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BJU History 5 Ch 7

Study help for history test 7

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