AnswersOR-Grade 8 US HistoryMaking Spending Decisions

Making Spending Decisions — Cumulative exam Answers

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Which are affected by the factors of production? Choose three answers.the demand of the itemthe availability of the itemthe cost of the itemthe quality of the itemthe popularity of the item

A
the demand of the item
B
the availability of the item
C
the cost of the item
D
the quality of the item
E
the popularity of the item
2
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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.
3

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.
4

Embargoes, quotas, and standards are tools that countries use

A
to reduce exports.
B
to punish other countries.
C
to restrict imports.
D
to raise prices of domestic goods.
5

Which occurs during disequilibrium? Check all that apply.Supply and demand meet.Supply is less than demand.Supply and demand set prices.Supply is greater than demand.Supply and demand set production.

A
Supply and demand meet.
B
Supply is less than demand.
C
Supply and demand set prices.
D
Supply is greater than demand.
E
Supply and demand set production.
6

Which type of credit is most likely to be unsecured?

A
auto loans
B
credit cards
C
mortgage loans
D
personal loans
7

Most often, an insurance deductible must be fulfilled

A
when sharing the cost of a payout.
B
before insurance payouts begin.
C
when signing up for an insurance plan.
D
after a company has paid a claim.
8

If a computer costs $600.00 and the sales tax rate is 7.5 percent, what is the total cost of the computer?

A
$607.50
B
$615.00
C
$622.50
D
$645.00
9

Which situation is an example of comparative advantage in an international market?

A
Country A decides to grow extra potatoes so they have more to export, while Country B does not grow potatoes to export.
B
Factories in Country A and Country B produce the same number of tablet computers. Country A’s factories could be used instead to build more laptops than the factories in Country B.
C
Country A invests in a new technology while Country B chooses to invest in education.
D
Country A can produce 100 units of rice per acre of farmland, while Country B can only produce 70 units of rice per acre of farmland using the same resources.
10

What role do special government agencies play in protecting buyers? Check all that apply.They create regulations to ensure safe products.They promote certain products for companies.They dictate marketing strategies to companies.They help consumers determine marginal cost.They provide information about products.They collect customer fraud complaints.

A
They create regulations to ensure safe products.
B
They promote certain products for companies.
C
They dictate marketing strategies to companies.
D
They help consumers determine marginal cost.
E
They provide information about products.
F
They collect customer fraud complaints.
11

Public property is land or goods

A
owned by an individual.
B
owned by the government.
C
used for private businesses.
D
used to gain personal wealth.
12

What is a state source of revenue?

A
motor vehicle tax
B
gift tax
C
customs tax
D
grocery tax
13

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
14

Which are indicators that economists use to measure how an economy grows? Select two options.monitoring election resultsmeasuring how much the economy producesmonitoring the popularity of different music groupsstudying the economy of another countrytracking the unemployment rate

A
monitoring election results
B
measuring how much the economy produces
C
monitoring the popularity of different music groups
D
studying the economy of another country
E
tracking the unemployment rate
15

W-2 formW-4 form1040 formtax return

A
W-2 form
B
W-4 form
C
1040 form
D
tax return
16

What is the role of the three questions of economics?

A
to assess product profitability
B
to aid in production decisions
C
to offset a poor economy
D
to determine quality and cost
17

Unlike collateral, down payments

A
are used to secure credit.
B
decrease risk for lenders.
C
affect the interest rate.
D
reduce overall debt.
18

A low-risk investment might have a high price if

A
it is in great demand.
B
it belongs to a new company.
C
it protects the initial investment.
D
it guarantees profits.
19

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
20

Which statement best describes on-the-job training?

A
An employer typically pays for it in order to educate an employee.
B
The student pays for it, and it is required in many professions.
C
It usually takes two years and tends to focus on technical training.
D
It lasts for several years, and it often takes four years to earn a degree.

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