AnswersHSA 26-27 EconomicsWriting Workshop: The Importance of Free Enterprise

Unit 1 Test Answers

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21
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This table shows the number of employees needed to fill lunch orders at several food trucks.Food Truck Number of Lunch Orders Number of Employees Frank’s Falafels 20 per hour 2 Kimchi Kim’s 25 per hour 3 Deli Delight 30 per hour 3 Lunch on the Go 25 per hour 2 Which food truck has the absolute advantage?

A
Frank’s Falafels
B
Kimchi Kim’s
C
Deli Delight
D
Lunch on the Go
22
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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
lowering prices for customers.
C
reducing the risk for consumers.
D
creating an innovative product.
23

This table shows the production possibility schedule for several major manufacturing companies in the automobile industry. Manufacturing CompanyTruck Parts Car PartsCompany A10 per hr.20 per hr.Company B10 per hr.25 per hr.Company C15 per hr.15 per hr.Company D20 per hr.25 per hr. Which manufacturing company has the comparative advantage for car parts?

A
Company A
B
Company B
C
Company C
D
Company D
24

The factors of production attempt to instill the idea that resources are

e
expensive.
s
scarce.
u
unlimited.
n
needed.
25

What type of labor force might a pottery factory want to focus on when hiring?

A
highly skilled
B
highly wealthy
C
highly educated
D
highly localized
26

Which of the following best describes the circular flow model?

A
The model represents the movement of money throughout the economy.
B
The model represents the interactions within sectors.
C
The model represents the flow of goods and services between sectors.
D
The model represents the changing relationships between actors.
27

Opportunity cost means that something needs to be

A
replenished.
B
given up.
C
ignored.
D
paid for.
28

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

A
The counterclaim shows how the position is misleading.
B
The counterclaim shows how the opposing opinion is incorrect.
C
The counterclaim allows readers to state their own positions.
D
The counterclaim allows readers to provide their own interpretations.
29

What are the cons of a mixed market economy for most citizens? Select four answers.

A
There may be a sizable gap between rich and poor people.
B
It can be very difficult for citizens to start private businesses.
C
Citizens must pay for most basic necessities by themselves.
D
There is no guarantee of steady employment for many citizens.
E
Citizens may pay higher taxes than in other economic systems.
F
Citizens often purchase their own health care and higher education.
30

threefourfivesix

A
three
B
four
C
five
D
six
31

Which of the following statements about opportunity cost are true?CHECK ALL THAT APPLY.

A
It exists because resources are scarce.
B
It influences consumers.
C
It influences producers.
D
It assists in anticipating profits.
E
It encourages people to spread their resources around.
32

formalcasualinfomal

A
formal
B
casual
C
infomal
33

A pure market economy is sometimes called pure

A
a. command economy.
B
socialism.
C
communism.
D
capitalism.
34

What type of labor force might a pottery factory want to focus on when hiring?

h
highly skilled
h
highly wealthy
h
highly educated
h
highly localized
35

Which of the following are considered needs? Choose three answers.

A
food
B
Internet
C
cell phone
D
residence
E
television
F
water
36

In a republic, elected officials create laws to regulate the economy.

A
T
B
F
37

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

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

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