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CE 12 Review #1
Test Description: SOL review for CE 12
Instructions: Answer all questions to get your test result.
1) Financial institutions channel funds from savers to borrowers in all of the following ways EXCEPT?
A
Receive deposits
B
Take money from the rich and give it to the poor
C
Make loans
D
Encourage saving and investing by paying interest on deposits
2) Entrepreneurs may establish a business in all of the following organizational structures EXCEPT?
A
Partnership
B
Proprietorship
C
Merger
D
Corporation
3) Virginia and the United States specialize in the production of goods and services which promotes?
A
Higher costs of production
B
The slowdown of the global economy
C
Interference with trade with other countries
D
Efficiency and growth
4) Technological innovations such as the internet contribute to?
A
Interference with trade with other countries
B
Higher costs of production
C
The slowdown of the global economy
D
The global flow of information, capital, goods, and services
5) All are reasons that states and nations trade except?
A
buy goods at a higher cost or a higher opportunity cost.
B
obtain goods they cannot produce efficiently themselves.
C
create jobs by selling goods and services to other countries.
D
buy goods at a lower cost or a lower opportunity cost.
6) A person who takes risks to produce goods and services in search of profits is?
A
A donor
B
A loan officer
C
An anti-trust legislator
D
An entrepreneur
7) Worldwide markets in which the buying and selling of goods and services by all nations takes place is the?
A
American economy
B
European Exchange
C
Stock Market
D
Global Economy
8) Banks, savings and loans, and credit unions are all?
A
Private financial institutions
B
Government agencies
C
Public goods and services
D
Major economic systems
9) The government uses tax revenues from individuals and businesses to?
A
Donate to charities
B
Provide public goods and services
C
Make profits
D
Buy products
10) What term describes a company that is authorized to operate as a legal person?
A
An entrepreneur
B
A corporation
C
A partnership
D
A proprietorship
*select an answer for all questions
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