AnswersBusiness Economics-CR KCKPS-04117021Unit Test

Unit Test — Unit test Answers

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advancesupportlimitterminate

A
advance
B
support
C
limit
D
terminate
2
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Carol has decided to advertise her custom-baked cakes in the local paper in the hopes that her sales could go towards purchasing a home.Which incentive of the free enterprise system would help Carol?

C
Carol and the local officials can set the prices of her cakes.
C
Carol can use the money from her business to achieve her goal.
C
Carol can participate in a barter system for goods to goods.
C
Carol can meet a regulation for the number of local services.
3

Study the graph.In what time period did hydroelectric power usage reach its peak?

Question illustration
A
1970–1980
B
1980–1990
C
1990–2000
D
2000–2010
4

When compared to a mixed-market economy, a command economy typically has

A
more private ownership.
B
more government control over production.
C
strong consumer-buying power.
D
a greater chance for a high income.
5

What forces businesses, industries, and governments to make decisions?

A
services
B
producers
C
goods
D
scarcity
6

The goal of a command economy is to

A
sustain self-sufficiency.
B
preserve traditional customs.
C
create equality within a society.
D
promote free economic choices.
7

A society decides that it needs to produce more corn to feed the growing population. What must it do before it begins the production process?

a
analyze existing resources, such as water availability
d
determine how people will receive the surplus crops
s
study the profitability of increasing corn production
u
understand who is in a position of authority to produce more
8

Which statement best describes a pure market economy?

A
Producer intervention in economic choices is strictly forbidden.
B
The government determines economic choices and makes most decisions.
C
The decisions made by producers and consumers drive all economic choices.
D
Producers and consumers make some economic choices while the government makes others.
9

Ivan works for an automobile factory that exports cars around the world. The government manages the factory, and he lives in housing provided by the city. Ivan most likely lives in

A
a closed economy with limited government regulation.
B
a pure market economy with no government regulation.
C
a command economy with heavy government regulation.
D
a mixed market economy with some government regulation.
10

What restriction would the government impose in a closed economy?

T
The government would prohibit trade with other nations.
T
The government would set the prices for imported goods.
T
The government would preserve traditional customs only.
T
The government would prevent private ownership of property.
11

What is one possible effect of high unemployment in a mixed market economy?

T
The government will intervene to appoint new jobs to workers.
A
A lack of income will weaken the buying power for many people.
N
New government-run farms and factories will open to provide work.
T
The wealth gap between the upper and lower classes will decrease.
12

Which nation has a command economy?

A
Cuba
B
Norway
C
South Korea
D
the United States
13

consumingcreatingdevelopingrevising

A
consuming
B
creating
C
developing
D
revising
14

Which scenarios can be considered effects of Sole Sister Shoe Store choosing to sell dress shoes over sneakers? Select two answers.

A
High school athletes stop shopping there.
B
The inventory of sports socks goes unsold.
C
Sneaker sales were declining before the decision to sell dress shoes.
D
Dress shoes cost less for the store to buy from a supplier.
15

The questions of economics address which of the following? Choose three answers.

A
who
B
what
C
where
D
when
E
why
F
how
16

regulationgoalsdependencyweakness

A
regulation
B
goals
C
dependency
D
weakness
17

Zahara is wondering how she will be able to afford her monthly tv streaming services, water bill, groceries, and cell phone bill. What economic concept concerns Zahara?

A
economic needs
B
economic limits
C
economic needs and wants
D
economic wants and limits
18

Producers can create their maximum combination of goods, as long as they

a
address consumer desires.
g
guarantee a profit.
p
properly allocate resources.
k
keep up with demand.
19

Which is an example of regulation in the automobile industry?

t
the creation of fuel-efficiency standards for cars
t
the installation of satellite radio systems in some cars
t
the usage of multiple-year warranties to cover repairs
t
the production of hybrid models that conserve gasoline
20

If an economist's job paid $50,000 a year 10 years ago, how would understanding the present value and future value of money help explain the difference in the pay rate for the same job today?

A
It would predict the future pay rate in 10 more years.
B
It would guarantee a fixed pay rate increase each year.
C
It would justify why the pay rate has more than doubled.
D
It would calculate the pay rate adjusted for economic changes.

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