AnswersGalliWCA 2221 CivicsEconomics 1st nine weeks 26-27Economic Systems and Daily Life

Economic Systems and Daily Life — Unit test Answers

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1
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Which of the following would be a producer?

A
someone owning a book store
B
someone shopping in a grocery store
C
someone putting gas in a car
D
someone waiting in line at a bank
2
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What type of labor force might a pottery factory want to focus on when hiring?

A
highly skilled
B
highly wealthy
C
highly educated
D
highly localized
3

Opportunity cost means that something needs to be

A
replenished.
B
given up.
C
ignored.
D
paid for.
4

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.
5

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

A
food
B
Internet
C
cell phone
D
residence
E
television
F
water
6

In a command economy, a cotton farm floods after a heavy storm. The repair work most likely will be paid by

A
the private business that operates the farm.
B
the government group that runs the farm.
C
the individual who manages the farm.
D
the family who owns the farm.
7

[BLANK]

A
three
B
four
C
five
D
six
8

Which of the following statements about opportunity cost are true?CHECK ALL THAT APPLY.

A
It exists because resources are scarce.
B
It influences consumers.
C
It influences producers.
D
It assists in anticipating profits.
E
It encourages people to spread their resources around.
9

What are some benefits to private ownership? Select three answers.

A
Private ownership provides offices for government workers.
B
Private ownership provides land or goods for all citizens to use.
C
Private ownership can make it possible for a business to earn money.
D
Private ownership might help a person move to another economic class.
E
Private ownership allows a person to own goods that may increase in value.
10

What are the cons of a mixed market economy for most citizens? Select four answers.

A
There may be a sizable gap between rich and poor people.
B
It can be very difficult for citizens to start private businesses.
C
Citizens must pay for most basic necessities by themselves.
D
There is no guarantee of steady employment for many citizens.
E
Citizens may pay higher taxes than in other economic systems.
F
Citizens often purchase their own health care and higher education.
11

A pure market economy is sometimes called pure

A
a. command economy.
B
socialism.
C
communism.
D
capitalism.
12

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

A
People will go without them.
B
People will look elsewhere for them.
C
People will stop wanting them.
D
People will focus on needs instead.
13

The government has the right to own all land, buildings, and factories in a

A
closed economy.
B
command economy.
C
mixed market economy.
D
pure market economy.
14

What are the basic types of resources used by producers? Choose three answers.

A
capital
B
labor
C
value
D
scarcity
E
land
15

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

A
T
B
F

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