Unit Test — Unit test Answers

Wind and solar energy are examples of

Adam Smith believed that fair prices for goods are determined in a capitalist system

Venya and Kari own a flower shop that specializes in custom bouquets. Wanting to expand into selling potted plants, they create a production possibility chart to assess whether the potted plants are a good idea. Study their chart:

Which of the following best illustrates deciding how to produce a specific product?

In a mixed market economy, a fire breaks out in a sneaker factory. The repair work most likely will be paid by

Which problems arose as a result of capitalism with little government oversight? Check all that apply.An even distribution of wealth led to little competition.Businesses eventually exploited the working class.Workers who were injured on the job were not protected.There were vast inequalities between workers and owners.Worker’s unions dissolved because employee treatment improved.Big companies drove small companies out of business.

How does the use of new technology in industry benefit producers more so than consumers?

Gabriela owns a company that makes silk scarves. She buys the silk from an overseas supplier and is subject to a tax on imported goods. Gabriela most likely lives in

The goal of a market economy is to

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

Opportunity cost occurs because of a producer’s need to

A frozen foods company changes an ingredient to meet a new government standard. This is an example of

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?

Which nation has a command economy?

In general, which best explains why communist revolutions did not happen?

Which of the following is an example of a capital resource?

The difference in income between the richest and poorest citizens is called

In a dictatorship of the proletariat, who controls the government?

renewableinexpensiveabundantscarce

What moderate reforms did European socialists support? Check all that apply.assistance for the poorworking class revolutionbetter working conditionslack of protections for unionsminimum wage lawslack of regulation for prices