AnswersContemporary American Democracy B Q2 - CMSD IU1Cumulative Exam

Cumulative Exam — Cumulative exam Answers

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Which is the best definition of hyperinflation?

A
a gradual decrease in the price of goods and services
B
a gradual increase in the price of goods and services
C
an exponential decrease in the price of goods and services
D
an exponential increase in the price of goods and services
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Read the format of an outline for an informative essay.1. _____________________A. Thesis statement2. Subtopic body sentenceA. EvidenceB. Evidence3. Subtopic body sentenceA. EvidenceB. EvidenceWhich item would best fill in the blank space?

A
Evidence
B
Subtopic
C
Introduction
D
Conclusion
23

Jacob is considering buying a new car. Which nonrenewable resource should influence the decision?

A
labor
B
water
C
minerals
D
petroleum
24

Which economic indicators are used to measure the global economy? Choose four answers.purchasing power paritytrade volumesspending power paritylabor market datagross domestic producttrade deficits and surpluses

A
purchasing power parity
B
trade volumes
C
spending power parity
D
labor market data
E
gross domestic product
F
trade deficits and surpluses
25

The Fed may respond to a recession by

A
discouraging consumer borrowing.
B
decreasing interest rates.
C
decreasing government spending.
D
decreasing available credit.
26

What is the best definition of profit?

A
Profit is the possible income from producing an additional item.
B
Profit is the price of producing one additional unit of a good.
C
Profit is the additional income gained from selling an additional good.
D
Profit is the financial gain from business activity minus expenses.
27

worthlessplentifulelasticinelastic

A
worthless
B
plentiful
C
elastic
D
inelastic
28

Which best describes how advertising influences consumer choice in an oligopoly?

A
Advertising coaxes people to buy new products.
B
Advertising alerts consumers to price reductions.
C
Advertising undermines competition.
D
Advertising informs brand knowledge.
29

The graph shows a point of equilibrium.What is the price at which equilibrium is achieved?

Question illustration
A
$8
B
$9
C
$10
D
$30
30

What new laws did the New York Factory Investigating Commission request? Check all that apply.no factory workers under age tenuse of central air-conditioning systemsa minimum wage for all workersincreased sanitation standardsfire alarms and sprinkler systems

A
no factory workers under age ten
B
use of central air-conditioning systems
C
a minimum wage for all workers
D
increased sanitation standards
E
fire alarms and sprinkler systems
31

A certificate of deposit pays a higher interest rate than a savings account because the money is

A
guaranteed by the government.
B
kept by banks for a longer time period.
C
loaned to banks by consumers.
D
immediately available to consumers.
32

When it spends money on education, a government is trying to

A
find a way to meet a social need.
B
encourage immediate economic growth.
C
meet a social need and improve the economy.
D
find a way to spend budget surpluses.
33

An effective claim in an argumentative essay

A
tends to be nonspecific and undefined.
B
is an idea that anyone would support.
C
establishes a focus for the reader.
D
offers a very passionate viewpoint.
34

Banks that offer low interest rates to people with good credit

A
maximize profits at little risk.
B
sacrifice profits for less risk.
C
maximize profits at great risk.
D
sacrifice profits for more risk.
35

Businesses can use globalization to their advantage by

A
creating trade barriers to other countries.
B
reducing exports to other countries.
C
finding customers in other countries.
D
insourcing jobs in other countries.
36

Hayek believed that the economy could be hard to measure because

A
individuals have the power to make decisions and are unpredictable.
B
individuals have the power to make decisions and are predictable.
C
government has the power to make decisions and is unpredictable.
D
government has the power to make decisions and is predictable.
37

How do trade agreements help the countries involved?

A
by restricting imports
B
by accelerating production
C
by expanding tax revenues
D
by decreasing trade barriers
38

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

A
Websites can allow consumers to purchase goods online.
B
Container ships can transport a number of goods at once.
C
Automation can create goods more cheaply and easily.
D
Airlines can send goods from one place to another.
39

Which of these practices describe how producers in oligopolies generally try to create competition? Check all that apply.by keeping prices lowby offering promotionsby advertisingby cultivating brand loyaltyby overcoming barriers to entryby developing a specific image

A
by keeping prices low
B
by offering promotions
C
by advertising
D
by cultivating brand loyalty
E
by overcoming barriers to entry
F
by developing a specific image
40

It costs Cool Clothes Company $15 to produce one pair of jeans, but they needed to discontinue production of shirts to focus on jeans. For this company, the $15 is the _______, and discontinuation of shirt production is considered their __________.

A
opportunity cost; production cost
B
production cost; resource cost
C
production cost; opportunity cost
D
resource cost; production cost

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