AnswersTX-EconomicsEconomic Systems (continued)

Economic Systems (continued) — Unit test Answers

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A
three
B
four
C
five
D
six
2
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This graph shows the US unemployment rate from August 2010 to November 2011. This graph could help the US government

Question illustration
A
allocate natural resources.
B
limit production nationwide.
C
make an economic prediction.
D
address a shortage emergency.
3

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

A
The body paragraphs acquaint readers with the topic and set up the ideas that will be presented.
B
The body paragraphs establish the focus of the essay and tell readers what the writer’s position will be.
C
The body paragraphs tie the essay together and tell readers what they have learned and should take away.
D
The body paragraphs flesh out the argument and include counterclaims and evidence from research.
4

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A
shipping
B
hiring
C
consuming
5

What are some ways to address unemployment in a market economy? Select three answers.

A
creating new projects
B
increasing regulation
C
lowering restrictions
D
raising more taxes
E
promoting hiring
6

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A
formal
B
casual
C
infomal
7

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
8

What might happen if an economy is unable to produce wanted goods and services?

A
People will go without them.
B
People will look elsewhere for them.
C
People will stop wanting them.
D
People will focus on needs instead.
9

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.
10

To create the proper tone for an argumentative essay, a writer should

A
include opinionated words.
B
add complicated language.
C
incorporate unusual stories.
D
use a straightforward approach.
11

John has a large apple orchard. He has decided to bake pies and sell them at the local farmer’s market. Which best describes John’s use of economics?

A
John is using available and renewable resources.
B
John is relying on inexpensive labor costs to improve profits.
C
John is using resources to produce both goods and services.
D
John is assuming consumers will have limited need for his product.
12

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

A
food
B
Internet
C
cell phone
D
residence
E
television
F
water
13

How do economists use data? Choose two answers.

A
to follow and predict unemployment rates
B
to communicate with customers instantly
C
to ship goods to countries all over the world
D
to explain trends in production and shipping
E
to apply automation to reduce production costs
14

Opportunity cost means that something needs to be

A
replenished.
B
given up.
C
ignored.
D
paid for.
15

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

A
T
B
F

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