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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. Banks established, owned, and operated by people who work for a single company or belong to a single organization are called __________________________________

3. The government's response to the stock market fraud leading to the stock market crash of 1929 and The Great Depression was ______________________________________

4. Coins and paper money are called ______________________________ .

5. Wages, payments for raw materials, transportation, and rent are all part of the __________________________________

6. A problem that often accompanies an economic boom is _______________________

7. What event is considered the beginning of The Great Depression?

8. How are price and quantity demanded related?

9. How many hours a week can a minor 14/15 work during the months when public schools are in session?

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

11. An advantage of a sole proprietorship or a partnership is

12. Business organizations that provide goods or services without seeking to earn a profit are called ___________________________.

13. Most economies today are

14. A common feature in free-market economies is the shifting of the economy from good times to bad and then back to good times again. This is called the ___________________________________

15. The currency that is used by Americans today has been __________________________________________

16. As a ____________, money allows people to compare the price of goods and services.

17. A lack of a particular resource is _____

18. When the Federal Reserve lowers the interest rate, __________________________________________

19. One drawback of a sole proprietorship is that the owner has ____________, putting even personal saving at risk.

20. When a country sells more than it buys, it has a _______________________________

21. The principle that business owners may operate however they see fit, with little direction or interference by government is called ____

22. The U.S. government plays a ___ in the U.S. economy.

23. Which of the following is a key part of mass marketing?

24. A ___________ is structured like a business but pursues goals other than profits.

25. A type of business that is recognized as a separate legal entity from the people who own it is a _____________.

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