Unit 6 pt.1 and 2
Quiz by Peck
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14 questions
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- Q1A company decides to hire more workers and install less machines. Which economic question is being directly addressed?for whom to produceWhat to producehow much to produceHow to produce30s
- Q2Which of these is an example of government fiscal policy?creating a budget for government operationsadjusting the discount rateconducting open-market operationschanging the reserve requirement30s
- Q3Which of these best explains why state government leaders must carefully evaluate costs and benefits when developing budgets?State tax revenue will be matched by federal fundsFederal funding is always enough to provide for programsdemand for services often exceeds tax revenueThe federal reserve can ask the banks to hold more money in reserve.30s
- Q4Which of these is a characteristic of a traditional economy?Large corporations compete for businessPeople use technological advancements encouraging growthPeople rely heavily on agriculture and huntingThe government controls pricing, production and labor decisions30s
- Q5A seafood company is moving its main production plant to a Maryland county. Which of the following would be the most likely effect on the county?an increase in the number of elderly residentsa decline in school enrollmentan increase of government servicesa decline in job opportunities30s
- Q6Which of these would BEST describe the United States' economic systemtraditionalfree marketMixedcommand30s
- Q7Which of these would most often be encouraged by the government in a command economy?national production goalsinherited occupational goalsprivate ownership of propertycompetition between businesses30s
- Q8What happens when the government prints too much money?the unemployment rate decreasesthe GDP goes upInflationbanks stop loaning money to small businesses30s
- Q9An automobile maker has decided to move some of its manufacturing into areas of El Salvatore. The amount of money made as a part of this decision would be included in:the Costumer Price Indexthe Gross Domestic Productthe federal reservethe Gross National Product30s
- Q10Characteristics of a command economy would be?government sets production goals/pricingfamily-owned businesses use traditional methods of earning moneya board of directors makes economic decisions for companiesprivate businesses control production costs30s
- Q11True or False? Examining fluctuations in interest rates is a useful way to determine the rate of inflation?TrueFalse30s
- Q12If the US economy starts to show signs that it is entering into a recession, the Federal Reserve System has the power to:declare bankruptcyreduce interest ratesincrease interest ratesincrease the amount of money banks hold in reserve30s
- Q13What is the opportunity cost that a school district must face after a large storm has depleted its allotted number of snow days?The school district closes, indefinitelyThe school district must take away other "days off."NothingStudents have to pay to go to school to make up the days.30s
- Q14Tariffs can help the American Economic System by:making American goods better, overall, than imported goodsincreasing jobs for Americansmaking American made products economically competitive compared to imported goodsoutsourcing manufacturing jobs to less developed countries30s