free Trade Agreement (NAFTA) removed barriers to trade among the U.S., Canada, and Mexico. This agreement is an example of how the U.S. takes part in a -

Back

global economy