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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. Money makes trade easier by serving a _____________.

2. Gold coins and precious stones are both examples of __________.

3. What are the dangers of buying on credit?

4. Person who organizes, manages, and assumes the risks of a new business is a/an ____

5. If the contraction becomes severe enough, a _____________ may occur. During this period, businesses fail, people lose their jobs, and profits fall.

6. The change in the amount that consumers will buy because they buy alternative goods instead demonstrates the ______________

7. Unemployment _________ the economy prosper.

8. Human effort, skills and abilities used to produce goods and services is _______

9. ___________________ is anything that people will accept as payment for goods and services.

10. The merger of businesses that produce, supply or sell a number of unrelated goods is a __________

11. Not all workers are paid _____ wages.

12. The program that provides money to the states to help pay the medical costs of people with low incomes is called _______________________________

13. Using a credit card, an installment plan or a charge account to purchase something are _____________________

14. At some point, the expansion of the economy and the inflation that goes with it stop. When this happens, the business cycle has reached a ______________, or a high point.

15. What is the Fed's main tool used to influence financial conditions in the economy?

16. How are price and quantity supplied related?

17. Wholesalers buy from ______

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

19. The person named in a life insurance policy to receive the money when the policyholder dies is the _______

20. The government programs meant to protect individuals from future hardship are called ______________________

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

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

23. How can US citizens help improve the economy?

24. Products that are interchangeable are ______________.

25. The ______________ and the limited liability partnership provide ways for some partners to risk only the amount of their investment

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