AnswersOC27 Economics-2102310-Sem-MeadowsEconomic Development

Economic Development — Cumulative exam Answers

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1
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The graph shows a supply curve.Which events could cause the change in supply shown on this graph? Check all that apply.

Question illustration
A
A producer goes out of business.
B
A natural disaster causes production to drop.
C
A new company joins the marketplace.
D
A company begins to produce more goods.
E
A resource needed to produce more of the good has became scarce.
2
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National Export InitiativeFTA Tariff ToolEuropean UnionAssociation of Southeast Asian Nations

A
National Export Initiative
B
FTA Tariff Tool
C
European Union
D
Association of Southeast Asian Nations
3

elasticityqualitytimequantity

A
elasticity
B
quality
C
time
D
quantity
4

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.
5

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

e
expensive.
s
scarce.
u
unlimited.
n
needed.
6

A tariff is a type of

A
tax.
B
punishment.
C
subsidy.
D
grant.
7

best

T
The body paragraphs acquaint readers with the topic and set up the ideas that will be presented.
T
The body paragraphs establish the focus of the essay and tell readers what the writer’s position will be.
T
The body paragraphs tie the essay together and tell readers what they have learned and should take away.
T
The body paragraphs flesh out the argument and include counterclaims and evidence from research.
8

What are some benefits to private ownership? Select three answers.Private ownership provides offices for government workers.Private ownership provides land or goods for all citizens to use.Private ownership can make it possible for a business to earn money.Private ownership might help a person move to another economic class.Private ownership allows a person to own goods that may increase in value.

P
Private ownership provides offices for government workers.
P
Private ownership provides land or goods for all citizens to use.
P
Private ownership can make it possible for a business to earn money.
P
Private ownership might help a person move to another economic class.
P
Private ownership allows a person to own goods that may increase in value.
9

Which statement explains a way how the Securities and Exchange Commission upholds fair business practices?

T
The SEC makes sure that banks follow federal laws.
T
The SEC tries to limit risk in the financial system.
T
The SEC generally oversees banking practices.
T
The SEC generally oversees financial advisers.
10

What might happen if an economy is unable to produce wanted goods and services?

A
People will go without them.
B
People will look elsewhere for them.
C
People will stop wanting them.
D
People will focus on needs instead.
11

formalcasualinfomal

A
formal
B
casual
C
infomal
12

The graph shows a point of equilibrium.If quantity demanded exceeds quantity supplied, what most likely needs to happen to achieve equilibrium?

Question illustration
A
The supply needs to increase
B
The price needs to decrease
C
The price needs to increase
D
The demand needs to increase
13

How does a counterclaim help support a writer’s position in an argumentative essay?

T
The counterclaim shows how the position is misleading.
T
The counterclaim shows how the opposing opinion is incorrect.
T
The counterclaim allows readers to state their own positions.
T
The counterclaim allows readers to provide their own interpretations.
14

A monopoly is a market that has

f
few competing businesses.
m
many sellers of the same item.
m
many sellers of a variety of products.
a
a single supplier of a good or service.
15

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.
16

spendingprofitdebtsaving

A
spending
B
profit
C
debt
D
saving
17

What is the name of the period when an economy begins to shrink?

r
recession
d
depression
r
recovery
p
peak
18

best

a
a tax that charges low-income earners a lower percentage than high-income earners
a
a tax that charges an equal percentage to all
a
a tax that charges earners based on their professions
a
a tax that charges high-income earners a lower percentage than low-income earners
19

A chart that shows the connection between consumer demand and price is a

m
market schedule.
m
market curve.
d
demand curve.
d
demand schedule.
20

A business owner would most likely create a cooperative instead of buying a franchise because

A
cooperatives give majority owners the most control, while franchises make decisions with a parent company.
B
cooperatives make it easy to accumulate supplies, while franchises come with supplier relationships already in place.
C
cooperatives are well financed by members, while franchises must raise large sums of money to launch a business.
D
cooperatives allow all owners to share profits, while franchises are required to share profits with a parent company.

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