SOL Review Quiz 9 Economics III

In the circular flow, businesses use profit in order to buy resources and sell products to

• Government

• Businesses

• Consumers

• All of the above

All of the following will lower the cost of production EXCEPT...

• Using resources more efficiently

• Creating new technologies

• Hiring more workers

• Buy factors of production (resources) at a lower price

What is one way the government encourages competition?

• Reducing global trade

• Taxing imports

• Supporting small businesses

• Protecting monopolies

What do the Federal Communications Commission, Federal Trade Commission, and the Environmental Protection Agency all have in common?

• They oversee how proprietorship do business

• They enforce regulations for all businesses

• They oversee how partnerships do business

• They enforce regulations on corporations

What can the government do if it is not collecting enough money in tax revenue?

• Print more money

• Ask individuals to pay for public goods and services

• Ask businesses to pay for public goods and services

• Borrow money

All of the following are responsibilities of the Federal Reserve bank EXCEPT...

• Determine loan eligibility - who gets a loan and who doesn't

• Serve as the bank for the United States government

• Determine monetary policy

• Keep the economy stable

Career planning should begin with:

• Work ethic

• Self-assessment

• Self-reliance

• Job training

Which of the following would expand, or increase, the amount of money in the economy?

• Raise the reserve requirement

• Lower the discount rate

• Selling government securities

• Raise the discount rate

Why are highways and schools considered public services?

• They benefit a lot of people at the same time.

• They are funded by individuals.

• They are supported by businesses.

• They are always open and accessible.

What is an important factor that shapes the skills and abilities needed to enter the workforce?

• Technology

• Personality

• Poor job performance

• Desired pay