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1
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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
2
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Cecilia has studied economics and knows about the value and investment potential of diamonds. The price of diamonds has recently decreased, and a new diamond mine has opened nearby. Cecilia decides to buy a diamond necklace while the prices are lower.How did Cecilia’s knowledge of economics help her make a savvy commodity purchase?

A
She knew that diamonds are popular and in high demand.
B
She knew that diamonds are a nonrenewable resource, making them scarce.
C
She knew that the cost of diamonds depends only on the demand.
D
She knew that the purchase of diamonds will satisfy wants and needs.
3

Competition happens when two or more businesses

A
complement one another.
B
fight for the same benefit or gain.
C
work together to achieve success.
D
follow regulations from an agency.
4

least

Question illustration
w
wood
w
wind
b
biofuel
h
hydroelectric
5

The goal of a market economy is to

A
sustain self-sufficiency.
B
preserve traditional customs.
C
create equality within a society.
D
promote free economic choices.
6

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
7

Which group creates regulations in mixed-market economies?

A
consumers
B
governments
C
monopolies
D
producers
8

Innovation allows producers to

c
create goods that draw consumer attention.
f
follow restrictions that the government imposes.
a
avoid competing with similar businesses.
o
offer warranties for all of their products.
9

What is prohibited in a command economy? Select two answers.the control of prices and income levelsthe rationing of manufactured goodsthe personal ownership of propertythe influence of consumer demandthe intervention of the government

A
the control of prices and income levels
B
the rationing of manufactured goods
C
the personal ownership of property
D
the influence of consumer demand
E
the intervention of the government
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

Wind and solar energy are examples of

A
scarce resources.
B
renewable resources.
C
capital resources.
D
nonrenewable resources.
12

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.
13

Why does the US government create regulatory agencies? Check all that apply.to create fair competition between producersto limit the knowledge of certain consumersto allow producers to have greater freedomto protect consumers’ health and safetyto prevent the formation of monopolies

A
to create fair competition between producers
B
to limit the knowledge of certain consumers
C
to allow producers to have greater freedom
D
to protect consumers’ health and safety
E
to prevent the formation of monopolies
14

A basic concept in economics is that all resources are

A
scarce.
B
allocated.
C
valuable.
D
renewable.
15

On a production possibility curve, data points that fall outside of the curve represent

a
an inefficient allocation of resources.
a
a balanced allocation of resources.
i
ideal production.
a
a currently unattainable production.
16

Based on the lesson, how are individuals and economies similar?

T
They both must decide how to allocate resources.
T
They both must carefully categorize available resources.
T
They both must recognize the issues with nonrenewable resources.
T
They both must choose whether to use more renewable resources.
17

The Wealth of NationsThe World EconomyThe Success of NationsThe Economic Systems

A
The Wealth of Nations
B
The World Economy
C
The Success of Nations
D
The Economic Systems
18

This photo shows a label that appears on food products in the United States.This label is an example of

Question illustration
p
producer innovation in a market economy.
f
freedom in the free-enterprise system.
r
regulation by a government agency.
c
competition between businesses.
19

Ricardo works part time at a local computer store. One day, his manager approaches him about moving from cashier to floor supervisor. Ricardo is excited because the promotion comes with a raise; however, the extra work hours would take away from time with his friends and family. In the end, he decides to take the promotion.What is Ricardo’s opportunity cost?

A
losing extra time to spend with his friends and family
B
being able to use the extra money for summer football camp
C
losing the ability to spend any time with his family
D
receiving another promotion in six months
20

Which resource is renewable?

A
gold
B
coal
C
lumber
D
minerals

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