Household Function in the U.S Economy Quiz

What is the best description of a household in the economy?

• C. A provider of labor

• D. All of the above

• A. A consumer

• B. A house and its occupants

How do households create demand in the economy?

• A. Trial and error

• B. Buying what is available

• D. The government sets it

• C. Individual preferences

What do households offer to the economy?

• C. Factories

• B. Goods

• D. Railroads

• A. Labor

What are citizens?

• A. People who belong to a country by law

• B. Large flat area of land between the Mississippi River and the Rocky Mountains

• C. Use money

• D. What things are made of

What are materials?

• D. What things are made of

• A. People who belong to a country by law

• B. Large flat area of land between the Mississippi River and the Rocky Mountains

• C. Use money

What does it mean to be elected?

• A. People who belong to a country by law

• B. Large flat area of land between the Mississippi River and the Rocky Mountains

• C. To be chosen to represent a group of people by voting

• D. What things are made of

What are taxes?

• A. People who belong to a country by law

• D. What things are made of

• B. Large flat area of land between the Mississippi River and the Rocky Mountains

• C. Money collected by the government to pay for things the government takes care of, such as roads and schools

What is profit?

• C. Money you make when you sell something after taking off the cost of producing it

• D. What things are made of

• A. People who belong to a country by law

• B. Large flat area of land between the Mississippi River and the Rocky Mountains

What are states?

• D. What things are made of

• B. Large flat area of land between the Mississippi River and the Rocky Mountains

• C. Parts of countries that have their own government

• A. People who belong to a country by law

What is a resource?

• A. People who belong to a country by law

• C. Money collected by the government to pay for things the government takes care of, such as roads and schools

• B. Large flat area of land between the Mississippi River and the Rocky Mountains

• D. What things are made of