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

Economic Systems and Daily Life — Unit test Answers

0 verified answers1 views
1
Free Preview

Which statement best describes a pure market economy?

A
Producer intervention in economic choices is strictly forbidden.
B
The government determines economic choices and makes most decisions.
C
The decisions made by producers and consumers drive all economic choices.
D
Producers and consumers make some economic choices while the government makes others.
2
Free Preview

Rescooperate Ice Cream Shop recently analyzed their books. They found that in the past year, they made $100,000 selling ice cream and spent $75,000 on supplies and factory space. The remaining $25,000 represents

A
profit.
B
loss.
C
revenue.
D
expense.
3

In a free-enterprise system, producers decide

A
how much to charge.
B
which services to buy.
C
where to shop for goods.
D
which goods interest them.
4

Innovation allows producers to

A
create goods that draw consumer attention.
B
follow restrictions that the government imposes.
C
avoid competing with similar businesses.
D
offer warranties for all of their products.
5

Which of the following is an example of a labor resource?

A
money available to be invested in a company
B
water held in a reservoir
C
a city’s population
D
electricity produced by a nearby power plant
6

[BLANK]

A
Economic patterns
B
Economic peaks
C
Economic theories
7

The goal of a market economy is to

A
sustain self-sufficiency.
B
preserve traditional customs.
C
create equality within a society.
D
promote free economic choices.
8

A thrifty shopper wants to purchase a new phone that is made with quality parts. What factors should they consider?

A
High quality phones contain rare earth metals that are a less scarce resource and cost less to the consumer.
B
High quality phones contain rare earth metals that are a less scarce resource and cost more to the consumer.
C
High quality phones contain rare earth metals that are a more scarce resource and cost more to the consumer.
D
High quality phones contain rare earth metals that are a more scarce resource and cost less to the consumer.
9

How does scarcity determine the economic value of an item?

A
by the amount of goods that are produced
B
by the capital required to build the factory
C
by the unlimited wants of the consumers
D
by the resources consumed in production
10

What is the best definition of economic data?

A
Economic data is information used for calculation, analysis, or planning.
B
Economic data is the fastest time it takes to use the fewest resources.
C
Economic data is knowledge that can be applied to create solutions.
D
Economic data is a determination based on patterns and evidence.
11

Failure to address the three questions of economics will have what kind of impact on an economy?

A
It will have no consequences.
B
It will help meet citizens’ needs and wants.
C
It will have negative consequences.
D
It will help contribute to the success of the society.
12

Which consideration must a society address when deciding for whom to produce a potentially scarce or limited resource?

A
Who can be most creative with the product?
B
Who has the largest resource pool?
C
Who has the greatest need?
D
Who can bring in the greatest profit?
13

Which of the following illustrates an opportunity cost?

A
James has enough money to buy some socks and a book.
B
Alyssa does not have enough time to study for her test.
C
Amir only has time to study or to play basketball.
D
Lydia does not have enough money to buy a new shirt.
14

How does a command economy differ from a mixed market economy?

A
In a command economy, citizens have fewer property rights. In a mixed market economy, citizens have more property rights.
B
In a command economy, citizens have more property rights. In a mixed market economy, citizens have fewer property rights.
C
In a command economy, citizens own all public property. In a mixed market economy, the government owns all private property.
D
In a command economy, citizens own all private property. In a mixed market economy, the government owns all public property
15

How does the government of a republic typically shape its economy?

A
The government allows citizens to own private businesses.
B
The government blocks the ownership of personal property.
C
The government owns all homes and other forms of housing.
D
The government controls factories and other forms of production.
16

Based on the lesson, how are individuals and economies similar?

A
They both must decide how to allocate resources.
B
They both must carefully categorize available resources.
C
They both must recognize the issues with nonrenewable resources.
D
They both must choose whether to use more renewable resources.
17

[BLANK]

A
renewable
B
inexpensive
C
abundant
D
scarce
18

Study the graph.In what time period did hydroelectric power usage reach its peak?

Question illustration
A
1970–1980
B
1980–1990
C
1990–2000
D
2000–2010
19

One negative consequence of using automation to improve manufacturing production is that

A
factories often need fewer workers.
B
production will often slow down.
C
costs often rise for producers.
D
prices often increase for consumers.
20

What is one way that technology can improve the distribution of goods?

A
Workers can take Internet classes to gain new skills.
B
Automation can create goods more cheaply and easily.
C
Businesses can hire factory workers across the world.
D
Container ships can transport a number of goods at once.

Did you find these answers helpful?

More from this Course

Quiz
35 verified answers

Economic Systems and Daily Life

Quiz
28 verified answers

Entrepreneurship

Assignment
18 verified answers

Economic Systems and Daily Life