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WorksheetsVest SOL Review 2018 Part 1
Total questions: 43
Worksheet time: 48mins
Which term below is what is given up when a choice is made (the second-best alternative)?
opportunity cost
choice
production
consumption
Which term below is the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services?
opportunity cost
choice
production
consumption
How do producers determine what will be produced?
They pay attention to consumer preferences and available resources.
They produce only what the government suggests they produce.
They roll the dice and hope for the best.
The key factor in determining the type of economy a country has is...
the amount of resources owned by the country.
the supply and demand of the consumers.
the price of goods and services.
the extent of government involvement in the economy.
A consumer is like a king. What consumers want, businesses produce. What is the term for "consumer is king"?
consumer poverty
consumer sovereignty
profit motive
consumption
Which type of resource is tools, equipment, and investment money?
natural
human
capital
entrepreneurship
The economy of the United States is primarily a free market economy, but is characterized as a ____ economy.
command
free market
traditional
mixed
Government involvement in the United States economy is limited. Most decisions regarding the production of goods and services are made in the ____ sector.
private
public
both private and public.
What is the point where supply and demand meet? (The price where everyone who wants to sell at that price can sell and everyone who wants to buy at that price can buy.)
law of demand
law of supply
equal price
equilibrium price
Which type of business organization is authorized by law to act as a legal entity regardless of the number of owners. Owners share the profits, but owner liability is limited to the amount of their investment.
proprietorship
corporation
entrepreneur
partnership
Resources, goods and services, and money flow continuously among...
households, businesses, and markets in the U.S. economy.
businesses and markets in the U.S. economy
entrepreneurs, suppliers, and the government in the U.S. economy.
Why do Virginia and the United States pursue international trade?
to increase resources
to increase wealth
to discourage competition
to increase unemployment
Worldwide markets in which the buying and selling of goods and services by all individuals, nations, and businesses takes place is call the _________.
national economy
national marketplace
global marketplace
global economy
