CE 12 Review: Question Preview (ID: 13774)


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Which of the following is true about technological innovations?
a) They often limit global information. b) Their use raises the cost of production. c) Their use lowers the cost of production. d) They have had an impact only in recent history.
Why do VA and the US want to participate in the international trade market?
a) to increase wealth b) to help other nations set up democracies c) to stop interdependency d) to buy foreign made cars
Which of the following are intermediaries between people who save money and people who borrow money?
a) political candidates b) government officials c) private financial institutions d) schools and colleges
A person who takes a risk to produce goods and services in search of profit is called?
a) A candidate b) A consumer c) A government official d) An entrepreneur
Which type of business has 2 or more owners who share the risks and profits?
a) Partnership b) Proprietorship c) Corporation d) Monopoly
A model that shows how individuals, producers, and markets interact with each other in the U.S. Economy is called?
a) A platform b) The circular flow c) The productivity flow d) The political spectrum
What do businesses use to buy more resources?
a) Tax revenue b) Their profits from production c) Income from selling resources d) Workers' wages
Who owns and sells resources, and earns income in the circular flow?
a) Individuals b) Businesses c) The government d) Banks
How does government pay for the goods and services it provides to the public?
a) borrows it from China b) prints money whenever it wants to c) collects taxes from households and businesses d) uses its inheritance from the Founding Fathers
Which of the following is NOT a sector or part of the circular flow model?
a) Households b) Businesses c) Government d) Schools and Colleges
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