Answers2102320-Economics HONORS - Edgenuity TeacherUnit Test

Unit Test — Unit test Answers

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21
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Jim lost his job in a car assembly factory to a robot and his skills will no longer be needed. Which terms can be used to describe Jim? Select two options.cyclically unemployeddomestically unemployedfrictionally unemployedstructurally unemployedstill employedunemployed

A
cyclically unemployed
B
domestically unemployed
C
frictionally unemployed
D
structurally unemployed
E
still employed
F
unemployed
22
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Which term refers to the possibility of an investor losing some or all of an investment?

r
risk
l
likelihood
p
probability
c
chance
23

Income reaches the highest level at the point of the business cycle.

Answer not available
24

This graph shows merchandise export data for the years 2010 through 2012.Which statement most accurately describes the information presented on the graph?

Question illustration
A
The United States exported more merchandise than any other nation.
B
The United States exported more than $2 trillion worth of goods in 2012.
C
China exported more goods than the United States from 2010 to 2012.
D
China exported more than $2 trillion in goods for each year on the graph.
25

What kind of money is a gold certificate considered to be?

A
commodity
B
fiat
C
representative
D
currency
26

The aim of the study of macroeconomics is to examine

A
the interactions between individual producers and consumers.
B
the behavior of factors affecting the economy.
C
the relationship between supply and demand.
D
the economy’s viability.
27

The graph shows changes in GDP in the United States from 2009 to 2011.How did the contribution of the services sector to GDP change between 2009 and 2011?

Question illustration
A
It rose by less than 1 percent.
B
It fell significantly.
C
It rose significantly.
D
It stayed exactly the same.
28

Which of the following is the least liquid?

A
savings account
B
checking account
C
credit account
D
investment account
29

Which best describes the purpose served by economic models within an economic system?

A
Models identify patterns.
B
Models determine the business cycle.
C
Models control change.
D
Models define global demand.
30

This graph shows changes in GDP and the unemployment rate in the United States in recent years.In what year would someone looking for work have had the hardest time finding a job?

Question illustration
A
2008
B
2009
C
2011
D
2012
31

Economic interactions involving which of the following would most likely be studied in macroeconomics?

A
a family’s finances
B
trade at a duty-free shop on the U.S.-Canadian border
C
International Monetary Fund policy
D
a small company’s supply contract for a local town
32

Why are imports, which bring goods into a country, considered a leakage factor?

A
Imports do not generate domestic income.
B
Domestic industry loses ground as imports increase.
C
Imports are taxed heavily, which is a secondary leakage factor.
D
The money paid to producers of imports leaves the country.
33

What is one problem that might commonly occur when one is bartering?

A
Someone wants to trade a valuable item for a less valuable one.
B
Two people have different ideas about the value of an item.
C
Someone wants to barter a good in exchange for a service.
D
Two people want to trade items of equal or nearly equal value.
34

In microeconomics, what occurs when equilibrium is reached?

A
Prices decline.
B
Prices increase.
C
Prices are set.
D
Prices fluctuate.
35

Which best describes how a recession develops as demand and production decrease?

A
The recession enters a recovery period.
B
The recession slows.
C
The recession accelerates.
D
The recession starts and stops.
36

Typically, low inflation is a sign of

A
a healthy economy because it results from a steady rise in demand.
B
a healthy economy because it results from a steady rise in supply.
C
a struggling economy because it results from a steady fall in demand.
D
a struggling economy because it results from a steady fall in supply.
37

When economists determine that a nation’s GDP has declined, they can point to this as a sign of

A
economic shrinkage.
B
economic growth.
C
low unemployment.
D
poor leadership.
38

The circle graph shows the GDP in Germany for 2012.Which sector of Germany’s economy had the highest GDP?

Question illustration
A
agriculture
B
industry
C
services
D
technology
39

What gives commodity money its value?

A
a government’s guarantee of its value
B
the type of material with which it is made
C
its rate of exchange in other countries
D
the ability to trade it for a valuable good
40

How do bonds generate income for investors?

A
Bonds depreciate in value.
B
Bonds protect investors from bankruptcy.
C
Bonds pay interest to the bank that sold the bond.
D
Bonds pay a specified amount to the investor at maturity.

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