SOL Review Questions Civics & Economics #177 - 249

CE.9a – Economic Terms 177. The inability to satisfy all wants because resources are limited – Answer – Scarcity

CE.9a – Economic Terms 178. Natural, human, capital, and entrepreneurship are examples of _____________ used during production. Answer – Resources

179. The cost of what is given up when a choice is made – CE.9a – Economic Terms 179. The cost of what is given up when a choice is made – Answer – Opportunity Cost

CE.9a – Economic Terms 180. Things that incite or motivate us to buy things (Buy one, get one free) – Answer – Incentives

181. The amount of goods or services consumers want to buy – CE.9a – Economic Terms 181. The amount of goods or services consumers want to buy – Answer – Demand

182. The amount of goods or services producers have to sell – CE.9a – Economic Terms 182. The amount of goods or services producers have to sell – Answer – Supply

183. The interaction between supply and demand determines – CE.9a – Economic Terms 183. The interaction between supply and demand determines – Answer – Price

184. Selecting an item from a set of possible alternatives – CE.9a – Economic Terms 184. Selecting an item from a set of possible alternatives – Answer – Choice

185. Making goods or services – Answer – Production CE.9a – Economic Terms 185. Making goods or services – Answer – Production

186. Using goods or services - Answer – Consumption CE.9a – Economic Terms 186. Using goods or services - Answer – Consumption

Answer – produced and consumed CE.9a – Economic Terms 187. Consumer preferences, price, and available resources determine what is – Answer – produced and consumed

188. Private ownership of all property/resources – CE.9b – Characteristics of Economic Systems (Free Market, Command, and Mixed) 188. Private ownership of all property/resources – Answer – Free Market Economy

189. Central ownership of property/resources (Communism) – CE.9b – Characteristics of Economic Systems (Free Market, Command, and Mixed) 189. Central ownership of property/resources (Communism) – Answer – Command Economy

190. Government, businesses, and individuals share decision-making - CE.9b – Characteristics of Economic Systems (Free Market, Command, and Mixed) 190. Government, businesses, and individuals share decision-making - Answer – Mixed Economy

191. Centrally-planned economy – Answer – Command Economy CE.9b – Characteristics of Economic Systems (Free Market, Command, and Mixed) 191. Centrally-planned economy – Answer – Command Economy

Answer – Both Free Market Economy and Mixed Economy CE.9b – Characteristics of Economic Systems (Free Market, Command, and Mixed) 192. Profit, competition, consumer sovereignty, and individual choice – Answer – Both Free Market Economy and Mixed Economy

193. Government plays virtually no role in the economy – CE.9b – Characteristics of Economic Systems (Free Market, Command, and Mixed) 193. Government plays virtually no role in the economy – Answer – Free Market Economy

194. Most common economic system in the world today – CE.9b – Characteristics of Economic Systems (Free Market, Command, and Mixed) 194. Most common economic system in the world today – Answer – Mixed Economy

195. Lack of consumer choice – Answer – Command Economy CE.9b – Characteristics of Economic Systems (Free Market, Command, and Mixed) 195. Lack of consumer choice – Answer – Command Economy

Answer – Amount of Government Involvement CE.9b – Characteristics of Economic Systems (Free Market, Command, and Mixed) 196. What is the big difference between the different types of economy? Answer – Amount of Government Involvement

CE.9c – The United States Economy 197. Businesses are allowed to operate without undue influence from the government – Answer – Free Markets (Enterprise)

CE.9c – The United States Economy 198. Earnings minus expenses – Answer – Profit

CE.9c – The United States Economy 199. Rivalry between producers/sellers – Answer – Competition

CE.9c – The United States Economy 200. Competition results in _______ prices and _______ quality. Answer #1 – lower Answer #2 – better

CE.9c – The United States Economy 201. Businesses and individuals have the right to own _____________________. Answer – private property

CE.9c – The United States Economy 202. Consumer sovereignty means buyers determine what is produced through their own ___________________________. Answer – purchases

CE.10b – Economic Flow 203. Economic flow involves money continuously moving between businesses, individuals, and the _____________. Answer – government

CE.10b – Economic Flow 204. Saving and investment provides capital ($$$) that can be borrowed for ______________ and _____________. Answer #1 – expansion Answer #2 – consumption

CE.10b – Economic Flow 205. Who owns resources, sell resources, and use income to purchase products? Answer – Individuals

CE.10b – Economic Flow 206. Who buys resources, makes products to sell, and uses the profits to purchase more products? Answer – Business

207. Who uses tax revenue to provide public goods and services? CE.10b – Economic Flow 207. Who uses tax revenue to provide public goods and services? Answer – Government

CE.10c – Private Financial Institutions 208. Banks, savings and loans, credit unions and securities brokerages are examples of _____________________________. Answer – Private Financial Institutions

CE.10c – Private Financial Institutions 209. Private financial institutions bring together ________________________. Answer – savers and borrowers

CE.10c – Private Financial Institutions 210. Private financial institutions receive __________ and make _____________. Answer #1 – deposits Answer #2 – loans

CE.10c – Private Financial Institutions 211. Private financial institutions encourage saving by paying ________ on deposits. Answer – interest

