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Game Changers SOL Review #2

Total questions: 111

Worksheet time: 1hrs 12mins

Name
Class
Date
1.
There are four types of economic systems.  Most economies are _____. 
a)
Traditional 
b)
Command 
c)
Market 
d)
Mixed
2.
The government has little to no role in the production of goods in this type of economy. 
a)
Traditional 
b)
Mixed
c)
Command 
d)
Free Market
3.
I am a farmer in Africa, and have always traded for my goods.  I have a _____ economy. 
a)
Traditional 
b)
Command 
c)
Market
d)
Mixed
4.
Scarcity means that ......
a)
there is plenty for everyone.
b)
inflation is up.
c)
supply and demand are at market equilibrium.
d)
we are unable to satisfy all of our wants/needs
5.
Someone who is willing to take the risk in order to make a profit is known as-
a)
a lawyer
b)
an accountant
c)
an artist
d)
an entrepreneur
6.
The amount of goods on hand that producers can deliver to consumers is known as
a)
consumer
b)
supply
c)
demand
d)
exchange
7.
What is the missing box?
a)
Traditional
b)
Command
c)
Democracy
d)
Partnership 
8.
What is the best title for the images?
a)
Government Regulatory Agencies 
b)
Congress
c)
Cabinet Agencies
d)
Branches of Government 
9.
Which economic system is being depicted?
a)
Command
b)
Mixed 
c)
Free Market 
d)
Traditional
10.
What does the image reflect?
a)
A decrease in demand
b)
A decrease in supply 
c)
An increase in demand 
d)
An increase in consumers 
11.
Best title for illustration?
a)
Private goods and services
b)
Public goods and services
12.
The radio DJ on Z104 aired a portion of his broadcast that was inappropriate and against the law.  Which governmental regulatory agency will most likely levy a fine and/or penalty against the radio station?
a)
Federal Trade Commission
b)
Federal Communications Commission
c)
Consumer Protection Safety Commission
d)
Federal Deposit Insurance Corporation 
13.
What governmental regulatory agency regulates the disposal of hazardous wastes from hospitals?
a)
Federal Communications Commissions (FCC)
b)
Environmental Protection Agency (EPA)
c)
Federal Trade Commission (FTC)
d)
Securities and Exchange Commission
14.
When the government uses tax dollars to purchase products and/or services from the public, they are participating in what economists consider the --
a)
spread of money
b)
economic flow
c)
purchasing of stocks
d)
stock purchase
15.
Taxes that are collected to pay for government services
a)
Revenue
b)
reserved 
c)
expressed
d)
pay roll
16.
What is profit?
a)
Price consumers pay for goods and services
b)
Money that is left after all expenses have been paid
c)
Taxes paid to the government
d)
All of the money a business earns
17.
What type of business organization is characterized by the list?
a)
Corporation
b)
Cooperative
c)
Proprietorship
d)
Partnership
18.
Price is usually determined by the interaction of
a)
business and government economic flow.
b)
supply and demand.
c)
expenses and profit.
d)
monetary and fiscal policy.
19.
In which economic system does John live? 
a)
Barter
b)
Command
c)
Traditional
d)
Free market
20.
Which type of business organization can act as one legal entity regardless of its number of owners?
a)
Corporation
b)
Partnership
c)
Proprietorship
d)
Entrepreneurship
21.

Which type of business can only be owned by one person?

a)

Corporation

b)

Proprietorship

c)

Partnership

d)

Entrepreneurship

22.

In a free market economy, who decided what, how, and for whom to produce?

a)

Government

b)

Traders

c)

Private business owners

d)

Managers

23.
In the United States, who makes the economic decisions?
a)
individuals
b)
the government only
c)
individuals & the government
d)
private interest groups
24.
If a corporation fails, the owners' liability is their —
a)
Savings
b)
Investment
c)
Property
d)
income
25.
In which type of economic system does Mary Ann work?
a)
Mixed
b)
Command
c)
Traditional
d)
Free market
26.

A ___ is a business owned by many but treated by the law as one person.

a)

corporation

b)

manager

c)

board of directors

d)

partnership

27.

