Unit Test — Cumulative exam Answers

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Equilibrium occurs when supply and demand coordinate to

A
set excess demand.
B
set prices and production.
C
maintain excess supply.
D
raise prices and production.
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What type of labor force might a pottery factory want to focus on when hiring?

h
highly skilled
h
highly wealthy
h
highly educated
h
highly localized
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An exchange rate table makes it easy to compare the

A
different currency denominations used by a single country.
B
cost to produce the currency used by a single country.
C
value of the currencies for two or more countries.
D
unemployment rates for two or more countries.
84

Globalization is the process of

l
limiting exhange of goods and services.
c
connecting the world over time.
r
requiring or relying on something.
f
focusing on certain goods and services.
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Which is the last step in the problem-solving process?

A
gathering information
B
evaluating the solution
C
considering options
D
weighing disadvantages

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