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ECONOMICS AND GOVERNMENT
Unit 2 Review
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1. Which economic system stresses private ownership without much government regulation?
Capitalism or free enterprise
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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
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3. When there is a lot of something on the market and few people buy it, this creates what?
surplus
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4. What do you call the rise in prices of goods or services?
Inflation
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5. What is the type of business that has only one owner?
a. Partnershipb. Corporationc. Proprietorship
c. proprietorship
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6. What is the type of business where many people invest money to start it up?
corporation
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True or False
7. The state and the federal government can both set the minimum wage.
True
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8. Is WA. State minimum wage higher or lower than the federal minimum wage?
Higher
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9. What are some major industries in WA?
FishingManufacturingLoggingComputers Agriculture
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10. Name 3 of the biggest employers in WA State.
BoeingUWMicrosoftSea-TacWSU
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11.Who are our biggest trading partners?
CanadaChinaMexicoJapanGermany
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12.Name 2 famous WA State entrepreneurs.
Debbie MummEddie BauerGary LarsonJohn NordstromBill Gates
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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
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14.Who might pay you interest?
A bank
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15.Who might YOU pay interest to?
A bank for a loanCredit card company
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18.Who is the current governor?
Jay Inslee
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19.Who are our two senators?
Patty MurrayMaria Cantwell
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20.Which branch of government is in charge of writing the laws?
Legislative
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21.Which branch of government makes sure laws follow the Constitution?
Judicial
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22.Which branch of government carries out the laws?
Executive
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23.What are the two chambers in the legislative branch?
House of RepresentativesSenate
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True or False
24.Each state is represented by 2 senators.
True
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25.What do you call the system which makes sure one branch of government doesn’t have too much power?
Checks and balances
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26.What do you call the bipartisan group of the president’s advisors?
Cabinet
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True or False
26.There are 11 Supreme Court Justices.
False (there are 9)
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28.Which party generally believes in smaller government?
Republican
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29.Which party generally believes that health care should be available to all, regardless of income?
Democratic
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30.Which party believes that the government has a responsibility to help the poor, children, and elderly?
Democratic
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31.Which party believes that less government regulation and fewer taxes will stimulate the economy?
Republican
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32.Who is the President of the U.S.?
Barack Obama
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32.Who is the Vice President of the U.S.?
Joe Biden
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True or False
34.Washington State does not collect income tax.
True
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35.Where do we get our taxes from at the state level?
Property taxSales taxUtilitiesTobaccoAlcohol
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36.Where does state tax money go? Name two things it pays for.
SchoolsTeachersPoliceFiremenPublic HealthRoadsWelfare
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37.What are the 4 levels of government?
National/FederalStateCountyCity (Municipal)
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38.What do you call the head of the executive branch at the city level?
Mayor