HSA Review Economics Day 3 Success Criteria 4212017

HSA Review: Economics Day 3

Success Criteria 4/21/2017 1. We can identify the major terms in economics. 2. We can compare and contras economic BCRs. 3. We can analyze economic BCR questions to determine how to. 4. We can evaluate our knowledge of economics by competing in Connect Four. Answer in a complete sentence The US has an embargo against N. Korea, meaning we do not trade with them because of their desire to build a bomb and aim it at us or our allies. Should the United States try to make a deal with them to get rid of the nukes? Why or why not?

House Cleaning • Grades are updated! • People still need to make up the two Unit 6 quizzes • Notebook Quiz next Friday!

Missing Econ Quiz 1 Period 1 Gervin Manley Stewart Sewell Period 3 Brown Lindsey King Period 4 Woodley Moore Bailey Griffin Langley Miller Period 5 Rowe Nowicki Wilkins

Missing Econ Quiz 2 Period 1 Maye Thompson Manley Gervin Harvey Langley Period 3 Hunt Bennett, T Fischer Johnson, T, J Lindsey Orozco-Garcia Walters Brown, J Dawkins Mengesha Swinson Briggs Gilliam Jones Mason Peay Period 4 Donaire Solano Kahsay Woodley Griffin Bailey Mamo Period 5 Carrington Morton Rowe Wilson Hernandez. Garcia Blount Harding Smothers

BCR TIME!! But not really…

Connect Four! • You guys will be divided into two teams, the Red Team and the Black Team • We will alternate in between teams, with one member per team being allowed to answer. • Everyone on the team must answer before someone can go twice! • If you get the answer correct you get to place your Connect Four Circle! • The first to get four in a row wins!

1. Which of these would most likely take place in a command economy? A. Industrial leaders agree to control prices. B. Stock traders create wealth through buying and selling. C. Government leaders decide how goods will be produced. D. Consumers decide the sales policies of business owners.

2. Which of these is most often encouraged by the government in a command economy? A. national production goals B. inherited occupational roles C. private ownership of property D. competition between businesses

3. The government of China tells factory managers to increase their use of computers in manufacturing. What economic question is most affected by the government's actions? A. what to produce B. how to produce C. for whom to produce D. when to produce

4. Which of these is most often a feature of countries with traditional economies? A. The economy is dependent on continued technological advances. B. The economy is controlled by a strong central authority. C. The government ensures that wealth is evenly distributed among citizens. D. The government values usual occupational roles over economic growth.

5. What is the opportunity cost for state governments that spend state money during natural disasters? A. Main highways between states may be blocked. B. Prices for snow removal equipment may increase. C. Other services offered by the states may have to be cut. D. State governments may receive additional highway funds.

6. The federal minimum wage in 2001 was $5. 15 an hour. Which of these best describes why the federal government would raise the minimum wage? A. to help workers find employment B. to help workers' wages keep up with inflation C. to increase the taxes on workers‘ wages D. to make sure all workers receive the same pay

7. The governor of Maryland chose to cut spending on road construction in order to increase spending for school construction. Which economic principle is best demonstrated by this decision? A. economic freedom B. opportunity cost C. price controls D. supply and demand

8. Which of these is an economic benefit of lower tax rates? A. better public services B. more consumer spending C. expanded government programs D. larger number of government employees

9. Which of these persons would the United States government count as unemployed? A. a photographer who is her own boss B. a waiter who earns most of his money from tips C. a person who is retired D. an accountant who quits her job to look for other work

10. With which of these government actions is the Consumer Price Index (CPI) most associated? A. imposing economic sanctions B. reducing unemployment C. measuring the rate of inflation D. offering federal business loans

11. Which of these actions by the federal government would most likely reduce inflation? A. increasing both spending and the money supply B. decreasing both spending and the money supply C. increasing loans to consumers D. decreasing the interest rate

12. If government statistics show rising unemployment and a falling Consumer Price Index, which of these actions should the Federal Reserve take to help the economy? A. increase government spending B. decrease interest rates C. increase the reserve requirements for banks D. decrease tariffs placed on imported products

13. Which of these is a function of the Federal Reserve? A. to set the level of income tax B. to establish export laws C. to regulate the money supply D. to pass spending legislation

14. Which of these is an economic goal of United States government policy? A. to limit competition B. to create a classless society C. to promote full employment D. to own the means of production

15. Which of these is a characteristic of an economic downturn? A. increased employment levels B. increased consumer spending C. decreased government regulation D. decreased production of goods and services

16. Which of these is an example of an economic sanction? A. providing poor countries with humanitarian aid B. creating trade alliances with bordering countries C. refusing to meet with a diplomatic representative of a dictatorship D. ending trade with a country that has a poor human rights record

“US Sets High Taxes on Imported Labor” 17. Which of these is a purpose of this action by the United States? A. to decrease the cost of lumber B. to protect the United States lumber industry C. to decrease United States lumber exports D. to allow for the free trade of lumber

18. In a market economy, who decides how resources are used and distributed? A. a board of trustees B. a central planning board C. consumers and producers D. state and national governments

19. The basic economic questions in the United States are mainly answered by A. individuals and businesses B. the United States Congress C. state and local governments D. the President of the United States

20. Which of these is a characteristic of a market economy? A. limited business rights B. competition between businesses C. government control and ownership of property D. nationwide pricing rules for goods and services

21. Which of these best describes the United States’ economic system? A. mixed B. market C. command D. traditional

22. In which economic system does the government have the most control over a country’s economy? A. mixed B. market C. command D. traditional

23. Which of these is a characteristic of a traditional economy? A. People rely heavily on hunting and farming. B. Large corporations compete for business. C. The government generally owns all means of production. D. Technological advancements encourage growth.

24. Which of these is usually true in nations with a market economy? A. Businesses that are inefficient risk going out of business. B. Most farms are owned and operated by the government. C. Workers are restricted by the government from changing jobs. D. Consumers have little choice in the types of goods they may buy.

25. Which of these would most likely result if Congress increased the minimum wage? A. States would receive less tax revenue. B. Some companies would raise the price of products. C. Interest rates would be lowered to encourage spending. D. Some cities would raise property taxes on homes.

26. What is the opportunity cost for state governments that spend state money during natural disasters? A. Main highways between states may be blocked. B. Prices for snow removal equipment may increase. C. Other services offered by the states may have to be cut. D. State governments may receive additional highway funds.