AnswersISP ONLY Economics S5000XXUnit Test

Unit Test — Unit test Answers

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1
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Does a depression always follow a recession?

A
Yes, the trough is always considered a depression.
B
No, a depression is indicated when the recession is exceptionally long.
C
Yes, for recovery to occur, the trough must be reached.
D
No, the economy could decline quickly and bypass recession.
2
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Which best describes the effect negative incentives have on a certain course of action?

A
They make the action impossible.
B
They make the action more profitable.
C
They make the action difficult.
D
They make the action less likely.
3

What should be included in an outline for an informative essay? Check all that apply.a thesis statementa final opinionseveral subtopicsparenthetical citationssecondary sources

a
a thesis statement
a
a final opinion
s
several subtopics
p
parenthetical citations
s
secondary sources
4

Which form of transportation has led to more efficient business in a global market?

A
helicopters
B
high-speed trains
C
tractor trailers
D
cargo ships
5

How do consumers’ feelings about the economy help contribute to growth?

A
Positive consumer attitudes influence spending habits.
B
Positive consumer attitudes increase job prospects.
C
Positive consumer attitudes inspire increased production.
D
Positive consumer attitudes can end a depression.
6

Which describes the difference between a trade surplus and a trade deficit?

A
A trade surplus is when a country exports more than it imports, while a trade deficit happens when imports exceed exports.
B
A trade surplus is when a country imports more than it exports, while a trade deficit happens when exports exceed imports.
C
A trade surplus is when a country produces more than it consumes, while a trade deficit happens when consumption exceeds production.
D
A trade deficit is when a country loses money on products it makes, while a trade surplus happens when production leads to profits.
7

Cost-push inflation occurs when

A
consumers begin purchasing more goods.
B
producers need more money to make and distribute goods.
C
the government prints more money and pushes prices up.
D
consumers have more money to spend on goods and services.
8

Government officials in Country M have determined that they need to take action to encourage the growth of their economy. To do this, they have introduced an incentive policy that offers citizens free education. This is extended to all individuals who sign a contract agreeing to work within their specific industry for the next ten years.

e
education to reduce unemployment and increase production.
n
new technologies to produce goods that are in great demand.
r
resources that can be traded with other nations.
r
research to develop goods that can be sold on a global scale.
9

What should be included in an informative essay? Check all that apply.

A
properly cited sources
B
emotional language
C
parenthetical citations
D
smooth transitions
E
supporting details
10

As a result of decreased production, David lost his job designing cars. Which terms can be used to describe David? Select two options.cyclically unemployeddomestically unemployedfrictionally unemployedstructurally unemployedstill employedunemployed

c
cyclically unemployed
d
domestically unemployed
f
frictionally unemployed
s
structurally unemployed
s
still employed
u
unemployed
11

[BLANK]

A
difficult
B
vague
C
appropriate
D
easy
12

Globalization is the process of

A
limiting exhange of goods and services.
B
connecting the world over time.
C
requiring or relying on something.
D
focusing on certain goods and services.
13

Why do developing countries usually have less variety in their economic activities?

L
Limited access to education means that people are not trained to work in industry or technology.
F
Focusing on one or two economic activities leads to more rapid economic development.
D
Developing countries are usually small and have limited populations and resources.
P
People prefer the lifestyle that accompanies traditional activities such as farming.
14

What are the signs of low inflation? Check all that apply.Demand steadily rises.Demand steadily falls.Prices continue to increase.Prices continue to decrease.The economy grows in a healthy way.The economy stagnates and struggles.

D
Demand steadily rises.
D
Demand steadily falls.
P
Prices continue to increase.
P
Prices continue to decrease.
T
The economy grows in a healthy way.
T
The economy stagnates and struggles.
15

What type of economic growth do most developed economies experience?

r
rapid growth
u
unpredictable growth
m
moderate growth
s
slow growth
16

Why does an increase in literacy rates often accompany an increase in per capita income?

P
People who have higher-paying jobs often have the time available to develop literacy skills.
D
Developing countries have higher-than-average literacy rates, which typically leads to higher income.
P
People who can read and who receive an education are eligible for higher-paying jobs.
D
Developed countries often attempt to raise low literacy rates to improve income.
17

A factory owner might decide to manufacture shirts in Pakistan instead of the United States because

i
it is less expensive to make shirts there.
i
it is worth paying more for foreign labor.
w
workers in Pakistan are more skilled.
w
workers in Pakistan work fewer hours.
18

[BLANK]

A
National Export Initiative
B
FTA Tariff Tool
C
European Union
D
Association of Southeast Asian Nations
19

Which process helps countries import things they cannot make while allowing them to specialize in exports?

a
absolute advantage
i
isolation
c
competition
i
international trade
20

A reason that countries trade with each other is

t
to help their neighbors.
t
to get products they cannot produce.
t
to sell goods they do not need.
t
to share excess resources.

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