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Civics & Economics SOL Review

Total questions: 154

Worksheet time: 1hrs 17mins

Name
Class
Date
1.

Which title would best complete the graphic?

a)

Voter Registration Process

b)

Presidential Nomination Process

c)

Congressional Nomination Process

d)

Naturalization Process

2.

An individual with certain rights and duties under a government is called a ________.

a)

Duty

b)

Citizen

c)

Resident

d)

Amendment

3.

Margaret was born in Mobile, Alabama, and is 16 years old. Under U.S. law, Margaret _______.

a)

Is already a citizen

b)

Is eligible for naturalization

c)

Has to wait to apply for naturalization

d)

Can never be a citizen

4.

Arthur is 34. He has lived in the U.S. for 5 years, is fluent in English, and is respected in the community. He is not yet eligible for naturalization because _______.

a)

He is not old enough to apply

b)

He has not lived in the U.S. long enough

c)

He does not meet the language requirement

d)

He has not taken the naturalization test

5.

True or False: You can only be a citizen by birth if you were born on U.S. soil.

a)

True

b)

False

6.

What is the difference between the 5th and 14th Amendments in reference to due process?

a)

The 14th defines citizenship while the 5th protects us from the states

b)

The 14th outlines due process for the state governments and the 5th for the federal government

c)

The 5th protects us from state governments and the 14th from the federal government

d)

The 14th protects us from the federal government and the 5th defines citizenship

7.

In Williamsburg, VA, a group of people held a meeting to discuss supporting a candidate who was running for mayor. Which constitutional right allowed this meeting to take place?

a)

The right to trial by jury

b)

Freedom of assembly

c)

The right to vote

d)

Freedom of the press

8.

Citizens petition their legislator about the plans to build a shopping center near their homes. These citizens are protected by the _______.

a)

First Amendment

b)

Tenth Amendment

c)

Fourth Amendment

d)

Ninth Amendment

9.

Which of the following is NOT a freedom guaranteed by the First Amendment?

a)

Religion

b)

Assembly

c)

Press

d)

Speech

e)

Due Process

10.

Avram writes to his member of congress to complain about a proposed law. This is an example of which First Amendment freedom?

a)

Religion

b)

Assembly

c)

Petition

d)

Press

e)

Speech

11.

How does a civic responsibility differ from a civic duty?

a)

Failure to perform a civic duty can lead to legal consequences

b)

Only elected officials can perform a civic duty

c)

A civic duty is a type of civic responsibility

d)

Citizens are required to carry out civic responsibilities

12.

Which of the following is a civic duty?

a)

Paying taxes

b)

Voting

c)

Supporting a candidate for election

d)

Running for mayor

13.

Which of the following is a civic responsibility?

a)

Obeying the law

b)

Participating in the draft

c)

Participating on a jury

d)

Talking to your senator about important issues

14.

Rita buys a newspaper every day in order to read about an upcoming election. Which civic responsibility is she demonstrating?

a)

Influencing government actions

b)

Communicating with government officials

c)

Participating in a political campaign

d)

Staying informed of current events

15.

1. Volunteer to help in a home for the elderly

2. Writing a letter to a newspaper expressing concern about a dangerous road intersection

3. Helping to check-in voters at the polls on election day

a)

Ways for citizens to participate in community service

b)

Duties of American citizens

c)

Duties of naturalized American citizens

d)

Requirements that immigrants must fulfill to become naturalized citizens

16.

Which of the following is NOT a characteristic of a good citizen?

a)

Trustworthiness and honesty

b)

Practicing thoughtful decision making

c)

Service to your school/local community

d)

Showing up late to work/school

17.

Turning off your cell phone in the movie theater is an example of which trait of a good citizen?

a)

Trustworthiness

b)

Patriotism

c)

Being courteous and respectful

d)

Accountability and self-reliance

18.

Laura gets herself up each morning and fixes her own breakfast. Which trait of a good citizen is she most likely demonstrating?

a)

Trustworthiness

b)

Patriotism

c)

Being courteous and respectful

d)

Accountability and self-reliance

19.

