Answers2102320-Economics HONORS - Edgenuity TeacherTechnology and Economics

Technology and Economics — Unit test Answers

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1
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In a republic, elected officials create laws to regulate the economy.

A
T
B
F
2
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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.
3

Opportunity cost means that something needs to be

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

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

A
They run shipping companies and other sources of distribution.
B
They own farms, factories, and other sources of production.
C
They regulate some aspects of production and distribution.
D
They employ most of the workers in the economic system.
5

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.
6

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.
7

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
8

[BLANK]

A
shipping
B
hiring
C
consuming
9

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.
10

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

A
for competition.
B
against competition.
C
for regulation.
D
against regulation.
11

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.
12

[BLANK]

A
three
B
four
C
five
D
six
13

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
14

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.
15

A pure market economy is sometimes called pure

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

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