AnswersFL-2102310-Economics Adult Credit Course SY2526Unit Test

Unit Test — Unit test Answers

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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
2
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best

P
People’s desires and needs are always changing.
B
Businesses need to use limited resources wisely.
T
Traditional methods of production are outdated.
B
Businesses need to limit production.
3

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.
4

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
5

Which situation is the best example of competition in an economic system?

A
A restaurant just opened down the block from a movie theater, and the restaurant owner hopes to attract diners after each movie.
B
A small CD store slashed its prices to attract customers from a larger store that sells CDs and DVDs.
C
A store that sells sneakers has offered a special deal to customers from a nearby health club.
D
A federal agency has been created to monitor the production and distribution of food supplements.
6

Which factors are considered when deciding how to make goods and services? Choose three answers.determining who has the greatest needfinances of prospective buyersmethods traditionally used to make goodsways to produce items at a lower cost or higher qualityways to make the biggest profit

A
determining who has the greatest need
B
finances of prospective buyers
C
methods traditionally used to make goods
D
ways to produce items at a lower cost or higher quality
E
ways to make the biggest profit
7

Failure to address the three questions of economics will have what kind of impact on an economy?

A
It will have no consequences.
B
It will help meet citizens’ needs and wants.
C
It will have negative consequences.
D
It will help contribute to the success of the society.
8

In a free-enterprise system, consumers decide

h
how to set prices.
w
which goods to export.
w
which services to buy.
h
how to use materials.
9

What is one downside for consumers to competition in a free-enterprise system?

C
Consumers must be knowledgeable.
C
Consumers have limited choices.
T
The quality of goods often suffers.
T
The price of goods often decreases.
10

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
11

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

A
who
B
what
C
where
D
when
E
why
F
how
12

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
13

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
14

One of the three economic questions deals with deciding

A
what goods and services should be produced.
B
what the costs of production should be.
C
how goods and services will be marketed.
D
how consumers will receive products.
15

In a competitive market, a furniture company decides to use cheaper materials to decrease production costs and pass on the savings. This is an example of

f
following a federal regulation.
l
lowering prices for customers.
r
reducing the risk for consumers.
c
creating a new or better product.
16

If a specific economy has extra capital resources available, it will

A
be able to produce top-quality goods and services.
B
continually look to expand and invest.
C
be able to produce more goods and services needed and wanted by society.
D
have additional labor available to focus on production.
17

advancesupportlimitterminate

A
advance
B
support
C
limit
D
terminate
18

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
19

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.
20

One of the main questions of economics involves deciding upon the method for

A
distributing goods and services.
B
creating goods and services.
C
pricing goods and services.
D
enhancing goods and services.

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