Juan always obeys the speed limit when he drives his car. This is an example of which trait of a good citizen?

a)

Patriotism

b)

Accountability and self-reliance

c)

Being courteous and respectful for the rights of others

d)

Respect for the law

20.

What trait of a good citizen is the boy in the picture demonstrating?

a)

Trustworthiness and honesty

b)

Respect for the law

c)

Patriotism

d)

Courtesy and respect for the rights of others

21.

Which historical document is described by the information below?

- No power to tax

- No president or central government

- States had too much power

- No way to enforce laws

a)

Magna Carta

b)

Charters of the Virginia Company of London

c)

The Articles of Confederation

d)

Virginia Statue for Religious Freedom

22.

What is the correct order of the following documents?

a)

1. Magna Carta

2. Declaration of Independence

3. U.S. Constitution

b)

1. Declaration of Independence

2. Magna Carta

3. U.S. Constitution

c)

1. U.S. Constitution

2. Declaration of Independence

3. Magna Carta

d)

1. U.S. Constitution

2. Magna Carta

3. Declatation of Independence

23.

What are the 3 parts of the U.S. Constitution?

a)

Preamble, Articles, Amendments

b)

Beginning, Middle, End

c)

Introduction, Preamble, Bill of Rights

d)

Bill of Rights, Unalienable Rights, List of Grievances

24.

A system of government where the people elect public officeholders to make laws and conduct government on the people's behalf is called ____.

a)

Anarchy

b)

Dictatorship

c)

Representative Government

d)

Monarchy

25.

The government and those who govern are bound by the law, as are those who are governed. This describes _______.

a)

Democracy

b)

Limited Government

c)

Rule of Law

d)

Consent of the Governed

26.

Senator Maria is pulled over by the police for reckless driving. She explains to the police officer that she is on her way to a Washington football game, and that she is a senator. The police officer writes her a ticket. What fundamental political principle is this an example of?

a)

Consent of the Governed

b)

Representative Government

c)

Rule of Law

d)

Limited Government

27.

"Government is not all-powerful and may do only those things people give it the power to do." This is the idea expressed in the fundamental political principle known as ______.

a)

Consent of the Governed

b)

Representative Government

c)

Limited Government

d)

Rule of Law

28.

Which title would best complete the graphic?

a)

How a Bill Becomes a Law

b)

The Process of Naturalization

c)

Amending the United States Constitution

d)

Amending the Virginia Constitution

29.

To date, how many amendments have been added to the United States Constitution?

a)

25

b)

14

c)

27

d)

10

30.

Which part of the Constitution lists the goals of the government?

a)

Preamble

b)

Articles

c)

Bill of Rights

d)

Amendments

31.

Which document served as a model for the Bill of Rights of the Constitution?

a)

Articles of Confederation

b)

Virginia Declaration of Rights

c)

Declaration of Independence

d)

Charters of the Virginia Company of London

32.

Which document set forth the basic freedom of religious beliefs and opinions?

a)

Declaration of Independence

b)

Magna Carta

c)

Virginia Statute for Religious Freedom

d)

Virginia Declaration of Rights

33.

Which 3 ideas come from the Declaration of Independence?

a)

Declared the Colonies independent from England

b)

Stated that people have the freedom to worship any religion

c)

Affirmed that people have "unalienable" rights of life, liberty, and the pursuit of happiness

d)

Created a national government

e)

Stated the idea that all men are created equal

34.

Which document first established rule of law, even for the King of England?

a)

The Charter of the Virginia Company of London

b)

U.S. Constitution

c)

Declaration of Independence

d)

Magna Carta

35.

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable rights, that among these are life, liberty, and the pursuit of happiness.

These unalienable rights are stated in _____.

a)

Articles of Confederation

b)

U.S. Constitution

c)

Declaration of Independence

d)

Virginia Statute for Religious Freedom

36.

Why were the Charters of the Virginia Company of London important?

a)

They created a federal court system

b)

They established a national banking system

c)

They guaranteed the colonists' rights as Englishmen

d)

They stated the colonists' grievances against the English King

37.

What document best completes this chart?

a)

Virginia Declaration of Rights

b)

U.S. Constitution

c)

Declaration of Independence

d)

Article of Confederation

38.

