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WorksheetsSOL Review 7
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
Scarcity exists because-
a)
products are limited
b)
resources are limited
c)
incentives are limited
d)
choice are limited
2.
The factors that determine price in a market economy are-
a)
government pricing
b)
supply and demand
c)
goods and services
d)
the stock market
3.
Which of the following is not a way the government promotes competition?
a)
enforce anti-trust legislation
b)
encourage monopolies
c)
engage in global trade
d)
support business start ups
4.
Which of the following tools might the government use to fight inflation and slow the economy?
a)
decrease spending
b)
lowering taxes
c)
increase spending
d)
decrease borrowing
5.
To protect consumers, the government agencies will-
a)
write contracts for businesses
b)
approve all consumer contracts
c)
establish guidelines for public health and safety
d)
ask the Supreme Court to research businesses
6.
Which of the following is not a tool of fiscal policy that the government would use to regulate the economy?
a)
taxing
b)
spending
c)
borrowing
d)
protecting
7.
The FED regulates banks to ensure the-
a)
safety of loans
b)
profitability of business
c)
enactment of fair trade policies
d)
fairness of interst rates charged by banks
8.
Checks, currency, and Federal Reserve Notes are known as-
a)
money
b)
public goods
c)
securities
d)
stock & bonds
9.
Why are checks not considered legal forms of currency?
a)
they are not widely accepted
b)
they are not portable
c)
they are not durable
d)
they are not issued by the government
10.
Employers want hard-working employees who have-
a)
a lot of experience
b)
a good education
c)
a strong work ethic
d)
a good family
11.
What does career planning begin with?
a)
a self assessment
b)
a college education
c)
a high school education
d)
a family business
12.
Which of the following is not a way the Federal Reserve Bank stimulates the economy?
a)
lower the reserve requirement
b)
lower the discount rate
c)
buy government securities
d)
raise the interest rate
13.
What protects the individual's right to private ownership?
a)
government regulations
b)
negotiated contracts
c)
government agencies
d)
the Federal Reserve System
14.
Increase government spending may result in-
a)
higher taxes
b)
lower taxes
15.
To reduce the funds available for individuals and business spending, the government can-
a)
increase taxes
b)
decrease taxes
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