CE.10d – Global Economy 212. Virginia and the United States pursue international trade in order to increase _______________. Answer – wealth

213. What is the worldwide selling of goods and services? CE.10d – Global Economy 213. What is the worldwide selling of goods and services? Answer – Global Economy

CE.10d – Global Economy 214. Nations trade in order to obtain goods at a _________________ or goods they cannot ________________ themselves. Answer #1 – lower cost Answer #2 – produce

215. Selling goods to other nations helps create _____________. CE.10d – Global Economy 215. Selling goods to other nations helps create _____________. Answer – new jobs

Answer – efficiency and growth CE.10d – Global Economy 216. When companies in the United States specialize in producing certain goods and services it promotes _______________________________. Answer – efficiency and growth

217. Technology ___________ the cost of production. CE.10d – Global Economy 217. Technology ___________ the cost of production. Answer – lowers

CE.10d – Global Economy 218. Innovations in ___________ contribute to the global flow of capital, goods, services, and ___________________. An example is the _______________. Answer #1 – technology Answer #2 – information Answer #3 – internet

CE.11a – Government Promotion of Competition 219. The government promotes competition by enforcing _____________ legislation to discourage the development of ______________. Answer #1 – anti-trust Answer #2 – monopolies

CE.11a – Government Promotion of Competition 220. The government promotes competition by engaging in _______________ and supporting ______________ start-ups. Answer #1 – global trade Answer #2 – business

CE.11a – Government Promotion of Competition 221. What government agency regulates radio and TV? Answer – The FCC (Federal Communications Commission)

CE.11a – Government Promotion of Competition 222. What government agency regulates trade? Answer – The FTC (Federal Trade Commission)

CE.11a – Government Promotion of Competition 223. What government agency regulates the environment? Answer – The EPA (Environmental Protection Agency)

Answer – public goods and services CE.11b – Public Goods 224. Highways, postal service, and national defense are examples of ___________. Answer – public goods and services

CE.11b – Public Goods 225. Public goods benefit ________ people and would _________ be available if individuals had to provide them. Answer #1 – many Answer #2 – NOT

CE.11b – Public Goods 226. The government uses ________ and borrowed funds to produce public goods. Answer – tax revenue

227. What amendment authorizes the government to tax incomes? CE.11c – Taxes 227. What amendment authorizes the government to tax incomes? Answer – 16th Amendment

228. If the government increases taxes, private spending – CE.11c – Taxes 228. If the government increases taxes, private spending – Answer – decreases

229. If the government decreases taxes, private spending – CE.11c – Taxes 229. If the government decreases taxes, private spending – Answer – increases

230. If the government borrows more funds, private borrowing – CE.11c – Taxes 230. If the government borrows more funds, private borrowing – Answer – decreases

231. If the government borrows less funds, private borrowing – CE.11c – Taxes 231. If the government borrows less funds, private borrowing – Answer – increases

CE.11c – Taxes 232. If government spending increases, demand, production, and employment – Answer – increase

CE.11c – Taxes 233. If government spending decreases, demand, production, and employment – Answer – decrease

234. If government spending increases, taxes – CE.11c – Taxes 234. If government spending increases, taxes – Answer – increase

235. If government spending decreases, taxes – CE.11c – Taxes 235. If government spending decreases, taxes – Answer – decrease

CE.11d – The Federal Reserve 236. What is the central bank of the United States? What is the banker’s bank? Answer – The Federal Reserve

CE.11d – The Federal Reserve 237. The Federal Reserve issues ________ and regulates the amount of money in ____________. Answer #1 – currency Answer #2 – circulation

CE.11d – The Federal Reserve 238. If the Federal Reserve restricts the money in circulation, the economy _______________. Answer – slows down

CE.11d – The Federal Reserve 239. If the Federal Reserve increases the money in circulation, it _____________ the economy. Answer – stimulates

CE.11d – The Federal Reserve 240. To stimulate the economy, the Federal Reserve _____ the reserve requirement or the discount rate. Answer – lowers

CE.11d – The Federal Reserve 241. To slow down the economy, the Federal Reserve _____________ the reserve requirement or discount rate. Answer – raises

CE.11d – The Federal Reserve 242. To help the economy grow, the Federal Reserve ______ government securities. Answer – buys

CE.11d – The Federal Reserve 243. To slow down the economy, the Federal Reserve ______ government securities. Answer – sells

CE.12a-d – Career Choices 244. Self-assessment is important when selecting a career and includes your ____________ and ___________. Answer #1 – interests Answer #2 – talents

245. Employers seek employees with a strong _________________________. CE.12a-d – Career Choices 245. Employers seek employees with a strong _________________________. Answer – work ethic

246. Your work ethic includes your ___________ and ___________. CE.12a-d – Career Choices 246. Your work ethic includes your ___________ and ___________. Answer #1 – attitudes Answer #2 – behaviors

CE.12a-d – Career Choices 247. _____________ and ______________ along with supply and demand influence your job income. Answer #1 – Education Answer #2 – skills

CE.12a-d – Career Choices 248. Employers seek employees who have __________ with changes in technology. Answer – kept pace

249. Advances in technology create ____________ in the workplace. CE.12a-d – Career Choices 249. Advances in technology create ____________ in the workplace. Answer – new jobs