What 3 ideas come from the Declaration of Independence?

a)

Listed grievances against the King

b)

Stated that people have the freedom to worship any religion

c)

Affirmed that people have "unalienable" rights to life, liberty, and happiness

d)

Stated the idea that monarchies were the best form of government

e)

Declared the colonies independent from England

39.

We the people of the United States, in order to form a more perfect union, establish justice, insure domestic tranquility, provide for the common defense, promote the general welfare, and secure the blessings of liberty to ourselves and our posterity, do ordain and establish...

The passage above is the beginning of the _____

a)

Declaration of Independence

b)

Bill of Rights

c)

Constitution of the United States

d)

Articles of Confederation

40.

Although the Constitution created a government that guarantees majority rule, it also ______.

a)

Protects the rights of the minority

b)

Protects the rights of the majority

c)

Guarantees the rights of rulers

d)

Is a true democracy

41.

This congressman is running for reelection and stating that voters should vote for him. If ELECTED, he would be demonstrating what political principle?

a)

Rule of law

b)

Representative government

c)

Democracy

d)

Consent of the governed

42.

The idea that citizens give authority to the government in exchange for the protection of their rights is __________.

a)

Representative government

b)

Limited Government

c)

Democracy

d)

Consent of the governed

43.

"Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievance." - 1st Amendment

The freedoms guaranteed in the above selection are protected by what founding document?

a)

VA Statute of Religious Freedom

b)

VA Declaration of Rights

c)

Articles of Confederation

d)

Bill of RIghts

44.

Which term from the box above fits #5

a)

Democracy

b)

Rule of Law

c)

Consent of the Governed

d)

Limited Government

45.

What is the name given to people who chosse to run for election in a public office?

a)

PAC

b)

Electorate

c)

Electors

d)

Candidates

46.

One way for your voice to be heard as a citizen is to _____.

a)

Follow famous people on social media

b)

Vote

c)

Watch television

d)

Listen to the radio

47.

When evaluating sources citizens must seperate _____ from _____.

a)

Special Interests - PAC

b)

Democrats - Republicans

c)

First - Last

d)

Fact - Opinion

48.

All of the following are functions of political parties EXCEPT _____.

a)

Raising money

b)

Helping candidates win elections

c)

Monitoring actions of office holders

d)

Recruiting and nominating candidates

49.

What is the main difference between political parties?

a)

Stated in the party's platform

b)

Helping candidates win elections

c)

Recruiting and nominating candidates

d)

Monitoring actions of office holders

50.

______ parties rarely win elections, and have never won a presidential election.

a)

Election

b)

Third

c)

Block

d)

Ideological

51.

This political party's symbol is the donkey.

a)

Republican

b)

Green

c)

Democrat

d)

Independent

52.

Which of the following is the role of the mass media?

a)

Developing PAC

b)

Telling voters how to vote

c)

Identifying candidates

d)

Detecting bias

53.

Television, radio, newspapers, and the internet are called _____.

a)

Mass media

b)

White noise

c)

Print material

d)

Electronics

54.

An attempt to put a slant on a story for a specific purpose.

a)

Canvassing

b)

Propaganda

c)

Lobbying

d)

Incumbent

55.

All of the following are roles of mass media EXCEPT ______.

a)

Evaluating sources

b)

Publishing op-ed pieces

c)

Creating political cartoons

d)

Writing editorials

56.

Special interest groups help fund a candidate's campaign by forming _____.

a)

Political Action Committees (PAC)

b)

Bankrolls

c)

Propaganda Units

d)

Money Beds

57.

The cost of campaigning requires candidates to conduct extensive _______ activities.

a)

Illegal

b)

Fund-Raising

c)

Campaigning

d)

Community Service

58.

Limits exist on the amounts individuals may contribute to political candidates and campaigns.

a)

True

b)

False

59.

In our Democratic society, wealthy individuals have an advantage when running for political office.

a)

True

b)

False

60.

In order to vote a person must be a citizen, 18 years old, and _____.

a)

Registered

b)

Can read and write

c)

Have a driver's license

d)

Graduated from high school

61.

Many people believe _______ is a reason for low voter turnout.

a)

Propaganda

b)

Initiative

c)

Platform

d)

Lack of Interest

62.

