Unit 2 Review

1. Unit 2 Review Economics and Government

2. 0 What is the difference between a minimum wage and a living wage? Minimum Wage: Living Wage:

3. 0 What is the difference between a minimum wage and a living wage? Minimum Wage: set amount per hour that employers are required to pay employees by law Living Wage: amount that an employee must earn in order to live with stability

4. Which economic system stresses private ownership without much government regulation? Capitalism or free enterprise

5. What do you call the tools, machines, and products that are needed to make new products that are sold? Goods Services Capital Enterprise c. Capital

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

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

8. What is the type of business that has only one owner? Partnership Corporation Proprietorship c. proprietorship

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

10. True or False The state and the federal government can both set the minimum wage. True

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

12. What are some major industries in WA? Fishing Manufacturing Logging Computers Agriculture

13. Name 3 of the biggest employers in WA State. Boeing UW Microsoft Sea-Tac WSU

14. Who are our biggest trading partners? Canada China Mexico Japan Germany

15. Name 2 famous WA State entrepreneurs. Debbie Mumm Eddie Bauer Gary Larson John Nordstrom Bill Gates

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

17. Who might pay you interest? A bank

18. Who might YOU pay interest to? A bank for a loan Credit card company

19. 16. Who is the current governor?

20. 16. Who is the current governor? Jay Inslee

21. 17. Who are our two senators? Patty Murray Maria Cantwell

22. 18. Which branch of government is in charge of writing the laws? Legislative

23. 19. Which branch of government makes sure laws follow the Constitution? Judicial

24. 20. Which branch of government carries out the laws? Executive

25. 21. What are the two chambers in the legislative branch? House of Representatives Senate

26. True or False 22.Each state is represented by 2 senators. True

27. 23. What do you call the system which makes sure one branch of government doesn’t have too much power? Checks and balances

28. 24. What do you call the bipartisan group of the president’s advisors? Cabinet

29. True or False 25. There are 11 Supreme Court Justices. False (there are 9)

30. 26. Which party generally believes in smaller government? Republican

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

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

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

34. 30. Who is the President of the U.S.? Barack Obama

35. 31. Who is the Vice President of the U.S.? Joe Biden

36. True or False 32. Washington State does not collect income tax. True

37. 33. Where do we get our taxes from at the state level? Property tax Sales tax Utilities Tobacco Alcohol

38. 34. Where does state tax money go? Name two things it pays for. Schools Teachers Police Firemen Public Health Roads Welfare

39. 35. What are the 4 levels of government? National/Federal State County City (Municipal)

40. 36. What do you call the head of the executive branch at the city level? Mayor