Answers2102320-Economics HONORS - Edgenuity TeacherTechnology and Economics

Technology and Economics — Unit test Answers

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1
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A pure market economy is sometimes called pure

a
a. command economy.
s
socialism.
c
communism.
c
capitalism.
2
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threefourfivesix

A
three
B
four
C
five
D
six
3

Which situation best reflects the concept of free enterprise?

A
Consumers have a choice between two bakeries in a single city block.
B
An agency determines which supplements are safe for people to buy.
C
Local officials set the prices for all the gas stations in a community.
D
The government decides the minimum wage for all airline workers.
4

"Everyone’s rights should be protected" is an argument

A
for competition.
B
against competition.
C
for regulation.
D
against regulation.
5

John has a large apple orchard. He has decided to bake pies and sell them at the local farmer’s market. Which best describes John’s use of economics?

A
John is using available and renewable resources.
B
John is relying on inexpensive labor costs to improve profits.
C
John is using resources to produce both goods and services.
D
John is assuming consumers will have limited need for his product.
6

This graph shows the US unemployment rate from August 2010 to November 2011. This graph could help the US government

Question illustration
a
allocate natural resources.
l
limit production nationwide.
m
make an economic prediction.
a
address a shortage emergency.
7

Which of the following statements about opportunity cost are true?CHECK ALL THAT APPLY.It exists because resources are scarce.It influences consumers.It influences producers.It assists in anticipating profits.It encourages people to spread their resources around.

I
It exists because resources are scarce.
I
It influences consumers.
I
It influences producers.
I
It assists in anticipating profits.
I
It encourages people to spread their resources around.
8

Which of the following are considered needs? Choose three answers.foodInternetcell phoneresidencetelevisionwater

f
food
I
Internet
c
cell phone
r
residence
t
television
w
water
9

To create the proper tone for an argumentative essay, a writer should

A
include opinionated words.
B
add complicated language.
C
incorporate unusual stories.
D
use a straightforward approach.
10

How do economists use data? Choose two answers.to follow and predict unemployment ratesto communicate with customers instantlyto ship goods to countries all over the worldto explain trends in production and shippingto apply automation to reduce production costs

t
to follow and predict unemployment rates
t
to communicate with customers instantly
t
to ship goods to countries all over the world
t
to explain trends in production and shipping
t
to apply automation to reduce production costs
13

What might happen if an economy is unable to produce wanted goods and services?

P
People will go without them.
P
People will look elsewhere for them.
P
People will stop wanting them.
P
People will focus on needs instead.
14

The factors of production attempt to instill the idea that resources are

e
expensive.
s
scarce.
u
unlimited.
n
needed.
15

What role do government agencies play in a mixed market economy?

T
They run shipping companies and other sources of distribution.
T
They own farms, factories, and other sources of production.
T
They regulate some aspects of production and distribution.
T
They employ most of the workers in the economic system.
16

In a competitive market, an electronics company releases a smartphone that is much faster than older models. This is an example of

A
following a federal regulation.
B
lowering prices for customers.
C
reducing the risk for consumers.
D
creating an innovative product.
17

Opportunity cost means that something needs to be

r
replenished.
g
given up.
i
ignored.
p
paid for.
18

In a republic, elected officials create laws to regulate the economy.

T
T
F
F
19

shippinghiringconsuming

A
shipping
B
hiring
C
consuming
20

formalcasualinfomal

A
formal
B
casual
C
infomal
21

Land is considered a resource because it

A
is always available to use.
B
is used to produce things.
C
costs little or nothing to use.
D
requires labor to be useful.
22

What are some benefits to private ownership? Select three answers.Private ownership provides offices for government workers.Private ownership provides land or goods for all citizens to use.Private ownership can make it possible for a business to earn money.Private ownership might help a person move to another economic class.Private ownership allows a person to own goods that may increase in value.

P
Private ownership provides offices for government workers.
P
Private ownership provides land or goods for all citizens to use.
P
Private ownership can make it possible for a business to earn money.
P
Private ownership might help a person move to another economic class.
P
Private ownership allows a person to own goods that may increase in value.

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