An example of entrepreneurship is:

a)

starting a computer business

b)

working at a factory

c)

teaching at a school

28.
Scarcity causes consumers to
a)
buy items that are on sale.
b)
reinvest their profits.
c)
charge more for labor.
d)
prioritize their wants and needs.
29.
Opportunity Cost is best defined as
a)
The best rejected alternative you give up when making a decision 
b)
The price you pay to purchase something 
c)
The benefit you gain by making a decision 
d)
The amount of debt you take on by making a decision 
30.
1. What to produce? 
2. How to produce it? 
3. How much to produce? 4. Who gets what is produced?
a)
primary economic activity
b)
factors of production
c)
secondary economic activity
d)
tertiary economic activity
31.
Sole proprietorship, partnerships, and corporations are the three types of WHAT?
a)
Schools
b)
Companies
c)
Businesses
d)
Corporations
32.
Interstate highways, the postal service, and national defense are all examples of WHAT?
a)
Private goods
b)
Antitrust legislation
c)
Public goods
d)
Government agencies
33.
Banks, credit unions, and savings and loans, and any firm that receives deposits and makes loans are all types of what?
a)
Financial communication commissions
b)
Private financial institutions
c)
Public financial institutions
d)
Deposit insurance companies
34.
Where does Congress get the authority to tax personal and business incomes? 
a)
14th Amendment
b)
16th Amendment
c)
1st Amendment
d)
5th Amendment 
35.
Which government agency oversees how businesses advertise, and protects consumers from false or misleading advertisements?
a)
FCC
b)
FTC
c)
EPA
d)
FDIC
36.
What is the central bank of the United States called?
a)
Federal Reserve
b)
Federal Bank
c)
National Credit Union
d)
National Savings and Loan
37.
Government owns all industries.
a)
Free Market
b)
Command Economy
c)
Traditional Economy
d)
Mixed Economy
38.
The factors of production used to build the house in the illustration are known as
a)
resources.
b)
prices
c)
opportunity costs.
d)
competition.
39.
Which of these is true when the United States government borrows money?
a)
A special tax on investments will be used to repay the money
b)
The government won't be allowed to borrow again for 5 years.
c)
There will be less money for businesses & individuals to borrow.
d)
FED takes control of the bank the money was borrowed from.
40.
When the government in a command economy decides what to produce, what is this called?
a)
central planning
b)
trade-offs
c)
consumer sovereignty
d)
markets
41.
The United States government enforces anti-trust laws to -
a)
discourage monopolies.
b)
limit competition.
c)
increase taxes
d)
provide additional public goods and services.
42.
The Federal Communications Commission regulates which industry in the United States?
a)
airlines
b)
television and radio broadcast stations
c)
energy
d)
professional sports
43.
The amount of available resources doesn't always meet the wants/needs of people, this problem is
a)
incentives.
b)
trade-offs.
c)
scarcity.
d)
choice.
44.
A discount is a form of
a)
resource
b)
incentive
c)
capital
d)
consumption
45.
One primary duty of the Federal Reserve System is to -
a)
make decisions regarding the production of goods & services.
b)
contribute to the global flow of capital.
c)
control foreign trade.
d)
maintain the value of our currency (dollar).
46.

If Justin Yochum buys a new hover-board & it blows up while he is riding it. What can he legally do?

a)

The consumer does not have any rights. Sucks to be you!

b)

Have the government immediately shut down the company.

c)

Take legal action against the company that made the product.

d)

Arrest the CEO through the Citizen's Arrest Act of 1881.

47.
If supply is low and demand is high, the price of an item will be —
a)
low
b)
stay the same
c)
high
d)
none of the above
48.
Both the United States and Virginia pursue worldwide trade to -
a)
increase wealth and create jobs.
b)
promote equal opportunities for all people.
c)
maintain peaceful relations with foreign countries.
d)
enforce laws and guidelines enacted by Congress.
49.
People accept coins & currency issued by the U.S. government for goods & services because they-
a)
can no longer barter.
b)
have confidence in the government.
c)
refuse to use personal checks.
d)
have no other type of money.
50.
Which of the following is NOT an example of money? 
a)
Deposits in bank accounts
b)
Credit Cards
c)
Coins
d)
Federal Reserve Notes
51.
How is the individual right to private ownership protected?
a)
contracts
b)
2nd amendment
c)
citizens in the US cannot own property
d)
1st amendment
52.
What happens when the government lowers taxes?
a)
Fewer funds are available to spending
b)
Credit becomes much harder to obtain
c)
More funds are available for spending
d)
Businesses have a more difficult time finding loans
53.
Why is a monopoly bad for an economy?
a)
It promotes competition among businesses
b)
It lowers the cost of production
c)
It eliminates competition
d)
It lowers consumer prices
54.
Which action will the government take when it needs more money?
a)
hold elections
b)
lower prices
c)
increase taxes
d)
hire workers
55.
This picture best demonstrates which trait of the U.S. Economy?
a)
Competition
b)
Profit
c)
Free Markets
d)
Consumer Soveregnity
56.
Which category of Circular Flow provides labor? 
a)
Businesses
b)
Government
c)
Households
d)
Mr. Barnett
57.
In 2000, the Heinz Corporation began selling purple ketchup.  Sales were low and within a few years Heinz stopped selling it.  Which characteristic of our economy was demonstrated in this example?
a)
Private Property
b)
Consumer Sovereignty
c)
Profit
d)
Competition
58.

