AnswersSS57 Principles and Practices of EconomicsEconomic Systems (continued)

Economic Systems (continued) — Unit test Answers

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1
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Which of the following would be considered a nonrenewable resource?

A
sun
B
wind
C
lumber
D
petroleum
2
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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.
3

In the free-enterprise system of the United States, the government

A
makes no economic decisions.
B
makes some economic decisions.
C
makes most economic decisions.
D
makes all economic decisions.
4

[BLANK]

A
three
B
four
C
five
D
six
5

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.
6

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.
7

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.
8

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.
9

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

A
food
B
Internet
C
cell phone
D
residence
E
television
F
water
10

Opportunity cost means that something needs to be

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

[BLANK]

A
shipping
B
hiring
C
consuming
12

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
13

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.
14

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.
15

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

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