The Economy of the US — Unit test Answers
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Why was The Wealth of Nations an important publication?
A
It outlined Adam Smith’s theories that formed the basis of capitalism.B
It called for economic and political independence for the American colonies.C
It required the US government to pay for private property taken for public use.D
It outlawed companies from interfering with trade or forming monopolies.22
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How did John D. Rockefeller affect competition in the oil-refining business?
A
His company controlled almost all US oil refining.B
He worked to increase competition among oil refiners.C
He helped to establish the Federal Trade Commission.D
His company pioneered ways to protect free trade.23
Review the graph.
A
They will pay much less for tickets.B
They will pay much more for tickets.C
They will pay slightly less for tickets.D
They will pay slightly more for tickets.24
What is one famous example of deflation?
A
the loss of the value of Zimbabwe’s dollarB
the Great Depression in the US in the 1930sC
the printing of German marks to pay war debtsD
the steep rise in gas prices in the US in the 1970s25
Akunna is an entrepreneur who lives in a country with a democratic government that encourages innovation, private ownership, and the creation of personal wealth.
A
a country with a command economy and a commitment to communismB
a country with a mixed-market economy and many command elementsC
a country with a mixed-market economy and a commitment to capitalismD
a country with a mixed-market economy and a commitment to socialismDid you find these answers helpful?
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