Unit Test — Cumulative exam Answers

Review the graph, which shows data for US GDP per capita from 2010 through 2019, adjusted for inflation.

The main goal of for-profit media companies is to make money. How might this contribute to bias in their reporting?

How can having too little government regulation limit consumer choice in a mixed-market economy?

What is lobbying?

How have improved communication and transportation networks had an impact on international trade?

Read the scenario.Local election officials are planning to remove ballot drop-off boxes from an area of the city where most residents are Black or Latino. An investigative journalist uncovers the plan and publishes a story about it in the city newspaper. In the article, the journalist claims that the officials want to suppress voter turnout in the upcoming mayoral election. The election pits the current mayor, a conservative White business owner, against a Black candidate who is a social activist. Polls indicate that the Black candidate is gaining in popularity, particularly in the area affected by the officials’ plan.

Cricket is a British sport that is popular in parts of Africa and Asia. In the past, the sport was rarely played in the United States. However, with a rise in immigration from cricket-playing countries, some Americans became more interested in the sport. They began to buy cricket equipment, including special balls and flat bats. However, this interest only lasted a year. By the following spring, fewer Americans were playing cricket.

How does competition put power in the hands of consumers?

When looking at the opportunity cost of an economic decision, what is meant by the explicit costs of that decision?

Read the excerpt from Ida Tarbell’s The History of the Standard Oil Company:"He [Rockefeller] meant to control the oil business. By one maneuver, and that a discredited one, he had obtained control of one-fifth of the entire refining output of the United States. He meant to secure the other four-fifths. He might retire now, but the oil region would hear of him again. It did. Three months later, in August, 1872, it was learned that the scheme of consolidation which had been presented in vain at Titusville in May had been quietly carried out, that four-fifths of the refining interests of the United States . . . had gone into a National Refiners’ Association, of which Mr. Rockefeller was president.”–Ida M. Tarbell, The History of the Standard Oil Company

Due to a shortage of parts, the demand for cars exceeds the available supply. What is the most likely effect of this imbalance?

How might a country’s trade barriers affect workers in that country?

Government officials in a medium-sized city want to extend one of the city’s public transportation lines to the city’s international airport. Without a way to get to the busy airport by public transit, traffic around the airport has become unbearable for the people using this major transportation hub. While the price tag is high for this extension and it will require up to two years of heavy construction, the officials did a cost-benefit analysis and believe the extension is the correct choice.

The local government in Fairview wants to do something with a corner lot that has been empty for a long time. Option 1 is to build a small park with a playground. Option 2 is to develop a community garden.

Read the scenario.A special interest group is lobbying politicians to support policies on climate change. The interest group asks a climate scientist to work for them. How could hiring a climate scientist help the interest group?

Which act would qualify as a hate crime under the Hate Crimes Prevention Act?

Read this description about social media.Social media can have both positive and negative effects. Sometimes, users post comments that spread hate, promote racism, or encourage violence. As a result, most social media platforms have policies in place to address this problem. The platforms will remove offensive posts. They also will flag and sometimes close accounts they think are inappropriate.

Which scenario illustrates how higher productivity might result in a higher standard of living?

Hoshi has a business making custom skateboards. To make each board, she needs seven layers of thin maple wood, glue, varnish, graphics, wheels, grip tape, and hardware. These supplies cost her $75 per board. She sells each board for $150.

What does a productivity rate compare?