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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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.
2
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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.
3

Which of the following would be considered a nonrenewable resource?

A
sun
B
wind
C
lumber
D
petroleum
4

[BLANK]

A
shipping
B
hiring
C
consuming
5

How do economists use data? Choose two answers.

A
to follow and predict unemployment rates
B
to communicate with customers instantly
C
to ship goods to countries all over the world
D
to explain trends in production and shipping
E
to apply automation to reduce production costs
6

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

A
T
B
F
7

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

A
for competition.
B
against competition.
C
for regulation.
D
against regulation.
8

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

A
capital
B
labor
C
value
D
scarcity
E
land
9

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.
10

In the free-enterprise system of the United States, the government

A
makes no economic decisions.
B
makes some economic decisions.
C
makes most economic decisions.
D
makes all economic decisions.
11

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
12

A pure market economy is sometimes called pure

A
a. command economy.
B
socialism.
C
communism.
D
capitalism.
13

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.
B
limit production nationwide.
C
make an economic prediction.
D
address a shortage emergency.
14

[BLANK]

A
three
B
four
C
five
D
six
15

What are some ways to address unemployment in a market economy? Select three answers.

A
creating new projects
B
increasing regulation
C
lowering restrictions
D
raising more taxes
E
promoting hiring

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