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7th Grade Economics Final Exam"
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7th Grade Economics Final Exam"
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25 Questions

1. Savings and loans associations began in the early 1800s _____________________________

2. What are the time of day restrictions for a minor 14/15 who is working during the months when public schools ARE NOT in session?

3. The following countries operate under a command economy:

4. Goods that consumers demand less of when their incomes rise (generic goods) are called __________

5. Coins and paper money are called ______________________________ .

6. The rate of interest charged to member banks by the Federal Reserve is the ___

7. Expenses that the owners of a business incur whether they produce nothing, a little or a lot (mortgage or rent, insurance, salaries, etc) are

8. The health insurance program to help U.S. citizens who are 65 and older pay for hospital and nursing home care is __________________________________

9. What should consumers consider when deciding whether or not to buy on credit?

10. Today, a large portion of the U.S. workforce is dedicated to

11. When strikers are _____________________, they walk back and forth, often carrying signs, in front of company buildings. Their goal is to discourage other workers from entering and taking over their jobs.

12. Individuals and businesses generally borrow more money when interest rates are

13. Individuals provide ____ to businesses and the government.

14. After the economy peaks, business activity begins to slow. This economic slowdown is called a/an

15. The stockholders and executives of a corporation have no _________ if the business fails.

16. A _________________ is a person who buys goods or services.

17. A legal declaration that a person or business cannot pay debts owed is called ______

18. If a person writes a check for more than the amount in his or her bank account, he or she may be charged a(n) _____________________________

19. Most economies today are

20. Not all workers are paid _____ wages.

21. ____________________________________ is the quantity of goods and services that producers are willing to offer at various possible prices during a given time period.

22. In one method of resolving disputes between labor and management, the decision of the expert is binding on both sides. This is called _________________________

23. Most of what is bought and sold in the United States today is paid for with ___________________________

24. The program that President Roosevelt established to end the Great Depression was call the ___________________

25. Consumers and businesses pay ___to the government.

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