AnswersFL-2109010-MJ World History A - Teacher Directed ResourceApplying Economics to World History

Applying Economics to World History Answers

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1
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What is opportunity cost?

A
the limited availability of goods or services
B
a benefit lost when choosing between two options
C
the resources used to produce finished goods or services
D
a system of directly exchanging goods or services for other goods or services
2
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What is true of command economies?

A
The government owns all resources.
B
Competition encourages development.
C
Individuals are free to make decisions.
D
The marketplace determines the price of goods.
9

What concepts were developed in the ancient world to make sure trade was fair?

A
scarcity and surplus
B
supply and demand
C
standard measures and weights
D
traditional and command economies
10

Which statement best describes the relationship between resources and military conquest in the ancient world?

A
Wealthy civilizations suffered fewer invasions.
B
Wealthy civilizations conquered neighboring areas.
C
Poor civilizations aggressively expanded into nearby lands.
D
Poor civilizations were less tempting targets for aggressive neighbors.
11

Which elements are factors of production?

A
supply and demand
B
surplus and scarcity
C
land, labor, and capital
D
goods, services, and raw materials
12

What is the most likely effect of a surplus of a trade good?

A
Supply decreases.
B
Demand decreases.
C
Scarcity increases.
D
Demand increases.
13

What is the role of the government in a command economy?

A
The government makes all economic decisions.
B
The government allows private ownership of resources.
C
The government gives individuals the power to set prices.
D
The government encourages competition to produce goods.
14

Which term describes the work performed to produce goods and services?

A
capital
B
labor
C
land
D
natural resources
15

What allowed currency in the ancient world to work as a tool for the exchange of goods?

A
It represented an agreed-upon value.
B
It represented an amount of available resources.
C
It was used as a standard measurement of goods.
D
It demonstrated how much people would pay for a product.
16

Besides goods and services, what did traders exchange in the ancient world?

A
land
B
culture
C
demand
D
scarcity

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