If the government REDUCES the taxes on its citizens, what effect will this have on business and private spending?

a)

Funds available for growth will decrease

b)

Businesses will have more difficulty starting up

c)

More funds will be available for private and business spending

d)

The economy will experience a slow down in growth

59.
Which economic system allows the government to decide the Means of Production?
a)
Command
b)
Market
c)
Traditional
d)
Mixed
60.
Chloe wanted to buy a new sweater, but she really needed a new pair of tennis shoes.  When her mom took her shopping at Kohls, she ended up buying the tennis shoes.  What was her opportunity cost?
a)
Kohls
b)
the sweater
c)
the tennis shoes
d)
no opportunity cost
61.

Which of these is an example of a capital resource?

a)
b)
c)
d)
62.

Which of the following is an example of a human resource?

a)
b)
c)
d)
63.
Which of these is a good?
a)
Librarian
b)
Teacher
c)
Computer
d)
Mechanic
64.
Economics is...
a)
studying goods, services, and how people can get them.
b)
studying trees, bushes, and other plants.
c)
studying animals and wildlife.
d)
studying food, and how food is made.
65.
If video games are not a need, what are they?
a)
a wish
b)
a dream
c)
a want
d)
a necessity
66.
All people have the same wants and needs.
a)
True
b)
False
67.
iPhone: Goods or Service?
a)
Goods
b)
Service
68.
Law enforcement (Police): Goods or Service?
a)
Goods
b)
Service
69.

Resources are factors of production that are used in the production of goods and services. Select all examples of resources.

a)

production

b)

capital

c)

supply

d)

natural

e)

human

70.

Choose all of the statements that are TRUE regarding scarcity.

(Select all answers that apply.)

a)

We have unlimited wants, but our resources are limited.

b)

The goods and services we want exceed our ability to produce them.

c)

Scarcity forces consumers, producers, and governments to make difficult choices.

d)

Scarcity is defined as the ability to satisfy all wants at the same time. All resources and goods are unlimited.

71.

What are the three basic questions of economics? (Select 3.)

a)

How will it be produced?

b)

When will it be produced?

c)

Why will it be produced?

d)

For whom will it be produced?

e)

What will be produced?

72.

Which of the following statements are TRUE regarding a traditional economy?

(Select 2.)

a)

Economic decisions are based on supply and demand.

b)

Economic decisions are based on custom and historical precedent.

c)

People often perform the same type of work as their parents and grandparents, regardless of ability or potential.

d)

People choose their careers based on skills and preferences.

73.

Which of the following are characteristics of a

free market economy?

(Select all answers that apply.)

a)

private ownership of property and resources

b)

profit motive and competition

c)

consumer sovereignty and individual choice

d)

lack of consumer choice

e)

minimal government involvement in the economy

74.

Which of the following are characteristics of a

command economy?

(Select all answers that apply.)

a)

profit motive

b)

consumer choice

c)

central ownership of property and resources

d)

centrally-planned economy with little consumer choice

e)

competition

75.

Which of the following are characteristics of a

mixed economy?

(Select all answers that apply.)

a)

In the private sector, individuals and businesses are the owners and decision makers.

b)

In the public sector, individuals and businesses are the owners and decision makers.

c)

In the public sector, the government is the owner and decision maker.

d)

Most economies today, including the U.S. economy, are mixed economies.

e)

In the private sector, the government is the owner and decision maker.

76.

In a mixed economy, which sector operates like a free market economy?

a)

public

b)

private

c)

both public and private

77.

The key factor in determining the type of economy a country has is...

a)

the amount of resources owned by the country.

b)

the supply and demand of the consumers.

c)

the price of goods and services.

d)

the extent of government involvement in the economy.

78.

Which type of resource is tools, equipment, and investment money?

a)

natural

b)

human

c)

capital

d)

entrepreneurship

79.

Which type of resource is the person who has the ideas for new businesses?

a)

natural

b)

human

c)

capital

d)

entrepreneurship

80.

Bob decides to attend college instead of entering the work force right out of high school. He is hoping to increase his future earning power, and in return, is giving up the immediate income and experience of starting work immediately. What is Bob's opportunity cost in this scenario?

a)

immediate income and experience

b)

future earning power

c)

four years of his life

81.

Who issues subpoenas, warrants, and sets bail?

a)

President

b)

Sheriff

c)

Governor

d)

Magistrate

82.
What is the only US court with a jury?
a)
US District Court
b)
US Circuit Court
c)
US Supreme Court
d)
US Court of Appeals
83.

