AnswersOC27 Economics-2102310-Sem-MeadowsUnit Test

Unit Test — Cumulative exam Answers

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61
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What is a benefit associated with free trade?

A
increased government revenue from tariffs
B
enhanced innovation and technology
C
limited market access for domestic industries
D
higher inflation due to import competition
62
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A clothing store has ordered a new supply of jeans for the fall season and wants to sell off the remaining items from the previous spring. What action would the store owner most likely take?

A
The store owner would most likely raise the price of the spring jeans to encourage producers.
B
The store owner would most likely lower the price of the spring jeans to encourage producers.
C
The store owner would most likely raise the price of the spring jeans to encourage consumers.
D
The store owner would most likely lower the price of the spring jeans to encourage consumers.
63

What does elasticity measure in economics?

h
how the amount of a good changes when the producer hires more employees
h
how the amount of a good changes when the producer uses new materials
h
how the amount of a good changes when its price goes up or down
h
how the amount of a good changes when its distribution expands
64

What part does interest play in deficit spending?

A
Governments must pay interest on money they borrow when they take on debt.
B
Citizens must pay interest when their governments borrow money.
C
Governments may charge foreign countries interest when they borrow money.
D
Interest is not a factor when a government’s budget is in deficit.
65

Which statement best explains paying in cash to cover the costs of an education?

A
It requires the use of savings.
B
It requires repayment with interest.
C
It involves completing an application.
D
It is based on need or achievement.
66

The factors of production attempt to instill the idea that resources are

A
expensive.
B
scarce.
C
unlimited.
D
needed.
67

As a result of decreased production, David lost his job designing cars. Which terms can be used to describe David? Select two options.cyclically unemployeddomestically unemployedfrictionally unemployedstructurally unemployedstill employedunemployed

A
cyclically unemployed
B
domestically unemployed
C
frictionally unemployed
D
structurally unemployed
E
still employed
F
unemployed
68

Why do developing countries usually have less variety in their economic activities?

A
Limited access to education means that people are not trained to work in industry or technology.
B
Focusing on one or two economic activities leads to more rapid economic development.
C
Developing countries are usually small and have limited populations and resources.
D
People prefer the lifestyle that accompanies traditional activities such as farming.
69

The development of many new businesses helps limit

A
unemployment.
B
taxation.
C
revenue.
D
risk.
70

Why do developing countries usually have less variety in their economic activities?

L
Limited access to education means that people are not trained to work in industry or technology.
F
Focusing on one or two economic activities leads to more rapid economic development.
D
Developing countries are usually small and have limited populations and resources.
P
People prefer the lifestyle that accompanies traditional activities such as farming.
71

Land is considered a resource because it

A
is always available to use.
B
is used to produce things.
C
costs little or nothing to use.
D
requires labor to be useful.
72

The graph shows US trade with China from 1990 to 2018.

Question illustration
A
The United States has a trade surplus with China.
B
China’s economy is declining, which has harmed trade.
C
The United States has a trade deficit with China.
D
China’s economy is improving, which has helped trade.
73

Which describes the difference between a trade surplus and a trade deficit?

A
A trade surplus is when a country exports more than it imports, while a trade deficit happens when imports exceed exports.
B
A trade surplus is when a country imports more than it exports, while a trade deficit happens when exports exceed imports.
C
A trade surplus is when a country produces more than it consumes, while a trade deficit happens when consumption exceeds production.
D
A trade deficit is when a country loses money on products it makes, while a trade surplus happens when production leads to profits.
74

Among the changes that labor reformers wanted after the Industrial Revolution was

A
more jobs for untrained workers.
B
a ban on child factory workers.
C
jobs for women factory workers.
D
equal pay for owners and workers.
75

Look at the table below showing an example of a checkbook ledger.

Question illustration
A
Adrienne forgot to include the $2.00 ATM transaction fee.
B
Adrienne did not use $320.00 as her starting balance.
C
Adrienne deducted $23.50 from her balance instead of $32.50.
D
Adrienne did not enter her ATM withdrawal correctly.
76

Look at the chart comparing the price of graphic T-shirts to the quantity supplied.

Question illustration
d
demand curve.
d
demand schedule.
s
supply curve.
s
supply schedule.
77

What should be included in an outline for an informative essay? Check all that apply.a thesis statementa final opinionseveral subtopicsparenthetical citationssecondary sources

A
a thesis statement
B
a final opinion
C
several subtopics
D
parenthetical citations
E
secondary sources
78

Opportunity cost means that something needs to be

r
replenished.
g
given up.
i
ignored.
p
paid for.
79

The chart shows the marginal cost and marginal revenue of producing apple pies. What most likely will happen if the pie maker continues to make additional pies?

Question illustration
A
The marginal costs will continue to rise, increasing the total cost, while the marginal revenue remains the same, decreasing the profit earned for each pie.
B
The marginal costs will continue to fall, decreasing the total cost, while the marginal revenue remains the same, increasing the profit earned for each pie.
C
The marginal costs will continue to rise, increasing the total cost, while the marginal revenue remains the same, increasing the profit earned for each pie.
D
The marginal costs will continue to fall, decreasing the total cost, while the marginal revenue remains the same, decreasing the profit earned for each pie.
80

This graph shows changes in GDP and the unemployment rate in the United States in recent years.Which statement most accurately describes the trends shown on this graph?

Question illustration
W
When GDP falls, unemployment rises.
G
GDP and unemployment have little to do with each other.
W
When GDP rises, unemployment rises as well.
G
GDP and unemployment rise at times of world crises.

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