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CE.12 C,d - Structure And Operation Of U.S. Economy
Test Description: VA SOL Prep
Instructions: Answer all questions to get your test result.
1) What would encourage people to save their money in banks?
A
Tax increase
B
Higher gas prices
C
Interest rate increase
D
Higher inflation
2) In a savings and loan bank, who owns the institution?
A
creditors
B
a bank president
C
people who have shares
D
the government
3) All are examples of financial institutions except −
A
banks.
B
savings and loans.
C
business firms.
D
credit unions.
4) Private financial institutions receive deposits and make −
A
money for the federal government.
B
donations.
C
loans.
D
decisions for businesses.
5) A major advantage of trading with other nations is that −
A
factories can produce whatever they want.
B
we can conserve our resources.
C
jobs are sometimes eliminated.
D
we are able to purchase goods and services at a lower cost.
6) Both the United States and Virginia pursue worldwide trade to −
A
promote equal opportunities for all people.
B
increase wealth and create jobs.
C
maintain peaceful relations with foreign countries.
D
enforce laws and guidelines enacted by Congress.
7) The term “Global Economy” can BEST be described as the −
A
worldwide purchasing and selling of goods and services.
B
buying and selling of goods and services within a country.
C
meeting to study rising interest rates.
D
international interest rate.
8) Problem = Lower the cost of production Solution = ?????
A
Possible Solution: Charge consumers more money
B
Possible Solution: Purchase more expensive parts
C
Possible Solution: Use outdated machinery
D
Possible Solution: Use technology
9) What impact has innovation in technology had on the global flow of information, capital, and products?
A
left it the same
B
eliminated it
C
harmed it
D
improved it
10) What impact does the growth of the global economy have on businesses in Virginia?
A
Businesses in Virginia must become more efficient.
B
The global economy has no impact on Virginia businesses.
C
Businesses in Virginia cannot compete with businesses in nations with cheap labor.
D
Businesses in Virginia must become less efficient.
*select an answer for all questions
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