Answers2102320-Economics HONORS - Edgenuity TeacherTechnology and Economics

Technology and Economics — Unit test Answers

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Which statement best describes the impact of scarcity?

A
People are able to meet most of their needs.
B
Consumers must pay higher prices for many items.
C
Governments must try to meet the wants of citizens.
D
Economies can work to provide more goods and services.
2
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The chess club needs to raise money for tournament uniforms. Some members want to sell energy drinks at a football game to raise funds, but others want to organize a car wash in the school parking lot. Based on the concept of scarcity, which thought should drive members' decision-making process to determine how to fundraise?

A
Where will unsold energy drinks be stored?
B
Is there enough consumer demand for a car wash?
C
Will the concession stand be open during the big game?
D
Are there enough volunteers to work a car wash?
3

[BLANK]

A
product
B
resource
C
value
D
cost
4

What is one way a command economy affects the lives of private citizens?

A
Citizens cannot make most economic decisions.
B
Citizens can only work in factories or on farms.
C
Citizens must pay for their own health care.
D
Citizens have limited access to education.
5

The goal of a command economy is to

A
sustain self-sufficiency.
B
preserve traditional customs.
C
create equality within a society.
D
promote free economic choices.
6

Which of the following best illustrates deciding how to produce a specific product?

A
Should we produce jeans with expensive machinery or less expensive labor?
B
Can we market our jeans to teenagers or focus on people in their twenties?
C
Do we have enough customer support to charge more for our jeans?
D
Are jeans still "in," or should we develop a line of skirts instead?
7

Which factors are considered when deciding how to make goods and services? Choose three answers.

A
determining who has the greatest need
B
finances of prospective buyers
C
methods traditionally used to make goods
D
ways to produce items at a lower cost or higher quality
E
ways to make the biggest profit
8

In a competitive market, a furniture company decides to use cheaper materials to decrease production costs and pass on the savings. This is an example of

A
following a federal regulation.
B
lowering prices for customers.
C
reducing the risk for consumers.
D
creating a new or better product.
9

Which of the following will be accomplished by efficient allocations of the factors of production?

A
guaranteeing economic success
B
understanding whether a product will fail
C
fulfilling many needs and wants of society
D
replenishment of limited resources
10

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.
11

How does the economy of Cuba differ from the economy of North Korea?

A
In North Korea, the government’s control of the economy has begun to loosen. In Cuba, the government maintains a tight hold over the economy.
B
In Cuba, the government’s control of the economy has begun to loosen. In North Korea, the government maintains a tight hold over the economy.
C
In North Korea, there is economic uncertainty in exchange for individual choice. In Cuba, there is economic security in exchange for government control.
D
In Cuba, there is economic uncertainty in exchange for individual choice. In North Korea, there is economic security in exchange for government control.
12

Which object is likely to have the most value based on the concept of scarcity?

A
a flowering plant
B
a silver necklace
C
a new coffee table
D
a crop of oranges
13

Assessing opportunity cost involves

A
making choices and dealing with consequences.
B
choosing consequences over rewards.
C
reviewing past decisions and changing them.
D
minimizing profit and loss.
14

What restriction would the government impose in a closed economy?

A
The government would prohibit trade with other nations.
B
The government would set the prices for imported goods.
C
The government would preserve traditional customs only.
D
The government would prevent private ownership of property.
15

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.
16

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

Question illustration
A
how the government will address unemployment.
B
which industries are most in need of workers.
C
how many people will be out of work in the next year.
D
why producers might hire fewer workers in the future.
17

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.
18

Which scenarios can be considered effects of Sole Sister Shoe Store choosing to sell dress shoes over sneakers? Select two answers.

A
High school athletes stop shopping there.
B
The inventory of sports socks goes unsold.
C
Sneaker sales were declining before the decision to sell dress shoes.
D
Dress shoes cost less for the store to buy from a supplier.
19

[BLANK]

A
A
B
B
C
C
20

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.

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