SOL 12 Quizizz Review

A major advantage of trading with other nations is that ---

• we can conserve our resources

• we are able to purchase goods and services at a lower cost

• factories can produce whatever they want

• jobs are sometimes eliminated

On an economic flow chart, what is the main thing that would flow FROM the government TO individuals and businesses?

• profits

• savings

• stocks

• public goods and services

Consumer sovereignty is an important aspect of the U.S. economy because consumers ---

• are free from any liability for poor purchase decisions

• prohibit businesses from using false advertising

• determine through purchases, how much money will be generated by the Federal Reserve

• determine through purchases, what goods and services will be produced

In this business, liability is limited to the amount of investment and the business is authorized by law to act as a legal person.

• proprietorship

• partnership

• corporation

• financial institution

According to the table above, what will happen if the price of a cupcake decreases from $2.00 to $1.00?

• Customers will by more cupcakes

• The cupcakes baker's profiles will increase.

• Production of cupcakes will decrease

• The cost of making cupcakes will rise.

What is the intermediary between savers and borrowers?

• partnerships

• financial institutions

• the government

• technology

All of the following are true about entrepreneurs EXCEPT ---

• they increase competition by bringing new goods and services to market

• they take a risk to produce and sell goods and services in search of profit

• they can only set up a proprietorship or corporation

• they often foster technological progress and economic growth

On an economic flow chart, what is the main thing that would flow FROM businesses TO the government?

• public goods and services

• human resources

• loans

• business taxes

What is a form of business with one owner?

• proprietorship

• partnership

• corporation

• financial institution

The influence of the internet on the global flow of information, capital, goods and services, and technological innovations have ----

• lowered the cost of production

• raised the cost of production

• not changed production

• created more taxes