ECONOMICS AND GOVERNMENT

Unit 2 Review

1. Which economic system stresses private ownership without much government regulation?

Capitalism or free enterprise

2. What do you call the tools, machines, and products that are needed to make new products that are sold?

a. Goodsb. Servicesc. Capitald. Enterprise

c. Capital

3. When there is a lot of something on the market and few people buy it, this creates what?

surplus

4. What do you call the rise in prices of goods or services?

Inflation

5. What is the type of business that has only one owner?

a. Partnershipb. Corporationc. Proprietorship

c. proprietorship

6. What is the type of business where many people invest money to start it up?

corporation

True or False

7. The state and the federal government can both set the minimum wage.

True

8. Is WA. State minimum wage higher or lower than the federal minimum wage?

Higher

9. What are some major industries in WA?

FishingManufacturingLoggingComputers Agriculture

10. Name 3 of the biggest employers in WA State.

BoeingUWMicrosoftSea-TacWSU

11.Who are our biggest trading partners?

CanadaChinaMexicoJapanGermany

12.Name 2 famous WA State entrepreneurs.

Debbie MummEddie BauerGary LarsonJohn NordstromBill Gates

True or False

13.When you use a debit card, the money owed for a good or service is taken directly from your bank account.

True

14.Who might pay you interest?

A bank

15.Who might YOU pay interest to?

A bank for a loanCredit card company

18.Who is the current governor?

Jay Inslee

19.Who are our two senators?

Patty MurrayMaria Cantwell

20.Which branch of government is in charge of writing the laws?

Legislative

21.Which branch of government makes sure laws follow the Constitution?

Judicial

22.Which branch of government carries out the laws?

Executive

23.What are the two chambers in the legislative branch?

House of RepresentativesSenate

True or False

24.Each state is represented by 2 senators.

True

25.What do you call the system which makes sure one branch of government doesn’t have too much power?

Checks and balances

26.What do you call the bipartisan group of the president’s advisors?

Cabinet

True or False

26.There are 11 Supreme Court Justices.

False (there are 9)

28.Which party generally believes in smaller government?

Republican

29.Which party generally believes that health care should be available to all, regardless of income?

Democratic

30.Which party believes that the government has a responsibility to help the poor, children, and elderly?

Democratic

31.Which party believes that less government regulation and fewer taxes will stimulate the economy?

Republican

32.Who is the President of the U.S.?

Barack Obama

32.Who is the Vice President of the U.S.?

Joe Biden

True or False

34.Washington State does not collect income tax.

True

35.Where do we get our taxes from at the state level?

Property taxSales taxUtilitiesTobaccoAlcohol

36.Where does state tax money go? Name two things it pays for.

SchoolsTeachersPoliceFiremenPublic HealthRoadsWelfare

37.What are the 4 levels of government?

National/FederalStateCountyCity (Municipal)

38.What do you call the head of the executive branch at the city level?

Mayor