AnswersEconomics Full-YearEconomic Systems

Practice Test Answers

11 verified answers
2
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How do economists use data? Choose two correct answers.

A
to apply automation to reduce production costs
B
to communicate with customers instantly
C
to explain trends in production and shipping
D
to ship goods to countries all over the world
E
to follow and predict unemployment rates
3
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What are the cons of a mixed market economy for most citizens? Choose four correct answers.

A
Citizens must pay for most basic necessities by themselves.
B
There may be a sizable gap between rich and poor people.
C
There is no guarantee of steady employment for many citizens.
D
Citizens may pay higher taxes than in other economic systems.
E
Citizens often purchase their own health care and higher education.
F
It can be very difficult for citizens to start private businesses.
4

Which phrase best describes frame of reference?

A
overall way of thinking in a source based on context, choices, actions, and their effects
B
overall writing style in a source based on context, choices, course of action, and its effects
C
the context of a source that drives its overall perspective
D
the credibility of an author based on credentials and experience
5

In a command economy, a cotton farm floods after a heavy storm. The repair work most likely will be paid by

A
the government group that runs the farm.
B
the individual who manages the farm.
C
the private business that operates the farm.
D
the family who owns the farm.
6

What is a disadvantage of using secondary sources?

A
They provide real-time data.
B
They include multiple perspectives.
C
They can be difficult to read.
D
They can introduce biased opinions.
7

What role do government agencies play in a mixed market economy?

A
They own farms, factories, and other sources of production.
B
They regulate some aspects of production and distribution.
C
They run shipping companies and other sources of distribution.
D
They employ most of the workers in the economic system.
8

The government has the right to own all land, buildings, and factories in a

A
closed economy.
B
pure market economy.
C
mixed market economy.
D
command economy.
9

How does a counterclaim help support a writer’s position in an argumentative essay?

A
The counterclaim allows readers to state their own positions.
B
The counterclaim shows how the opposing opinion is incorrect.
C
The counterclaim allows readers to provide their own interpretations.
D
The counterclaim shows how the position is misleading.
10

In the free-enterprise system of the United States, the government

A
makes all economic decisions.
B
makes most economic decisions.
C
makes some economic decisions.
D
makes no economic decisions.
11

Which statement best describes the body paragraphs of an argumentative essay?

A
The body paragraphs tie the essay together and tell readers what they have learned and should take away.
B
The body paragraphs acquaint readers with the topic and set up the ideas that will be presented.
C
The body paragraphs establish the focus of the essay and tell readers what the writer’s position will be.
D
The body paragraphs flesh out the argument and include counterclaims and evidence from research.
12

Which situation best reflects the concept of free enterprise?

A
An agency determines which supplements are safe for people to buy.
B
Consumers have a choice between two bakeries in a single city block.
C
Local officials set the prices for all the gas stations in a community.
D
The government decides the minimum wage for all airline workers.

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