AnswersOC27 Economics-2102310-Sem-MeadowsUnit Test

Unit 1 Test Answers

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What are the pros of a mixed market economy for most citizens? Select three answers.The government provides most basic necessities for citizens.There is a great deal of independence and personal choice.There may be less of a gap between rich and poor people.The government cannot dictate which jobs citizens hold.There may be greater opportunity to become wealthy.The economic system works to promote equality.

A
The government provides most basic necessities for citizens.
B
There is a great deal of independence and personal choice.
C
There may be less of a gap between rich and poor people.
D
The government cannot dictate which jobs citizens hold.
E
There may be greater opportunity to become wealthy.
F
The economic system works to promote equality.
2
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Which scenarios can be considered effects of Sole Sister Shoe Store choosing to sell dress shoes over sneakers? Select two answers.

A
High school athletes stop shopping there.
B
The inventory of sports socks goes unsold.
C
Sneaker sales were declining before the decision to sell dress shoes.
D
Dress shoes cost less for the store to buy from a supplier.
3

If a specific economy has extra capital resources available, it will

A
be able to produce top-quality goods and services.
B
continually look to expand and invest.
C
be able to produce more goods and services needed and wanted by society.
D
have additional labor available to focus on production.
4

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?
5

productionconsumptionusageexpenditures

A
production
B
consumption
C
usage
D
expenditures
6

Read this prompt for an argumentative essay.A free enterprise system provides individuals the opportunity to make their own economic decisions without restrictions from the government. It allows the supply and demand of consumers to determine the success or failure of an economic endeavor. It also requires entrepreneurs to rise or fall on their own without government support. Do you believe this type of economic system is more or less helpful, and why? Write an argumentative essay that explains your position.What will be the topic of the essay?

A
the role of government
B
the rise of entrepreneurs
C
the free enterprise system
D
the command economy system
7

In a free-enterprise system, producers decide

A
how much to charge.
B
which services to buy.
C
where to shop for goods.
D
which goods interest them.
8

Opportunity cost occurs because of a producer’s need to

l
limit resources.
p
protect resources.
a
allocate resources.
s
spend resources.
9

During the revision phase for an argumentative essay, a writer should

A
create a clear argument.
B
check the style and tone.
C
write a strong conclusion.
D
search for facts and evidence.
10

A company manufacturing shirts for a discount department store decides to create a new style of cotton shirt. The company would most likely produce shirts that will

A
sell at a high price.
B
be less costly to create.
C
use a nonrenewable resource.
D
satisfy the wants and needs of consumers.
11

A command economy tends to exist under a

d
democratic government that provides little regulation.
s
socialist government that provides some regulation.
r
representative government that provides no regulation.
c
communist government that provides a lot of regulation.
12

Producers can create their maximum combination of goods, as long as they

a
address consumer desires.
g
guarantee a profit.
p
properly allocate resources.
k
keep up with demand.
13

Which statement best describes the conclusion of an argumentative essay?

A
The conclusion acquaints readers with the topic and sets up the ideas that will be presented.
B
The conclusion establishes the focus of the essay and tells readers what the writer’s position will be.
C
The conclusion ties the essay together and tells readers what they have learned and should take away.
D
The conclusion fleshes out the argument and includes counterclaims and evidence from research.
14

Which nation has a communist command economy?

A
Norway
B
North Korea
C
South Korea
D
the United States
15

The goal of a market economy is to

A
sustain self-sufficiency.
B
preserve traditional customs.
C
create equality within a society.
D
promote free economic choices.
16

A mixed market economy tends to exist under a

c
communist government that provides little regulation.
d
democratic government that provides some regulation.
r
representative government that provides no regulation.
s
socialist government that provides a lot of regulation.
17

A basic concept in economics is that all resources are

A
scarce.
B
allocated.
C
valuable.
D
renewable.
18

Which statement best describes a mixed market economy?

A
Consumer intervention in economic choices is strictly forbidden.
B
The government determines economic choices and makes most decisions.
C
The decisions made by producers and consumers drive all economic choices.
D
Producers and consumers make some economic choices while the government makes others.
19

Which of the following could be considered both a renewable resource and a nonrenewable resource?

A
iron ore
B
sea water
C
solar energy
D
wheat crop
20

Which nation has a command economy?

A
Cuba
B
Norway
C
South Korea
D
the United States

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Unit 1 Test Answers — OC27…