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CE 12 Review
Test Description: 3rd 9 Weeks Benchmark Review
Instructions: Answer all questions to get your test result.
1) Which of the following is true about technological innovations?
A
They often limit global information.
B
They have had an impact only in recent history.
C
Their use raises the cost of production.
D
Their use lowers the cost of production.
2) Why do VA and the US want to participate in the international trade market?
A
to buy foreign made cars
B
to help other nations set up democracies
C
to stop interdependency
D
to increase wealth
3) Which of the following are intermediaries between people who save money and people who borrow money?
A
schools and colleges
B
government officials
C
political candidates
D
private financial institutions
4) A person who takes a risk to produce goods and services in search of profit is called?
A
A consumer
B
A government official
C
A candidate
D
An entrepreneur
5) Which type of business has 2 or more owners who share the risks and profits?
A
Proprietorship
B
Monopoly
C
Partnership
D
Corporation
6) A model that shows how individuals, producers, and markets interact with each other in the U.S. Economy is called?
A
The circular flow
B
The political spectrum
C
The productivity flow
D
A platform
7) What do businesses use to buy more resources?
A
Tax revenue
B
Workers' wages
C
Income from selling resources
D
Their profits from production
8) Who owns and sells resources, and earns income in the circular flow?
A
Individuals
B
The government
C
Banks
D
Businesses
9) How does government pay for the goods and services it provides to the public?
A
borrows it from China
B
uses its inheritance from the Founding Fathers
C
prints money whenever it wants to
D
collects taxes from households and businesses
10) Which of the following is NOT a sector or part of the circular flow model?
A
Government
B
Businesses
C
Schools and Colleges
D
Households
*select an answer for all questions
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