Applying Economics to World History

Question 1

Why would the Egyptians have charged a higher price for the new type of wheat?

Revolt · Accepted Answer

The new canals increased production cost.

Question 2

it allows the bartering for goods✔ people agree it has valueit can be used as a standard weight

Revolt · Accepted Answer

✔ people agree it has value

Question 3

What was the opportunity cost to the government from giving land to soldiers?

Revolt · Accepted Answer

lost tax revenue

Question 4

How would the change in iron’s value affect its supply?

Revolt · Accepted Answer

Higher prices would encourage producers to increase supply.

Question 5

What are the characteristics of a traditional economy? Check four correct answers.Individuals have little control over economic decisions.Economic activities occur mainly within a family, clan, or tribe.Technology is limited to simple tools such as plows and hand axes.The government sets the prices of goods and services and distributes them.Trade is limited to barter, or trading goods or services for other goods or services.Methods for farming, hunting, and gathering change little from generation to generation.

Revolt · Accepted Answer

Economic activities occur mainly within a family, clan, or tribe.; Technology is limited to simple tools such as plows and hand axes.; Trade is limited to barter, or trading goods or services for other goods or services.; Methods for farming, hunting, and gathering change little from generation to generation.

Question 6

Which statement best describes a command economy?

Revolt · Accepted Answer

The government owns resources and sets prices for goods and services.

Question 7

Which statement best compares traditional and command economies?

Revolt · Accepted Answer

In a command economy, the government sets prices and distributes goods, but in a traditional economy, goods are exchanged by barter.

Question 8

How did trade benefit ancient civilizations?

Revolt · Accepted Answer

It brought wealth and cultural exchange.

Question 9

Which statements correctly describe the specialization of labor? Check three correct answers.It helps reduce the scarcity of resources.It allows the government to collect taxes and fines.It produces more goods and services more efficiently.It promotes trade due to increased quality of goods and services.It improves craft methods and develops new methods.

Revolt · Accepted Answer

It produces more goods and services more efficiently.; It promotes trade due to increased quality of goods and services.; It improves craft methods and develops new methods.

Question 10

Use the drop-down menus to complete each statement.

Revolt · Accepted Answer

Standard measures or weights were used to .: value goods for trade; Currency has value because .: people agree it has value

Applying Economics to World History Answers

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