Civics Unit 9 Test

Question 1

The _________________ has the least influence in a command economy

Answer 1

Consumer

Question 2

A corporation is owned by ___________________.

Answer 2

Stockholders

Question 3

All of the following are examples of public goods and services except post
office, military, roads, hospitals?

Answer 3

Hospitals

Question 4

A type of economic system that is based mainly on early generations.

Answer 4

Traditional

Question 5

Type of Business where you have two or more owners who share the risks and
profits is called a _________________.

Answer 5

Partnership

Question 6

All resources are _________________which is why we study economics.

Answer 6

Limited

Question 7

_____ _____ oversee the way individuals
and companies do business. Some examples are FCC,FTC,FDA,CPSC.

Answer 7

Government agencies

Question 8

Profits that stockholders receive are called ______________.

Answer 8

Dividends

Question 9

Public health and safety _______________________ are established by
government agencies.

Answer 9

Guidelines

Question 10

The 16th Amendment gives Congress the power to _______________.

Answer 10

Tax

Question 11

Coins, currency, and debit and credit cards are all considered a medium of
____________________.

Answer 11

Exchange

Question 12

In a Mixed Economy, prices are kept low and quality high through
_______________________.

Answer 12

Competition

Question 13

An entrepreneur takes all the _____ to produce and sell
goods and services.

Answer 13

Risk

Question 14

In a Command Economy, the consumer does not have a ______________.

Answer 14

Choice

Question 15

Owning stock in a company is giving one part ________________.

Answer 15

Ownership

Question 16

The cost of resources, changes in government policies, and changes in
technology all affect the _______________ of a product.

Answer 16

Supply

Question 17

Contracts protect one’s ____________________ __________________ because
they are enforceable by law.

Answer 17

Property ownership

Question 18

An item that one does not have to have is considered a ______________.

Answer 18

Want

Question 19

A centrally planned economy is called a __________________ Economy?

Answer 19

Command

Question 20

Single control over an industry is considered a _________ which is illegal in the US.

Answer 20

Monopoly

Question 21

What is given up when a choice is made?

Answer 21

Opportunity cost

Question 22

Buying resources and making products is how ____________ participate in the economic/circular flow of resources.

Answer 22

Businesses

Question 23

Money that one pays for using someone’s money is called ____________.

Answer 23

Interest

Question 24

A financial institution that receives deposits and makes loans is called a _____________.

Answer 24

Bank

Question 25

A human physically performing a job is classified as a what type of resource?

Answer 25

Labor

Question 26

Fines, fees, and taxes all used to pay for public _____ _____ _____.

Answer 26

Goods and services

Question 27

The fact that all products have a price attached to them, means they have a _____ of value.

Answer 27

Measures

Question 28

Consumers no longer buying a product at the given price because it is too expensive illustrates the concept of _____ _____.

Answer 28

Consumer sovereignty

Question 29

In a corporation the _____ is only responsible for the money he/she invested and is not expected to pay the debt from his/her personal account.

Answer 29

Investor

Question 30

Managing the amount of money in the economy to keep inflation low and stable is the job of the _______________________ Bank.

Answer 30

Federal reserve

Question 31

A business organization that is a legal entity regardless of the number of owners is called a ____________________.

Answer 31

Corporation

Question 32

Land, labor, capital, and entrepreneurship all forms of _____ _____ _____.

Answer 32

Factors of production

Question 33

The _____ provides public goods and services because the government collects taxes and uses that money.

Answer 33

Government

Question 34

Competition is increased by _____.

Answer 34

Global trade

Question 35

The most _____ type of economy in society today is a mixed economy.

Answer 35

Common

Question 36

One problem in economics is that resources are _____.

Answer 36

Scarce

Question 37

The US has a _____ Economy.

Answer 37

Mixed

Question 38

A forklift is an example of _____.

Answer 38

Capital

Question 39

Recalling a product is done by a government agency to ___________________ consumers.

Answer 39

Protect

Question 40

Producers are highly motivated by _______________ in a Free Market Economy.

Answer 40

Profit

Question 41

A sole proprietorship is a _____ owner business.

Answer 41

One

Question 42

Consumers affect the ___________________ in a Market Economy.

Answer 42

Demand