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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
Their use lowers the cost of production.
B
They often limit global information.
C
They have had an impact only in recent history.
D
Their use raises the cost of production.
2) 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 buy foreign made cars
D
to stop interdependency
3) Which of the following are intermediaries between people who save money and people who borrow money?
A
government officials
B
political candidates
C
schools and colleges
D
private financial institutions
4) A person who takes a risk to produce goods and services in search of profit is called?
A
An entrepreneur
B
A candidate
C
A government official
D
A consumer
5) Which type of business has 2 or more owners who share the risks and profits?
A
Proprietorship
B
Partnership
C
Monopoly
D
Corporation
6) 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 political spectrum
D
The productivity flow
7) What do businesses use to buy more resources?
A
Workers' wages
B
Their profits from production
C
Tax revenue
D
Income from selling resources
8) Who owns and sells resources, and earns income in the circular flow?
A
Individuals
B
Banks
C
Businesses
D
The government
9) How does government pay for the goods and services it provides to the public?
A
prints money whenever it wants to
B
borrows it from China
C
uses its inheritance from the Founding Fathers
D
collects taxes from households and businesses
10) Which of the following is NOT a sector or part of the circular flow model?
A
Businesses
B
Schools and Colleges
C
Households
D
Government
*select an answer for all questions
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