Understanding the U.S. Economy

Understanding the U.S. Economy

8th Grade

15 Qs

quiz-placeholder

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Understanding the U.S. Economy

Understanding the U.S. Economy

Assessment

Interactive Video

History

8th Grade

Medium

Created by

C Matanyi

Used 3+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What type of economy does the United States have?

Market economy

Mixed economy

Command economy

Traditional economy

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is a market?

A place where only digital goods are sold

A place where buyers and sellers exchange stocks

A place where buyers and sellers come together to exchange goods and services

A government-controlled area for trade

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is scarcity?

The limited nature of resources to fulfill unlimited wants

The government's control over resources

The unlimited availability of goods

The abundance of resources

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What are the three main types of productive resources?

Natural resources, capital resources, and human resources

Water, air, and land

Machinery, buildings, and technology

Labor, corporations, and governments

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the primary goal of a command economy?

To allow market forces to determine production and prices

To eliminate private property and redistribute wealth equally

To have the government make all decisions regarding the economy

To ensure that natural resources are preserved for future generations

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

How does inflation affect the purchasing power of money?

It increases the purchasing power of money

It has no effect on the purchasing power of money

It decreases the purchasing power of money

It initially decreases then increases the purchasing power of money

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What role do entrepreneurs play in an economy?

They primarily provide funding to government projects

They regulate the market to ensure fair competition

They create jobs and innovate, driving economic growth

They focus on importing goods to balance trade

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