Global Economy

All of the following are types of resources used in production EXCEPT:

• Natural

• Sovereign

• Capital

• Human

What determines price in the United States

• Government

• The President

• Cost

• Supply and demand

What type of economy do we have in the United States?

• Free market

• Command

• Traditional

• Mixed

All of the following are aspects of the US economy EXCEPT

• Competition

• Government control of production

• Profit motive

• Private ownership of property

• Consumer sovereignty

All of the following are financial institutions EXCEPT

• Credit union

• Big box stores

• Banks

• Savings and loans

What is the principal reason that the US and Virginia engage in global trade?

• To make money

• To make peace

• To help other nations

• To follow the president's mandates

What is the term for worldwide markets in which the buying and selling of goods and services by all nations takes place?

• National economy

• Fixed economy

• Global economy

• World economy

The US participates in the global economy for all of the following reasons EXCEPT

• To obtain goods and services it cannot provide itself

• To obtain goods and services at a lower cost

• To topple foreign governments

• To sell goods and services to foreign countries

• To create jobs

What impact does technology have on the global economy?

• It makes goods and services more difficult to obtain

• It makes goods and services more expensive

• To leads to vast enemployment

• It lowers the cost of production