In order to vote you must be at least _____.

a)

16

b)

18

c)

25

d)

21

63.

In Virginia, registration closes _____ days before the election.

a)

100

b)

22

c)

270

d)

5

64.

In order to win the election, the president must recieve _____ electoral college votes.

a)

358

b)

all

c)

50

d)

270

65.

The requirements for a majority vote in the electoral college favors a _____.

a)

Platform

b)

Two-Party System

c)

Third Party

d)

Political Party

66.

The slate of electors for each state is chosen by ______ vote.

a)

Popular

b)

One

c)

Electoral College

d)

Every

67.

How many electoral college votes does Virginia have?

a)

13

b)

20

c)

10

d)

5

68.

The process to choose the president and vice president is called the ______.

a)

Electoral College

b)

Election Fraud

c)

Campaign cost

d)

Popular Vote

69.

What is the total amount of Electors in the Electoral College?

a)

538

b)

270

c)

13

d)

435

70.

Which Branch of Government goes into each bubble on the chart?

a)

1. Legislative

2. Executive

3. Judicial

b)

1. Legislative

2. Judicial

3. Executive

c)

1. Executive

2. Legislative

3. Judicial

d)

1. Judicial

2. Legislative

3. Judicial

71.

Which answer correctly describes who makes up the Legislative Branch and what their main responsibility is?

a)

Congress - Enforces Laws

b)

President - Makes Laws

c)

Supreme Court - Interprets Laws

d)

Congress - Makes Laws

72.

Which answer correctly describes who makes up the Executive Branch and what their main responsibility is?

a)

President - Makes Laws

b)

President - Enforces Laws

c)

Supreme Court - Interprets Laws

d)

Congress - Makes Laws

73.

Which answer correctly describes who makes up the Judicial Branch and what their main responsibility is?

a)

President - Makes Laws

b)

President - Enforces Laws

c)

Supreme Court - Interprets Laws

d)

Congress - Makes Laws

74.

Which is a check the president has on the Supreme Court?

a)

The power to veto the Supreme Court's decisions

b)

The power to nominate new appointments to the Supreme Court

c)

The power to approve the appointment of new Supreme Court justices

d)

The power to declare a decision of the Supreme Court unconstitutional

75.

What was the purpose of the constitutional provision for the creation of a system of "checks and balances" within the national government?

a)

To establish three branches of government

b)

To allow the president the authority to veto the Supreme Court

c)

To allow Congress to appoint officials of the Executive Branch

d)

To ensure that no governmental branch becomes too powerful

76.

Which phrase best completes this list?

a)

Chosen by members of both political parties in the U.S. Congress

b)

Given specific governing authority by the U.S. Constitution

c)

Provides advice to the president on matters of public policy

d)

Elected by the general public to serve four-year terms

77.

Which term refers to power that is limited to the national government

a)

Concurrent

b)

Enumerated

c)

Judicial

d)

Reserved

78.

Which type of powers are shared by the federal and state governments?

a)

Concurrent

b)

Enumerated

c)

Reserved

d)

Supreme

79.

Which of the following is NOT a purpose of the federal government?

a)

Declare war and make peace

b)

Organize a court system

c)

Coin money

d)

Establish schools

80.

Which power is exercised by local government?

a)

Declare war

b)

Print money

c)

Sign treaties

d)

Establish schools

81.

Which government positions correctly complete this table?

a)

Mayor - City Manager

b)

President - House Representative

c)

Chief Justice - Senator

d)

Sheriff - Governor

82.

Which role of the president is best described by the President proposing a new tax policy in the State of the Union address?

a)

Chief Citizen

b)

Chief Executive

c)

Chief Diplomat

d)

Chief Legislator

83.

"President Ronald Reagan nominated Robert Bork to the Supreme Court in 1987. The Senate voted 58-42 against Bork's confirmation."

This example best demonstrates the principle of -

a)

Checks and balances

b)

Consent of the governed

c)

Democracy

d)

Federalism

84.

How long is the term of office for the governor of Virginia?

a)

Eight years

b)

Four years

c)

Two years

d)

Six years

85.

