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CE 11 Review #3
Test Description: SOL Review for CE 11 with a focus on CE 11c.
Instructions: Answer all questions to get your test result.
1) The money earned after all expenses have been paid is called?
A
Debt
B
Taxes
C
Investment
D
Profit
2) The right of individuals and businesses to own real and personal property as well as the means of production without undue government interference is?
A
Consumer Sovereignty
B
Private property
C
Profit
D
Competition
3) In the United States, consumers have the ability to determine what goods and services will be produced through their purchases. This is called?
A
consumer sovereignty
B
private property
C
Centrally planned economy
D
lack of consumer choice
4) All of the following are characteristics of the U.S. economy EXCEPT?
A
Consumer sovereignty
B
No competition
C
Private property
D
Free markets
5) The ability of businesses to sell similar products, resulting in higher quality goods at a lower price, represents which characteristic of the U.S. economy?
A
Competition
B
Free Markets
C
Private property
D
Consumer Sovereignty
6) What is the main role of the consumer in the U.S. economy?
A
To buy all goods at any price
B
To make products for themselves
C
To determine through their purchases what will be produced
D
To operate the economy without undue influence
7) The ability of businesses and individuals to own the means of production represents what aspect of the U.S. economy?
A
Consumer Sovereignty
B
Free Markets
C
Private Property
D
Competition
8) The ability of markets to operate with little government interference is what characteristic of the U.S. economy?
A
Consumer sovereignty
B
Free markets
C
Private property
D
Competition
9) How does competition help consumers?
A
Determines the amount of profit
B
More items at higher prices
C
More stores carry the same items
D
Determines quality and pricing expectations
10) Reggie earned $100 by selling lemonade. His expenses to set up the stand and make the lemonade were $50. To figure out his profit, Reggie must?
A
Do nothing else
B
Add his earnings to his expenses
C
Subtract his expenses from his earnings
D
Multiply his earnings times his expenses
*select an answer for all questions
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