AnswersEconomics and Personal FinanceIntroduction to Economics

Introduction to Economics — Test Answers

25 verified answers1 views
1
Free Preview

The fact that Samira may miss out on a scholarship opportunity by staying on the freshman team illustrates

A
a tradeoff.
B
unexpected risk.
C
minor consequences.
D
a cause.
2
Free Preview

In what time period did hydroelectric power usage reach its peak?

A
1970–1980
B
1980–1990
C
1990–2000
D
2000–2010
3

What will be the topic of the essay?

A
the rise of entrepreneurs
B
the free enterprise system
C
the role of government
D
the command economy system
4

Why is this graph an example of a secondary source?

A
It provides real-time data about a topic.
B
It synthesizes data from multiple sources.
C
It demonstrates exact measurement techniques.
D
It offers an opinion on a primary source.
5

Which statement best summarizes the author’s perspective?

A
Elected officials are too partisan to work together to solve America’s problems.
B
America will need assistance to overcome challenges to its economy.
C
America can overcome challenges to its economy through decisive action.
D
Elected officials are causing Americans to become discouraged by the tone in Washington.
6

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

A
He believes that the economy will continue to decline even with government intervention.
B
He believes that continuing the policies of the previous president will jump-start job creation in America.
C
He believes that Washington should take time to analyze the problem to meet the country’s urgent challenges.
D
He believes that the change needed to fix America’s economy must begin with the government.
7

What is the fundamental problem producers and consumers face?

A
inadequacy
B
scarcity
C
resources
D
services
8

What kind of economy uses a free-enterprise system?

A
a traditional economy
B
a closed economy
C
a market economy
D
a command economy
9

Which resource is renewable?

A
lumber
B
coal
C
gold
D
minerals
10

A person studying economics chooses to buy an economic textbook for their class, even though it means they cannot afford to buy a video game they want. This shows an understanding of

A
services.
B
goods.
C
production.
D
consequences and tradeoffs.
11

Becoming informed about economics helps a person understand the

A
reasons a command economy is ideal.
B
role of government in regulating production.
C
reasons an economy must always be completely regulated.
D
why consumers receive tax revenue.
12

The most common economic system in the world is a

A
closed economy.
B
traditional economy.
C
mixed market economy.
D
command economy.
13

Private property is land or goods

A
used for taxation.
B
owned by the government.
C
used by state officials.
D
owned by an individual.
14

One of the three economic questions deals with deciding

A
how consumers will receive products.
B
what goods and services should be produced.
C
how goods and services will be marketed.
D
what the costs of production should be.
15

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
What is the main purpose of the essay?
C
Is supporting evidence included?
D
Is the claim clearly stated?
16

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

A
Container ships can transport a number of goods at once.
B
Businesses can hire factory workers across the world.
C
Workers can take Internet classes to gain new skills.
D
Automation can create goods more cheaply and easily.
17

Assessing opportunity cost involves

A
choosing consequences over rewards.
B
reviewing past decisions and changing them.
C
making choices and dealing with consequences.
D
minimizing profit and loss.
18

In free-enterprise systems around the world, there are

A
some restrictions on business ownership but not on business activity.
B
some restrictions on business activity but not on business ownership.
C
some restrictions on business ownership and business activity.
D
no restrictions on business ownership or business activity.
19

What is the best definition of technology?

A
Technology is replacing human workers with mechanical or electronic devices.
B
Technology is using fewer resources to manufacture goods more efficiently.
C
Technology is applying scientific knowledge to find answers and fix problems.
D
Technology is hiring workers from all over the world to manufacture goods.
20

One of the three main questions of economics addresses who should

A
produce goods and services.
B
receive goods and services.
C
market goods and services.
D
distribute goods and services.

Did you find these answers helpful?

More from this Course

practice test
20 verified answers

Practice Test

practice test
22 verified answers

Practice Test

Quiz
10 verified answers

Quiz