Cabinet secretaries are responsible for helping the governor of Virginia -

a)

Make laws

b)

Administer laws

c)

Veto laws

d)

Interpret laws

86.

A bill can be introduced in which house of the General Assembly?

a)

House of Delegates or Senate

b)

House of Delegates

c)

Governor's Mansion

d)

Senate

87.

Which of the following is NOT a responsibility of state governments?

a)

Public Health

b)

Public Safety

c)

Welfare

d)

Declare War

88.

Which of the following is NOT a unit of local government in Virginia?

a)

Towns

b)

Districts

c)

Cities

d)

Counties

89.

Which executive officer would best complete this list?

a)

President

b)

Manager

c)

Governor

d)

Treasurer

90.

The ______ of Prince William County oversees the operation of K-12 public schools.

a)

Board of Supervisors

b)

City Council

c)

Mayor's Office

d)

School Board

91.

What step is missing from the following list?

a)

Debating the bill on the House Floor by both houses

b)

Debating the bill on the House Floor by the Senate

c)

The President edits the bill to add in any changes

d)

Debating the bill on the House Floor by the House

92.

Which court would hear the following case:

Mr. and Mrs. Smith are divorcing and both want custody of their children

a)

V.A. Juvenile and Domestic Relations Court

b)

V.A. General District Court

c)

V.A. Court of Appeals

d)

V.A. Circuit Court

93.

Which court would hear the following case:

Mr. Jones and Mr. Abu-Rabi are disputing the property line between their homes

a)

V.A. Juvenile and Domestic Relations Court

b)

V.A. General District Court

c)

V.A. Court of Appeals

d)

V.A. Circuit Court

94.

Which court would hear the following case:

Greg was convicted of a crime in a V.A. Circuit Court and is appealing it to the next highest court

a)

V.A. Juvenile and Domestic Relations Court

b)

V.A. General District Court

c)

V.A. Court of Appeals

d)

V.A. Circuit Court

95.

Which court would hear the following case:

Ekta was charged with a crime that is considered a felony in Virginia

a)

V.A. Juvenile and Domestic Relations Court

b)

V.A. General District Court

c)

V.A. Court of Appeals

d)

V.A. Circuit Court

96.

What type of jurisdiction does the United States Court of Appeals have?

a)

Limited Appellate; mostly original

b)

Appellate

c)

Original

d)

Limited original; mostly Appellate

97.

What term means the authority of a court to be the first to hear a case?

a)

Open jurisdiction

b)

First jurisdiction

c)

Appellate jurisdiction

d)

Original jurisdiction

98.

What does it mean to appeal a case?

a)

To ask that the sentence be rejected

b)

To ask a lower court to hold a new trial

c)

To ask that a higher court review it

d)

To complain that the verdict is wrong

99.

In what court would a person appeal to if they were found guilty of a felony?

a)

VA Supreme Court

b)

VA Court of Appeals

c)

VA Circuit Court

d)

VA General District Court

100.

What is the major power of the Supreme Court?

a)

Judicial Enforcement

b)

Judicial Review

c)

Amending the Constitution

d)

Impeachment of the President

101.

What court case established the principle of judicial review?

a)

Marbury v. Madison

b)

Gore v. Bush

c)

Brown v. Board of Education

d)

Miranda v. Arizona

102.

The 5th Amendment prohibits the _____ government from acting in an unfair manner.

a)

State

b)

County

c)

National

d)

Local

103.

The 14th Amendment prohibits the _____ government from acting in an unfair manner.

a)

State

b)

County

c)

Foreign

d)

National

104.

What legal process is the State Supreme Court exercising in this headline?

a)

Legislative Proceeding

b)

Civil Trial

c)

Judicial Review

d)

Criminal Prosecution

105.

In a civil case, this person files the complaint to recover damages.

a)

Plaintiff

b)

Prosecution

c)

Defendant

d)

Judge

106.

In a criminal case, this is the name of the group that is brining charges against someone

a)

Plaintiff

b)

Prosecution

c)

Defendant

d)

Judge

107.

This person is the one brought to court on charges

a)

Plaintiff

b)

Prosecution

c)

Defendant

d)

Judge

108.

