AnswersEconomics Full-YearEconomic Systems

Economic Systems — Test Answers

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1
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What statement best reflects President Obama’s point of view in this speech?

A
He believes that Washington should take time to analyze the problem to meet the country’s urgent challenges.
B
He believes that continuing the policies of the previous president will jump-start job creation in America.
C
He believes that the change needed to fix America’s economy must begin with the government.
D
He believes that the economy will continue to decline even with government intervention.
2
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What will be the topic of the essay?

A
the role of government
B
the command economy system
C
the free enterprise system
D
the rise of entrepreneurs
3

Why is this passage an example of a primary source?

A
It is a synthesis of data collected from multiple sources.
B
It is an analysis of past events by a historian.
C
It is an analysis of events observed by a nonparticipant.
D
It is an account of events by a participant.
4

What are some ways to address unemployment in a market economy? Choose three correct answers.

A
increasing regulation
B
raising more taxes
C
promoting hiring
D
creating new projects
E
lowering restrictions
5

Which statement best describes a command economy?

A
Government intervention in economic choices is strictly forbidden.
B
Producers and consumers make some economic choices while the government makes others.
C
The decisions made by producers and consumers drive all economic choices.
D
The government determines economic choices and makes most decisions.
6

Which question can help a writer analyze a prompt and develop a claim for an argumentative essay?

A
Does the conclusion restate the claim?
B
Is supporting evidence included?
C
What is the main purpose of the essay?
D
Is the claim clearly stated?
7

One negative consequence of using automation to improve manufacturing production is that

A
prices often increase for consumers.
B
production will often slow down.
C
factories often need fewer workers.
D
costs often rise for producers.
9

A pure market economy is sometimes called pure

A
communism.
B
capitalism.
C
socialism.
D
command economy.
10

How does a command economy differ from a mixed market economy?

A
In a command economy, citizens have fewer property rights. In a mixed market economy, citizens have more property rights.
B
In a command economy, citizens own all public property. In a mixed market economy, the government owns all private property.
C
In a command economy, citizens own all private property. In a mixed market economy, the government owns all public property
D
In a command economy, citizens have more property rights. In a mixed market economy, citizens have fewer property rights.
11

What is the best definition of ownership?

A
Ownership is the right to purchase land or goods.
B
Ownership is the right to purchase goods alone.
C
Ownership is the right to possess land or goods.
D
Ownership is the right to possess land alone.
12

What kind of economy uses a free-enterprise system?

A
a command economy
B
a closed economy
C
a traditional economy
D
a market economy
13

How are bias by omission and bias by selection of sources similar?

A
They present all the information from a single source.
B
Both use emotional language to describe an issue.
C
They present information for both sides of an issue.
D
Both leave out essential information on an issue.
14

In free-enterprise systems around the world, there are

A
some restrictions on business activity but not on business ownership.
B
no restrictions on business ownership or business activity.
C
some restrictions on business ownership and business activity.
D
some restrictions on business ownership but not on business activity.
15

In a free-enterprise system, consumers decide

A
which services to buy.
B
how to set prices.
C
which goods to export.
D
how to use materials.
16

What is the best definition of technology?

A
Technology is replacing human workers with mechanical or electronic devices.
B
Technology is hiring workers from all over the world to manufacture goods.
C
Technology is using fewer resources to manufacture goods more efficiently.
D
Technology is applying scientific knowledge to find answers and fix problems.
17

The most common economic system in the world is a

A
command economy.
B
closed economy.
C
traditional economy.
D
mixed market economy.
18

"Everyone’s rights should be protected" is an argument

A
for competition.
B
against competition.
C
against regulation.
D
for regulation.
19

What is one way that technology can improve the distribution of goods?

A
Container ships can transport a number of goods at once.
B
Automation can create goods more cheaply and easily.
C
Businesses can hire factory workers across the world.
D
Workers can take Internet classes to gain new skills.
20

Which statement best describes a pure market economy?

A
Producers and consumers make some economic choices while the government makes others.
B
Producer intervention in economic choices is strictly forbidden.
C
The government determines economic choices and makes most decisions.
D
The decisions made by producers and consumers drive all economic choices.
21

What is the second step in the prewriting process for an argumentative essay?

A
developing an opinion
B
creating an outline
C
forming a claim
D
finding evidence

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