AnswersOC27 Economics-2102310-Sem-MeadowsUnit Test

Unit 1 Test Answers

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Which statement best describes the introduction of an argumentative essay?

A
The introduction acquaints readers with the topic and sets up the ideas that will be presented.
B
The introduction establishes the focus of the essay and tells readers what the writer’s position will be.
C
The introduction ties the essay together and tells readers what they have learned and should take away.
D
The introduction fleshes out the argument and includes counterclaims and evidence from research.
22
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Which of the following will be accomplished by efficient allocations of the factors of production?

A
guaranteeing economic success
B
understanding whether a product will fail
C
fulfilling many needs and wants of society
D
replenishment of limited resources
23

Competition happens when two or more businesses

A
complement one another.
B
fight for the same benefit or gain.
C
work together to achieve success.
D
follow regulations from an agency.
24

What restriction would the government impose in a closed economy?

T
The government would prohibit trade with other nations.
T
The government would set the prices for imported goods.
T
The government would preserve traditional customs only.
T
The government would prevent private ownership of property.
25

The Wealth of NationsThe World EconomyThe Success of NationsThe Economic Systems

A
The Wealth of Nations
B
The World Economy
C
The Success of Nations
D
The Economic Systems

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