AnswersAA - F26 Personal Finance and EconomicsUnit Test

Unit Test — Unit test Answers

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1
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How can the use of new technology in industry benefit workers?

A
Workers can react to economic change quickly.
B
Workers can identify economic emergencies.
C
Workers can gain new knowledge and skills.
D
Workers can make economic forecasts.
2
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What is the last step in creating an argumentative essay?

A
outlining
B
prewriting
C
researching
D
revising
3

The graph shows the price of a good compared to the quantity demanded and the quantity supplied.On this graph, what does the green arrow represent?

Question illustration
a
an ineffective price floor set above equilibrium causing a surplus.
a
an effective price floor set below equilibrium causing a shortage.
a
an ineffective price ceiling set above equilibrium causing a surplus.
a
an effective price ceiling set below equilibrium causing a shortage.
4

Which of the following best illustrates the importance of addressing the three questions of economics?

A
People’s desires and needs are always changing.
B
Businesses need to use limited resources wisely.
C
Traditional methods of production are outdated.
D
Businesses need to limit production.
5

Brenda’s Boards manufactures skateboards. Each skateboard sells for $45 and includes the following expenses: $3 for the wheels and mounts, $1 for the plastic board, $1 for the paint, and $10 for the labor. What is the total profit the company earns after selling 100 boards?

$
$300
$
$350
$
$3,000
$
$3,500
6

In order to calculate marginal cost, producers must compare the difference in the cost of producing one unit to the cost of

A
purchasing a unit.
B
distributing that unit.
C
producing the next unit.
D
producing a different unit.
7

What is the best definition of marginal revenue?

A
the possible income from producing an additional item
B
the price of producing one additional unit of a good
C
the additional income gained from selling an additional good
D
the financial gain from business activity minus expenses
8

Which question can most help a writer revise an argumentative essay?

A
What is the topic to be addressed?
B
What is the main purpose of the essay?
C
Do details provide support for the claim?
D
Which subject will help explain the position?
9

Read the following scenario. A clothing company wants to expand into new regions. It is looking at an urban area with a large number of vacant warehouses. The population is made up of people with average educations and a lower standard of living. The company is experiencing slower sales but has hopes that product will take off and be successful. Which of the factors of production will the company need to address most closely when making its decision to expand?

A
land
B
capital
C
land and labor
D
labor and capital
10

Rescooperate Ice Cream Shop recently analyzed their books. They found that in the past year, they made $100,000 selling ice cream and spent $75,000 on supplies and factory space. The remaining $25,000 represents

A
profit.
B
loss.
C
revenue.
D
expense.
11

Read the introduction to an argumentative essay about entrepreneurs and free enterprise.Mary Kay Ash wanted to write a book about women in business. Instead, what transpired was a business plan for Mary Kay, Inc., a cosmetics company. In a free enterprise system, people like Mary Kay Ash have the opportunity to make their own economic decisions and create their own influential businesses.The introduction is effective because it

A
provides a brief background about the essay’s subject.
B
describes the life of a person many readers will know.
C
summarizes the topic and restates the writer’s position.
D
begins the essay with an interesting anecdote or story.
12

During the revision phase for an argumentative essay, a writer should

A
create a clear argument.
B
check the style and tone.
C
write a strong conclusion.
D
search for facts and evidence.
13

Which statement best describes the conclusion of an argumentative essay?

A
The conclusion acquaints readers with the topic and sets up the ideas that will be presented.
B
The conclusion establishes the focus of the essay and tells readers what the writer’s position will be.
C
The conclusion ties the essay together and tells readers what they have learned and should take away.
D
The conclusion fleshes out the argument and includes counterclaims and evidence from research.
14

What is the best definition of technology?

A
Technology is replacing human workers with mechanical or electronic devices.
B
Technology is applying scientific knowledge to find answers and fix problems.
C
Technology is using fewer resources to manufacture goods more efficiently.
D
Technology is hiring workers from all over the world to manufacture goods.
15

Look at the equation framework.

Question illustration
r
revenue, profit, opportunity cost
p
profit, revenue, production cost
p
production cost, profit, revenue
o
opportunity cost, revenue, profit
16

The Davis family grows organic vegetables to sell at a local farmer’s market. Which are factors that directly affect their profit? Check all that apply.an increase in the cost of farm equipmenta rise in demand for organic producean increase in customers at the marketa change in the market price for non-organic fruita sale on organic meats at the market

A
an increase in the cost of farm equipment
B
a rise in demand for organic produce
C
an increase in customers at the market
D
a change in the market price for non-organic fruit
E
a sale on organic meats at the market
17

On a supply and demand graph, equilibrium is the point where

A
the two curves meet.
B
the supply curve begins.
C
the supply curve ends.
D
the demand curve ends.
18

Which of the following will be accomplished by efficient allocations of the factors of production?

A
guaranteeing economic success
B
understanding whether a product will fail
C
fulfilling many needs and wants of society
D
replenishment of limited resources
19

What is one way a market economy affects the lives of private citizens?

A
Citizens can change jobs relatively easily.
B
Citizens cannot choose their own careers.
C
Citizens do not have to pay for their housing.
D
Citizens have little freedom and independence.
20

How does a production possibility chart assist in outlining opportunity cost?

A
It compares profit potential of one product to another.
B
It compares production cost of one product to another.
C
It compares production numbers of one product to another.
D
It compares consumer demand of one product to another.

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