Economics 2019

Which part of the national government controls the supply of money in the economy?

• Congress

• Treasury Department

• President

• Federal Reserve

A person who takes a risk to start a business. Ex. Bill Gates, founder of Microsoft

•  cashier
• entrepreneur
• capitalist
• proprietor

How do banks, credit unions, and savings and loans, encourage savings?

• pay interest on deposits
• free gift card to a saver
• free checking account
• low interest rates on loans

All of the following are examples of private property EXCEPT

• Sheetz
• Ruth's Place
• U. S. Postal Service
• Eagle Cinema

Which amendment gives Congress the power to tax income?

• 16th
• 5th
• 1st
• 10th

All of the following are characteristics of a free market economy EXCEPT

• centrally planned economy
• private ownership of property and resources
• competition between business
• desire to make a profit

If the government needs more money to pay for public goods and services, what are 3 ways the government can raise more revenue?

• raise taxes

• have a bake sale

• borrow funds

• charge fees (ex. parks)

All of the following are reasons the United States and Virginia trades with other countries EXCEPT

• to buy goods at a lower cost
• to obtain goods they cannot produce
• decrease employment
• to sell goods to other countries

U.S. coins and currency are accepted by people because

• there is a gold reserve as a guarantee to depositors
•  of the confidence in the U.S. government
• the government will reimburse depositors for all funds saved in a bank
• currency is not used in the United States

Select the 3 recognized forms of money in the United States.

• debit cards

• federal reserve notes

• checks

• credit cards