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Community & Economy Assessment
By Michelle Anderson
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Last updated over 4 years ago
15 questions
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Directions:
Select the answer that best apply to the question.
Question 1
1.
Question 2
2.
Question 3
3.
Question 4
4.
Question 5
5.
Question 6
6.
Question 7
7.
Question 8
8.
Directions:
Fill in the blanks.
Question 9
9.
What are the 3 types of resources? _______ _______ _______
Question 10
10.
The merchandise, skills, and knowledge offered for sale by businesses or citizens are called _______ .
Question 11
11.
Payments that citizens are required to make to government are called _______ .
Question 12
12.
In a free enterprise economy, _______ make the decisions about what they will sell.
Question 13
13.
The exchange of goods and services is called _______ .
Directions:
Answer the questions below in
complete sentences
.
Question 14
14.
Give one example of a citizen's responsibility to his or her community.
Question 15
15.
Why do people and businesses pay taxes?
Which best describes the circular flow of an economy?
the flow between businesses and resources
the exchange of money, goods, and services in an economy
happens only in a resource market
happens only in a goods or services market
Which is NOT true of public goods and services?
shared by everyone- sometimes at the same time
only given to the needy
no one is prevented from using them
are paid for by taxes
Which is not a basic economic question faced by an economy?
What to produce?
How much profit will be made?
How to produce?
For whom to produce?
Who pays for public goods and services?
philanthropists
taxpayers
only people who use them
government
A free enterprise economy is a system in which economic decisions are made in markets by consumers and businesses.
True
False
Due to scarcity, people cannot have all the things they want.
True
False
Businesses produce goods and services for citizens, who in turn, supply labor and other resources to the businesses.
True
False
Resources are the goods people buy from the business.
True
False