Money and Economy Test Review

A person who buys a good or service is called a...

• producer

• consumer

• economist

Someone who makes a good or provides a service is called a _____.

• consumer

• producer

• economist

When consumers stop buying a product or buy less of a product the price will go _______.

• up

• down

When consumers are buying more of a product, this will cause the price to go

• up

• down

If the supply of a good or service is low (not a lot are being made) then the price of a good or service will go

• up

• down

If there is high supply of a good or service (a lot are being made) the price will go

• down

• up

You usually use a checking account to put money away for later.

• True

• False

How do banks help people?

• They keep your money safe.

• They borrow people money to buy things.

• Both answers are true

One way a bank makes money is by loaning people money and charging them interest.

• True

• False

The money collected for Social Security taxes provides money to people after they _____.

• take a vacation

• get an education

• retire

• adopt a pet