AnswersMA-US History II CREconomics and Social Studies

Economics and Social Studies Answers

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1
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Which statement best defines economics?

A
the study of business management
B
the study of using natural resources
C
the study of buying and selling decisions
D
the study of strategies to lower opportunity costs
2
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Which behavior is encouraged by a high rate of inflation?

A
Banks provide lower interest rates.
B
Governments establish a welfare system.
C
People spend money instead of saving it.
D
Businesses choose to decrease production.
3

How do entrepreneurs cause economic expansion?

A
by introducing new products that encourage consumer spending
B
by using competition to drive down the prices of consumer goods
C
by replacing government-owned industries with consumer-friendly ones
D
by reducing exports through increasing the availability of locally produced goods
4

Which problem would a market economy solve more effectively than other economies?

A
Rising rents cause many low-wage workers to not be able to afford housing.
B
There is great consumer demand for healthy food, but few stores carry it.
C
Luxuries are hoarded by leaders of a society, leaving other people very poor.
D
The entirety of oil production is owned by a single person who overcharges for it.
5

Read the scenario.The Japanese government is investing in robots to work in nursing homes. Robots will be used to lift patients in and out of bed, rescue patients who fall, and lead exercise classes.

A
energy
B
labor
C
money
D
transportation
6

What is a purpose of unemployment benefits?

A
to maintain GDP by turning government funds into income for nonworkers
B
to create a more equal distribution of income by preventing extreme poverty
C
to encourage people to leave the labor force and make room for younger workers
D
to prevent inflation by ensuring that the jobless can afford certain consumer goods
7

Which resources are renewable? Select two options.coalgoldoilwaterwind

A
coal
B
gold
C
oil
D
water
E
wind
8

Which economic choice affects income distribution?

A
A factory decides to increase production of steel.
B
An employee chooses to work more hours per week.
C
A government decides to invest in utility companies.
D
A consumer chooses between two equally priced concert tickets.
9

Read the summary.In the United States, building and maintaining the interstate highway system is supported by the federal gasoline tax. The gasoline tax was set at 18.4 cents per gallon in 1993, and it has remained at that level ever since.

A
The demand for gasoline is lower than in 1993.
B
Highway users pay less in tolls and more in taxes than in 1993.
C
Gasoline producers have chosen to offer lower prices than in 1993.
D
The gasoline tax cannot pay for as many highway repairs as it did in 1993.
10

Examine the chart.Which phrase best replaces X?

Question illustration
A
Lower prices and increased quality of items
B
Higher profits and decreased costs of production
C
Higher supply and increased value of corporations
D
Lower demand and decreased scarcity of resources

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Economics and Social Studies Answers — MA-US…