Economy Review SOL Quizizz

On which three areas do most state and local governments spend their revenue?

• A. Public Schools

• B. Road Repair

• C. Grocery Stores

• D. Police

Which statement best describes the role of the Food and Drug Administration in the below story?

• The FDA takes legal action against violaters of Consumer Rights

• The FDA has the duty to maintain the value of the national currency (dollar)

• The FDA establishes guidelines to protect public health and safety

• The FDA distributes money

Which two statements are TRUE about taxes?

• Property and sales taxes are the main sources of revenue for most local governments

• State income taxes and sales taxes are the main sources of revenue for state governments

• State income tax is the main source of revenue for the federal government

All of the following are types of money used in the United States EXCEPT - 

• Currency

• Credit Cards

• Coins

• Bank Deposits (Debit Cards or Checks)

The U.S. encourages marketplace competition by -

• Supporting new businesses

• Developing monopolies

• Taxing exports

• Limiting economic growth

Interaction of supply and demand determines -

• Price

• Profit

• Choice

• Consumption

Which type of business is authorized to act as a legal entity, regardless of the number of owners?

• Sole Proprietership

• Partnership

• Merger

• Corporation

In which economy do people often perform the same type of work as their parents, regardless of ability or potential?

• Command

• Traditional

• Free Market

• Capitalism

According to the scenario below, in which economy is Anthony operating?

• Command

• Forced Market

• Mixed

• Traditional

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

• Customers will buy fewer cupcakes

• The cupcake baker's profits will increase

• There will not be enough cupcakes produced

• The cost of making cupcakes will rise