Virginia sues Maryland for the rights to fish for crabs in the Chesapeake Bay. Which court would hear this case?

a)

District

b)

Supreme

c)

Appeals

d)

Circuit

84.
A Canadian Ambassador was charged with murder.  Which court would hear this case?
a)
District
b)
Supreme
c)
Appeals
d)
Circuit
85.
A Juvenile & Domestic Relations Court ALSO hears cases involving.....
a)
Adults
b)
Kids
c)
People who dislike cookies
d)
Family disputes
86.

A Juvenile & Domestic Relations Court hears cases involving.....

a)

Adults

b)

Minors (People under 18)

c)

100% murder

d)

Everyone who wants a cookie

87.
The judicial branch functions to -
a)
Veto laws
b)
Enforces the laws
c)
Interprets the laws
d)
Makes the laws
88.
What type of law settles disagreements between two parties?
a)
Criminal Law
b)
Common Law
c)
Compensatory Law
d)
Civil Law
89.
U.S. District Court and trial courts have
a)
original jurisdiction
b)
appellate jurisdiction
90.
The Supreme Court will also determine if a law or action is ___________, or is allowed by the Supreme Law of the land
a)
constitutional
b)
unconstitutional
c)
pretty kinda of neat and sort of okay
d)
on fleek
91.
The person filing a lawsuit in a civil case is the  - 
a)
accused
b)
prosecutor
c)
defendant
d)
plaintiff
92.
Mr. Tyler is suing Ford Motor Company for causing damage to his brand new Ford F-150. Who is the plaintiff in this case?
a)
US Attorney
b)
Ford Motor Company
c)
Mr. Tyler
d)
Commonwealth of Virginia
93.
The US Courts of the Appeals upholds Michael Jordan's conviction of violating Nike trademark.  He then asks which court to his case? (this is fiction)
a)
District
b)
Supreme
c)
Appeals
d)
Circuit
94.

Which one is not a part of the Judicial Branch?

a)

U.S. District Courts

b)

U.S. Appellate Courts

c)

Senate

95.
Which of the following is the formal reading of charges against a defendant?
a)
Indictment
b)
Arraignment
c)
Complaint
d)
Discovery
96.
Cases that are noncriminal and deal with concepts such as liability and negligence are heard in what court?
a)
Criminal
b)
Civil
c)
Military
d)
Noncriminal
97.
Who serves as commander-in-chief of Virginia’s armed forces?
a)
Lieutenant Governor
b)
Lieutenant Governor
c)
Governor
d)
Attorney General
98.
What document gives VA government its power?
a)
The United States Constitution
b)
The Virginia Constitution
c)
The Bill of Rights
d)
The Declaration of Independence
99.
What is Virginia's legislative body (branch) called?
a)
Congress
b)
Senate
c)
House of Representatives
d)
General Assembly
100.
How is the lawmaking process at the state level different from the national?
a)
Committee Work
b)
Floor Debate
c)
Introduction of Bill
d)
Governor Signs Bill
101.
Public health, safety and welfare are responsibilities of the -
a)
National
b)
State
c)
Local
102.
Who has legislative powers in county governments?
a)
City Council
b)
Board of Supervisors
c)
House of Representatives
d)
Mayor
103.
The dividing and sharing of powers between the national, state, and local levels of government is called _______ ?
a)
Checks and Balances
b)
Federalism
c)
Separation of Powers
d)
Judicial Review
104.

Taxing citizens and making laws are responsibilities of which LEVEL of government?

a)

National

b)

State

c)

Both national and state - These are shared powers.

d)

Neither national nor state – These are denied powers.

105.

Businesses in Georgia sell peanuts to businesses in all 49 other states. Which level of government would be responsible for regulating this business between states?

a)

National

b)

State

c)

Both national and state - These are shared powers.

d)

Neither national nor state – These are denied powers.

106.

Caleb Williams-Goodman is the new lawyer for Virginia and the main legal advisor to the Governor. What job does he have?

a)

Justice Secretary

b)

Law Clerk

c)

Lieutenant Governor

d)

Attorney General

107.
Jahrell Broadbent has just been elected to help the Governor of Virginia, just like the Vice-President helps the President of the United States. What job has he been elected to?
a)
Justice Secretary
b)
Lieutenant Governor
c)
Law Clerk
d)
Attorney General 
108.
What is the best title for the web?
a)
VA Congress
b)
U.S. General Assembly
c)
VA General Assembly
d)
U.S. Congress
109.
The Governor ran a meeting with his Secretary of Public Safety, Kyle Graham.
a)
Chief Administrator 
b)
Party Chief
c)
Chief Legislator
d)
Commander-in-Chief
110.
When the governor leads the ______, he is acting as Commander-in-Chief of the state government.
a)
US Navy
b)
The National Guard
c)
The Air Force
d)
US Army
111.
The Governor asked the General Assembly to pass a law that would give more money to schools.
a)
Chief Administrator 
b)
Party Chief
c)
Party Chief
d)
Chief Legislator

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