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Competition and Free Enterprise — Unit test Answers

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A
shipping
B
hiring
C
consuming
2
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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.
3

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.
4

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
5

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.
6

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
7

A pure market economy is sometimes called pure

A
a. command economy.
B
socialism.
C
communism.
D
capitalism.
8

Which situation best reflects the concept of free enterprise?

A
Consumers have a choice between two bakeries in a single city block.
B
An agency determines which supplements are safe for people to buy.
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.
9

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.
10

Opportunity cost means that something needs to be

A
replenished.
B
given up.
C
ignored.
D
paid for.
11

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.
12

Which of the following is influenced by personal economic choices? Choose four answers.

A
the cost of your rent and utilities
B
the resources you have available
C
the amount of money you spend on a bus pass
D
the money you decide to spend on leisure products
E
the amount of money you put into your savings account
F
the manner in which you balance your time between work and leisure
13

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

A
closed economy.
B
command economy.
C
mixed market economy.
D
pure market economy.
14

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.
15

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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