AnswersCMS 2026-2027 Economics and Personal Finance HONORS INITIAL CREDITN/A

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1
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Based on the chart, the primary responsibility of shareholders is to

A
make business decisions on the advice of a board of directors, who follow the expertise of leaders.
B
make business decisions on the advice of a board of directors, a president, and other leaders.
C
run the business by electing a board of directors, who then hire the company’s leaders.
D
run the business by electing a board of directors and hiring a president and other leaders.
2
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Which manufacturer has the absolute advantage?

A
The Dairy
B
Ice Cream, Inc.
C
Bob & Gary’s
D
Frozen Treats
3

Why is this passage an example of a secondary source?

A
It details information from government reports and statistics.
B
It provides analysis by someone not present during that time period.
C
It includes multiple viewpoints to analyze a historical event.
D
It collects and maintains real-time and historical data.
4

On this graph, what does the green arrow represent?

A
an ineffective price floor set above equilibrium causing a surplus
B
an ineffective price ceiling set above equilibrium causing a surplus
C
an effective price ceiling set below equilibrium causing a shortage
D
an effective price floor set below equilibrium causing a shortage
5

How many potted plants should they be able to produce on Day 3?

A
25
B
30
C
50
D
75
6

Which of these lists the proper placement of terms to complete the equation?

A
production cost, profit, revenue
B
opportunity cost, revenue, profit
C
profit, revenue, production cost
D
revenue, profit, opportunity cost
7

This graph demonstrates how

A
the amount produced greatly changes with the price.
B
the amount produced slightly changes with the price.
C
the amount consumed greatly changes with the price.
D
the amount consumed slightly changes with the price.
8

Which sector of Germany’s economy had the highest GDP?

A
agriculture
B
technology
C
industry
D
services
9

According to this graph, how does supply behave in the short run and long run?

A
Output cannot be predicted.
B
Output reacts differently.
C
Output remains constant.
D
Output increases.
10

Why is this passage an example of a primary source?

A
It is an analysis of events observed by a nonparticipant.
B
It is an analysis of past events by a historian.
C
It is an account of events by a participant.
D
It is a synthesis of data collected from multiple sources.
11

Time is measured along the x -axis. What is measured along the y -axis?

A
economic output
B
demand
C
prices
D
employment levels
12

What does "P" represent on the graph?

A
the average price of goods sold
B
the price at the equilibrium point
C
the point where equilibrium is achieved
D
the point where supply and demand drop
13

If the market for soccer balls is saturated and the market for soccer nets is open, which combination makes the most sense for Sabrina’s Soccer?

A
A
B
D
C
F
D
C
14

What can the reader conclude from the graph?

A
A company offering cleaning services most likely has only a 50 percent chance of surviving for at least eight years.
B
A company selling diabetes supplies has only a 60 percent chance of surviving for at least three years.
C
A company offering physical therapy most likely has only an 80 percent chance of surviving for at least two years.
D
A company selling telephones most likely has only a 40 percent chance of surviving for at least four years.
15

The underlined sentence in the outline is the

A
evidence.
B
claim.
C
counterclaim.
D
conclusion.
16

Stan’s Sporting Goods is a competitor that can manufacture seven soccer balls out of a possible ten, if it makes one soccer net. Which statement correctly compares the two businesses?

A
Sabrina’s Soccer has a comparative advantage over Stan’s Sporting Goods because Sabrina’s Soccer has a lower opportunity cost.
B
Stan’s Sporting Goods has an absolute advantage over Sabrina’s Soccer because Stan’s Sporting Goods has a lower production cost.
C
Sabrina’s Soccer has an absolute advantage over Stan’s Sporting Goods because Sabrina’s Soccer has a lower production cost.
D
Stan’s Sporting Goods has a comparative advantage over Sabrina’s Soccer because Stan’s Sporting Goods has a lower opportunity cost.
17

What does "Q” represent on the graph?

A
the point where equilibrium is achieved
B
the point where supply and demand drop
C
the average cost of goods sold
D
the quantity at the equilibrium point
18

How might the market react if cooking oil prices increase significantly?

A
The government will aid the sellers in maximizing profits.
B
Consumers will continue buying expensive cooking oil.
C
The sellers restrict sales to increase prices artificially.
D
Consumers will reduce their consumption and look for alternatives.
22

A certificate of deposit pays a higher interest rate than a savings account because the money is

A
guaranteed by the government.
B
loaned to banks by consumers.
C
immediately available to consumers.
D
kept by banks for a longer time period.
23

A producer would most likely

A
buy books and music.
B
shop for groceries.
C
purchase cookies.
D
serve in a coffee shop.

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