All of the following are characteristics of a free market economy EXCEPT -

government ownership of resources

Which shows a way competition has a positive effect on an economic system?

Competition leads to lower prices

In the circular flow model of economic activity, producers -

sell goods and services to individuals

Governments produce public goods and services because -

individuals acting alone could not produce them efficiently

All of the following are examples of consumption EXCEPT -

Gabriella sells lemonade at the lemonade stand

The interaction of supply and demand in the American market place -

determines the price of a good or service

Scarcity leads individuals and businesses to -

select actions from a set of alternatives

The term "global economy" refers to the -

buying and selling goods/services in worldwide markets

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Economics SOL Review

20 termsStudBud Administration171 plays

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Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
When individuals work for businesses, they are providing what resource?
Capital
Labor
Loans
Raw Materials
2
All of the following are characteristics of a free market economy EXCEPT -
consumer sovereignty
individual choice
government ownership of resources
competition
3
Which shows a way competition has a positive effect on an economic system?
Competition allows more people to make a profit
Individual business owners determine what is produced
Competition leads to lower prices
Everything is owned by the individual business owner
4
If cold weather destroys most oranges grown in the US, the price of oranges most likely will -
remain the same
vary by region
go down
go up
5
When customers deposit money into their accounts, the banks use the money to -
provide services to the public
make loans to other customers
open up additional branches
pay taxes to the government
6
The most common type of economic system in the world today is a -
free market economy
traditional economy
command economy
mixed economy
7
In the circular flow model of economic activity, producers -
buy goods and services from households
sell factors of production to individuals
sell goods and services to individuals
buy factors of production from the government
8
Tax money paid by businesses and individuals is used to provide -
company profits
public goods
private savings
natural resources
9
Governments produce public goods and services because -
U.S. businesses refuse to produce them
the Constitution of the United States requires it
businesses are forbidden from delivering public commodities
individuals acting alone could not produce them efficiently
10
What is used to produce goods and services?
Incentives
Wants
Resources
Needs
11
If the gov. wants to build/improve bridges, schools, parks, etc... it might have to -
lower taxes
get approval of the states
print more money
raise taxes
12
All of the following are examples of consumption EXCEPT -
Rachel drinks lemonade at a lemonade stand
Jose pays a maid to clean his house
Khaled purchases a shirt at the mall
Gabriella sells lemonade at the lemonade stand
13
Which of the following identifies a role of government in a mixed economy?
provides public goods
sets prices
provides competition for private businesses
provides central planning
14
The interaction of supply and demand in the American market place -
is heavily regulated by the government
can only take place in mixed economies
determines the price of a good or service
is based on a command economic system
15
Scarcity leads individuals and businesses to -
use all their opportunity costs
produce goods without the factors of production
select actions from a set of alternatives
choose between supply and demand
16
The simplest form of business organization is a -
partnership
sole proprietorship
multinational corporation
corporation
17
The type of business that limits the owners' risk to the amount of money invested is -
entrepreneurship
partnership
proprietorship
corporation
18
The term "global economy" refers to the -
creation of trade barriers to protect home industries
buying and selling goods/services within individual states
interaction of one economy with nearby economies
buying and selling goods/services in worldwide markets
19
Which amendment to The US Constitution allows Congress to tax personal and business incomes?
5th Amendment
16th Amendment
14th Amendment
1st Amendment
20
Combining resources to make a good or provide a service is called -
supply
demand
production
consumption

Economics SOL Review Flashcards | StudBud

Economics SOL Review

20 termsStudBud Administration171 plays

: )

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
When individuals work for businesses, they are providing what resource?
Capital
Labor
Loans
Raw Materials
2
All of the following are characteristics of a free market economy EXCEPT -
consumer sovereignty
individual choice
government ownership of resources
competition
3
Which shows a way competition has a positive effect on an economic system?
Competition allows more people to make a profit
Individual business owners determine what is produced
Competition leads to lower prices
Everything is owned by the individual business owner
4
If cold weather destroys most oranges grown in the US, the price of oranges most likely will -
remain the same
vary by region
go down
go up
5
When customers deposit money into their accounts, the banks use the money to -
provide services to the public
make loans to other customers
open up additional branches
pay taxes to the government
6
The most common type of economic system in the world today is a -
free market economy
traditional economy
command economy
mixed economy
7
In the circular flow model of economic activity, producers -
buy goods and services from households
sell factors of production to individuals
sell goods and services to individuals
buy factors of production from the government
8
Tax money paid by businesses and individuals is used to provide -
company profits
public goods
private savings
natural resources
9
Governments produce public goods and services because -
U.S. businesses refuse to produce them
the Constitution of the United States requires it
businesses are forbidden from delivering public commodities
individuals acting alone could not produce them efficiently
10
What is used to produce goods and services?
Incentives
Wants
Resources
Needs
11
If the gov. wants to build/improve bridges, schools, parks, etc... it might have to -
lower taxes
get approval of the states
print more money
raise taxes
12
All of the following are examples of consumption EXCEPT -
Rachel drinks lemonade at a lemonade stand
Jose pays a maid to clean his house
Khaled purchases a shirt at the mall
Gabriella sells lemonade at the lemonade stand
13
Which of the following identifies a role of government in a mixed economy?
provides public goods
sets prices
provides competition for private businesses
provides central planning
14
The interaction of supply and demand in the American market place -
is heavily regulated by the government
can only take place in mixed economies
determines the price of a good or service
is based on a command economic system
15
Scarcity leads individuals and businesses to -
use all their opportunity costs
produce goods without the factors of production
select actions from a set of alternatives
choose between supply and demand
16
The simplest form of business organization is a -
partnership
sole proprietorship
multinational corporation
corporation
17
The type of business that limits the owners' risk to the amount of money invested is -
entrepreneurship
partnership
proprietorship
corporation
18
The term "global economy" refers to the -
creation of trade barriers to protect home industries
buying and selling goods/services within individual states
interaction of one economy with nearby economies
buying and selling goods/services in worldwide markets
19
Which amendment to The US Constitution allows Congress to tax personal and business incomes?
5th Amendment
16th Amendment
14th Amendment
1st Amendment
20
Combining resources to make a good or provide a service is called -
supply
demand
production
consumption