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CE 12 Review #1
Test Description: SOL review for CE 12
Instructions: Answer all questions to get your test result.
1) Financial institutions channel funds from savers to borrowers in all of the following ways EXCEPT?
A
Encourage saving and investing by paying interest on deposits
B
Receive deposits
C
Make loans
D
Take money from the rich and give it to the poor
2) Entrepreneurs may establish a business in all of the following organizational structures EXCEPT?
A
Proprietorship
B
Partnership
C
Merger
D
Corporation
3) Virginia and the United States specialize in the production of goods and services which promotes?
A
Efficiency and growth
B
The slowdown of the global economy
C
Higher costs of production
D
Interference with trade with other countries
4) Technological innovations such as the internet contribute to?
A
Higher costs of production
B
The slowdown of the global economy
C
The global flow of information, capital, goods, and services
D
Interference with trade with other countries
5) All are reasons that states and nations trade except?
A
buy goods at a higher cost or a higher opportunity cost.
B
create jobs by selling goods and services to other countries.
C
buy goods at a lower cost or a lower opportunity cost.
D
obtain goods they cannot produce efficiently themselves.
6) A person who takes risks to produce goods and services in search of profits is?
A
A donor
B
A loan officer
C
An anti-trust legislator
D
An entrepreneur
7) Worldwide markets in which the buying and selling of goods and services by all nations takes place is the?
A
Stock Market
B
American economy
C
European Exchange
D
Global Economy
8) Banks, savings and loans, and credit unions are all?
A
Public goods and services
B
Major economic systems
C
Government agencies
D
Private financial institutions
9) The government uses tax revenues from individuals and businesses to?
A
Make profits
B
Provide public goods and services
C
Donate to charities
D
Buy products
10) What term describes a company that is authorized to operate as a legal person?
A
A proprietorship
B
A corporation
C
A partnership
D
An entrepreneur
*select an answer for all questions
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