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Study help for history test 7

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
Communism or Capitalism? A manufacturer makes what the government tells him to make.   COMMUNISM  
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Communism or Capitalism? The early days of colonial America had a government system similar to this modern government system.   COMMUNISM  
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Communism or Capitalism? There is no real competition between businesses in this system.   COMMUNISM  
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Communism or Capitalism? People can make their own choices about the way they earn money.   CAPITALISM  
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Communism or Capitalism? People wait in long lines for food.   COMMUNISM  
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Communism or Capitalism? A manufacturer makes a profit more easily in this system of government.   CAPITALISM  
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Communism or Capitalism? The economy tends to be stronger in this type of society because it is easier for supply to meet demand.   CAPITALISM  
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Communism or Capitalism? Prices may be low, but there may not be enough goods for everyone to purchase.   COMMUNISM  
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Communism or Capitalism? The gas stations near one another keep lowering prices to bring in more customers.   CAPITALISM  
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When there is not enough of a certain item that people need, what is that called?   SHORTAGE  
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Definition: What and how much the consumer wants to buy.   DEMAND  
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What exists when only one business sells a product?   MONOPOLY  
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What occurs when prices go up?   INFLATION  
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What is the extra money a company makes from its products called?   PROFIT  
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What is the word for the way a country handles its money and materials?   ECONOMY  
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What happens to a company when it spends more money than it makes?   BANKRUPT  
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Land, water, and sunlight are examples of what?   NATURAL RESOURCES  
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This man believed that in times of economic depression, government should spend money to help the economy.   JOHN MAYNARD KEYNES  
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When a person refuses to visit a grocery store because they don't have their favorite product, what is that called?   BOYCOTT  
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Name the central bank of the United States that controls the amount of bills and coins in circulation.   FEDERAL RESERVE SYSTEM  
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Is competition a negative result of the law of supply and demand?   NO  
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Does the government determine supply in the United States?   NO  
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Does business slow down when there is not enough money in circulation?   YES  
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What happened when settlers owned their own land instead of having group ownership?   They produced more because they wanted to provide for their families.  
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