Econ 2023

What does the government use taxes for?

• private goods and services

• public goods and services

• paying its own taxes

•  increasing consumption

The circular flow of economics includes interactions between all of the following except -

• businesses

• incentives

• individuals

• government

Technology has contributed to the global economy by -

• increasing the cost of production

• slowing the sale of goods and services

• lowering the cost of production

• eliminating goods and services

Which statement below does not describe why VA and the US trade with other nations?

• to make money off the other countries with fewer resources

• to obtain goods and services they cannot produce themselves

• to buy goods and services at a lower cost

• To create jobs

Markets in which the buying and selling of worldwide goods and services by all nations takes place is called

• Global Economy

• Free Market economy

• Command Economy

• Mixed economy

Which of the following is not a function of private financial institutions?

• make loans and charge interest

• pay taxes for individuals

• take deposits and pay interest

• keep money safe and cash checks

Financial institutions make their money primarily through

• ATM service fees 

• checking account fees   

• stock market investments  

• interest on loans

Using the chart, decide which of the following is a household-business relationship?

• people work as store clerks

• governments hire workers    

• businesses pay taxes

In a credit union, who owns the institution?

• Creditors

• the government

• a bank president

• members of the organization

A major advantage of trading with other nations is that -

• we can conserve our resources

• we are able to save money

• factories can produce whatever they want

• jobs are sometimes eliminated