What would be the best title for this sequence chart?

a)

Judicial review process

b)

Civil case process

c)

Criminal case process

d)

Appeal process

109.

_____ law is where a court determines if someone is guilty of a felony or misdemeanor.

a)

Judicial

b)

Criminal

c)

Appeal

d)

Civil

110.

_____ law is where a court settles a dispute between two parties over damages and compensation.

a)

Judicial

b)

Criminal

c)

Appeals

d)

Civil

111.

Mariah Carey is suing Beyonce because Beyonce wrote a song that sounded like it copied one of Mariah's songs. What kind of case would this be?

a)

Criminal case

b)

County case

c)

Basket case

d)

Civil case

112.

When police have a good reason to believe a suspect has been involved in a crime, they have ____.

a)

Arraignment

b)

Sentencing

c)

Guilty Verdict

d)

Probable cause

113.

In what part of a criminal case will a defendant be formally charged and enter a plea?

a)

Trial

b)

Preliminary hearing

c)

Indictment

d)

Arraignment

114.

What type of crime is a minor crime that is punishable by a fine, less than a year in jail, and/or probation?

a)

Felony

b)

Misdemeanor

115.

What type of crime is a major crime that is punishable by multiple years in prison?

a)

Felony

b)

Misdemeanor

116.

Constitutional protection against unfair governmental actions and laws is called _____.

a)

Voting rights

b)

Due process

c)

Freedom of Rights

d)

Bill of Rights

117.

Bail is money used to ____

a)

Pay an expert witness

b)

Hire a lawyer

c)

Pay for protection

d)

Release a defendant from jail before a trial

118.

Which item below is NOT a characteristic of a private financial institution?

a)

Include banks and credit unions

b)

Encourage saving and investing by paying interest on deposits

c)

Provide food stamps

d)

Receive deposits and make loans

119.

Which of the following is NOT one of the three questions economists seek to answer?

a)

What to produce?

b)

How to produce it?

c)

For whom to produce?

d)

Why to produce?

120.

What is supply?

a)

Amount an item costs

b)

Amount consumers are willing to buy

c)

Amount that determines what is purchased

d)

Amount producers are willing to sell

121.

How will Leo's Lumber Company most likely adjust prices during the summer months?

a)

Raise prices in July

b)

Raise prices in June and August

c)

Lower prices in June and August

d)

Use the same price in July and August

122.

If supply is low and demand is high, the price of an item will be ____.

a)

High

b)

Low

c)

Stay the Same

d)

None of the above

123.

How would a shift from S1 to S2 most likely affect a substitute good?

a)

The price would decrease because demand would decrese

b)

The price would increase because demand would decrease

c)

The price would decrease because demand would increase

d)

The price would increase because demand would increase

124.

_____ use tax revenue from households and businesses to provide public goods and services.

a)

Businesses

b)

Government

c)

Households

125.

Private financial institutions help facilitate an exchange of money between _____ and _____.

a)

Savers - Borrowers

b)

Governments - Citizens

c)

U.S. Government - Other countries

d)

Individuals - Businesses

126.

Virginia and the United States _____ in the production of certain goods and services, which promotes _____ and growth.

a)

Collaborate - Wealth

b)

Specialize - Trade

c)

Collaborate - Competition

d)

Specialize - Efficiency

127.

The circular flow diagram is a way of visualizing and categorizing activity within an economy. Goods, services, and resources flow in one direction. ______ flows in the opposite direction.

a)

Profits

b)

Incentives

c)

Money

d)

Tax revenue

128.

_____ own the resources used in production, sell the resources, and use the income to purchase products.

a)

Households

b)

Businesses

c)

Governments

129.

What does the interaction between supply and demand decide?

a)

Price of goods and services

b)

Free markets

c)

Consumer preferences

d)

Mixed economies

130.

Innovations in technology (e.g. the Internet), contribute to the global flow of information, capital, goods and services. The use of technology also ______ production.

a)

Slows down

b)

Raises the cost of

c)

Lowers the cost of

d)

Speeds up

131.

Which answer choice is NOT one of the 3 basic types of business ownership?

a)

Foundation

b)

Partnership

c)

Proprietorship

d)

Corporation

132.

