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Practice Exam Answers

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26
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Which of these are considered needs? Choose three correct answers.

A
cell phone
B
Internet
C
residence
D
television
E
food
F
water
27
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A possible result of disequilibrium is

A
fixed prices.
B
excess demand.
C
stable availability.
D
lower demand.
29

Which of these regulations falls under the jurisdiction of the Environmental Protection Agency?

A
power tools used in factories
B
prescription safety
C
credit card interest rates
D
automobile emissions
30

The level of investment in markets often indicates

A
the state of the economy.
B
the stability of the government.
C
the success of individual companies.
D
the stability of a currency.
31

A factory owner might decide to manufacture shirts in Pakistan instead of the United States because

A
workers in Pakistan are more skilled.
B
it is less expensive to make shirts there.
C
it is worth paying more for foreign labor.
D
workers in Pakistan work fewer hours.
32

What are some benefits to private ownership? Choose three correct answers.

A
Private ownership allows a person to own goods that may increase in value.
B
Private ownership might help a person move to another economic class.
C
Private ownership can make it possible for a business to earn money.
D
Private ownership provides offices for government workers.
E
Private ownership provides land or goods for all citizens to use.
33

Interest on an investment is considered

A
a fee.
B
a penalty.
C
profit
D
financing.
34

Which statement best describes the main cause of the 2008 housing market crash in the United States?

A
Many people could not buy new homes during a weak economy.
B
Many people could not make home payments during a weak economy.
C
Many homes could not sell because housing prices rose too fast.
D
Many homes could not sell because banks charged high interest.
35

In a competitive market, an electronics company releases a smartphone that is much faster than older models. This is an example of

A
following a federal regulation.
B
reducing the risk for consumers.
C
lowering prices for customers.
D
creating an innovative product.
36

Which programs or projects are most likely funded by taxes paid by the citizens of the United States? Choose three correct answers.

A
public school funding
B
constructing a highway
C
building of private homes
D
maintaining state parks
E
developing a vacation resort
37

You have decided to organize your presentation by presenting the events in the order they happened. What is this type of organization called?

A
chronological
B
problem and solution
C
research question
D
cause and effect
39

How did Adam Smith’s economic ideas help the United States establish a free enterprise system? Choose three correct answers.

A
They led to fixed prices for consumers and producers.
B
They led to limited choice and communal ownership of property.
C
They led to individual ownership of property.
D
They led to open competition for consumers.
E
They led to freedom of choice for consumers and producers.
F
They led to more government spending and increased demand.
40

In developed economies, less-educated workers

A
have more jobs to choose from.
B
can have difficulty finding work.
C
may be outsourced to other nations.
D
are often more highly skilled than other workers.
41

Which statement best describes how the Fed responds to recessions?

A
It increases the money supply.
B
It increases reserve requirements.
C
It sells more securities.
D
It charges banks more interest.

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