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CE 11 Review #3
Test Description: SOL Review for CE 11 with a focus on CE 11c.
Instructions: Answer all questions to get your test result.
1) The money earned after all expenses have been paid is called?
A
Profit
B
Taxes
C
Investment
D
Debt
2) The right of individuals and businesses to own real and personal property as well as the means of production without undue government interference is?
A
Private property
B
Profit
C
Consumer Sovereignty
D
Competition
3) In the United States, consumers have the ability to determine what goods and services will be produced through their purchases. This is called?
A
consumer sovereignty
B
lack of consumer choice
C
private property
D
Centrally planned economy
4) All of the following are characteristics of the U.S. economy EXCEPT?
A
No competition
B
Private property
C
Free markets
D
Consumer sovereignty
5) The ability of businesses to sell similar products, resulting in higher quality goods at a lower price, represents which characteristic of the U.S. economy?
A
Competition
B
Free Markets
C
Private property
D
Consumer Sovereignty
6) What is the main role of the consumer in the U.S. economy?
A
To buy all goods at any price
B
To operate the economy without undue influence
C
To make products for themselves
D
To determine through their purchases what will be produced
7) The ability of businesses and individuals to own the means of production represents what aspect of the U.S. economy?
A
Private Property
B
Competition
C
Consumer Sovereignty
D
Free Markets
8) The ability of markets to operate with little government interference is what characteristic of the U.S. economy?
A
Free markets
B
Consumer sovereignty
C
Competition
D
Private property
9) How does competition help consumers?
A
More stores carry the same items
B
Determines quality and pricing expectations
C
More items at higher prices
D
Determines the amount of profit
10) Reggie earned $100 by selling lemonade. His expenses to set up the stand and make the lemonade were $50. To figure out his profit, Reggie must?
A
Multiply his earnings times his expenses
B
Add his earnings to his expenses
C
Do nothing else
D
Subtract his expenses from his earnings
*select an answer for all questions
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