Which type of business ownership is described as "a form of business organization that is authorized by law to act as a legal entity regardless of the number of owners. Owners share the profits. Owner liability is limited to the amount of their investment."

a)

Corporation

b)

Foundation

c)

Partnership

d)

Proprietorship

133.

Virginia and the United States pursue international trade in order to increase _____.

a)

Profits

b)

Competition

c)

Incentives

d)

Wealth

134.

Rivalry between producers of a good or service results in better quality goods and services at a lower price. This is called _____.

a)

Profit

b)

Free market

c)

Competition

d)

Consumer sovereignty

135.

Circular flow shows how _____, _____, and markets interact.

a)

Corporations - Partnerships

b)

Consumers - Businesses

c)

Banks - Credit unions

d)

Economy - Stocks

136.

Which type of business ownership is described as "a form of business organization with two or more owners who share the risks and the profits."

a)

Proprietorship

b)

Corporation

c)

Partnership

d)

Foundation

137.

Which term best describes: "Worldwide markets in which the buying and selling of goods and services by all nations take place."

a)

Global financial guide

b)

Global market agreement

c)

Global economy

d)

World Wide Mall

138.

_____ buy resources; make products that are sold to individuals, other businesses, and the government; and use the profits to buy more resources.

a)

Governments

b)

Businesses

c)

Households

139.

After reviewing the list below, select the answer choice that is NOT one of the reasons that states and nations trade.

a)

To sell goods and services to other countries

b)

To protect domestic industries

c)

To obtain goods and services they cannot produce or cannot produce efficiently themselves

d)

To create jobs

140.

Which economic issue is illustrated in this graph?

a)

Choices must be made due to scarcity

b)

Production of multiple goods creates inefficiency

c)

The costs of food and clothing are equivalent

d)

Production of food and clothing requires the same resources

141.

When supply is high and demand is low, the price of an item will be _____.

a)

Low

b)

High

c)

Stay the same

d)

None of the above

142.

The government promotes marketplace competition in all of the following ways EXCEPT _____.

a)

Tax incentives and supporting new businesses

b)

Allowing monopolies

c)

Antitrust legislation

d)

Global trade

143.

If there has been an increase in funds available for loans, then there has been a(n) ______ in government borrowing.

a)

Increase

b)

Surplus

c)

Decrease

d)

No Change

144.

What government action will most likely cause the reaction shown in the box?

a)

More government spending

b)

Higher revenues

c)

Higher taxes

d)

More government borrowing

145.

Which of the following is an example of a public good or service?

a)

Daycare providers

b)

Local grocery store

c)

Local savings and loan

d)

Interstate highways

146.

The study of decisions that are made when resources are limited is known as _____.

a)

Opportunity cost

b)

Civics

c)

Economics

d)

Scarcity

147.

Where does the most money for public goods and services come from?

a)

Selling bonds

b)

Private donations

c)

Borrowing from private banks

d)

Tax revenue

148.

This is a type of agreement for the sale of land/property that proves and protects ownership.

a)

Handshake

b)

Bond

c)

Warrant

d)

Contract

149.

The FED stands for _____.

a)

Federal Reserve Bank

b)

Federal Education Department

c)

Federal Education Dividends

d)

Federal Government

150.

Governments produce public goods and services because _____.

a)

Individual businesses are forbidden by law from delivering public services

b)

United States businesses refuse to produce them

c)

Individuals/businesses acting alone could not produce them efficiently

d)

The Constitution of the United States requires it

151.

Which of the following was created to investigate unfair business practices?

a)

Federal Trade Commission

b)

Federal Reserve System

c)

Environmental Protection Agency

d)

Small Business Administration

152.

The amendment which authorizes income tax is the _____.

a)

16th

b)

17th

c)

26th

d)

15th

153.

The FED's most powerful job is to _____.

a)

Keeping track of the government's debts

b)

Makes loans to banks

c)

Regulate the amount of money in the market for spending

d)

Puts laws into effect that protect businesses and consumers

154.

The Federal Reserve System does all of the following EXCEPT _____.

a)

Loans money to banks

b)

Writes new banking laws

c)

Sells government bonds

d)

Controls how much the banks must keep in reserve