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Sheffield Economics Review
Test Description: Preparation for VA Civics SOL
Instructions: Answer all questions to get your test result.
1) Which action will the government take when it needs more money?
A
increase taxes
B
hold elections
C
lower prices
D
hire workers
2) Which type of of economy is being defined? An economy where people use simple tools for hunting, farmin, and harvesting within a community.
A
Mixed
B
Free Market
C
Command
D
Traditional
3) Which phrase best completes the ideas lisetd/ These are INCREASING DEGREES OF _______________? Free Market to Mixed Economy to Command Economy
A
Business Profit
B
Government Regulation
C
Consumer Choice
D
Industrrial Productivity
4) Which incentive best completes the idea that follows? Consumer deposits to Banks and Savings and Loans to Consumer Savings and _____.
A
Salaries
B
Bonuses
C
Dividends payments
D
Interest payments
5) The Federal Reserve Sysytem is ----
A
accountable for legislative actions
B
the federal government's tax collector
C
responsible for legislative purchases
D
the federal government's bank
6) Which economic factor has most likely determined the reduction of a price?
A
Consumption
B
Scarcity
C
Capital
D
Demand
7) Advances in technology have increased the number of people needed to -
A
work on assembly lines
B
develop computer software
C
teach children in schools
D
serve in the military
8) During the school year, which of the following students would be the best match for this job? JOB: CLERK NEEDED-No experience necessary-Hours M-F 4-7 PM
A
Juanita has good attendance and good work skills
B
Lisa goes to school every day and is often late.
C
Mike studies hard and plays in all afterschool programs.
D
Shawn will graduate early and attend an out of state college.
9) What is the first step in career planning?
A
Self-assessment
B
Marketing
C
Interviewing
D
Job Search
10) What term describes a company that is authorized to operate as a legal person?
A
Proprietorship
B
Partnership
C
Corportaion
D
Entrepreneur
11) When a plastics company cuts costs and gains control of the plastics market, the federal government would seek to _______ .
A
safeguard international trade
B
protect worker's rights
C
preserve competition
D
conserve resources
*select an answer for all questions
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