Characteristics of the US Economy
Quiz
•
History
•
6th - 8th Grade
•
Medium
Vincent Carter
Used 27+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The United States has a -
Free Market Economy
Command Economy
Mixed Economy
Traditional Economy
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Competition results in all of the following EXCEPT –
Lower prices
Better quality
more choices
fewer sales
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business’ profit is its -
net worth minus earnings
earnings minus expenses
price per share of stock
investment divided by income
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Private property is best described as -
setting prices higher for extra quality goods
the interaction of supply & demand
individuals’ right to own their own goods and resources
government control of goods and services
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Free markets are allowed to operate –
without interference from the government
without many rules
at the will of the people
at times of economic prosperity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the American economy, buyers determine what is produced by the purchases they make. This is known as -
opportunity cost
incentives
capital resources
consumer Sovereignty
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
“I just bought 50 acres of prime farmland. This land is mine, and I will use it to create a Christmas tree farm to start a Christmas tree business”
consumer sovereignty
profit
free enterprise; markets and limited government
competition
private property
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