Answers2025-2026_MDCPS_2109010-MJ World History Sem 1-CRApplying Economics to World History

Applying Economics to World History Answers

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1
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What is opportunity cost?

A
the limited availability of goods or services
B
a benefit lost when choosing between two options
C
the resources used to produce finished goods or services
D
a system of directly exchanging goods or services for other goods or services
2
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What is the most likely effect of a surplus of a trade good?

A
Supply decreases.
B
Demand decreases.
C
Scarcity increases.
D
Demand increases.
3

What is the role of the government in a command economy?

A
The government makes all economic decisions.
B
The government allows private ownership of resources.
C
The government gives individuals the power to set prices.
D
The government encourages competition to produce goods.
4

Which elements are factors of production?

A
supply and demand
B
surplus and scarcity
C
land, labor, and capital
D
goods, services, and raw materials
5

Which type of economy did hunter-gatherers and early farming societies have?

A
command
B
industrial
C
service
D
traditional
6

Which statement best describes the relationship between resources and military conquest in the ancient world?

A
Wealthy civilizations suffered fewer invasions.
B
Wealthy civilizations conquered neighboring areas.
C
Poor civilizations aggressively expanded into nearby lands.
D
Poor civilizations were less tempting targets for aggressive neighbors.
7

What was the most likely effect of scarcity on an ancient trade good, such as ivory?

A
Scarcity created a surplus of ivory.
B
Scarcity reduced the supply of ivory.
C
Scarcity increased the supply of ivory.
D
Scarcity decreased the demand for ivory.
8

What is true of command economies?

A
The government owns all resources.
B
Competition encourages development.
C
Individuals are free to make decisions.
D
The marketplace determines the price of goods.
9

How did the adoption of currency most directly benefit ancient civilizations?

A
Specialization of labor was developed.
B
Larger populations could be supported.
C
Competition for producing goods was reduced.
D
Goods did not have to be measured against standards.
10

How did the conquest of new lands most directly contribute to economic growth?

A
Conquests resulted in the rise of new empires.
B
Conquests led to the acquisition of new labor and capital.
C
Conquests offered excitement and adventure to soldiers.
D
Conquests sped up the development of military technologies.

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