AnswersCHS American Studies 2B-CR .5 AMGUnit Test

Unit Test — Unit test Answers

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1
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The most common economic system in the world is a

A
closed economy.
B
command economy.
C
mixed market economy.
D
traditional economy.
2
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Read the paragraph below, and then decide which type of economy is being described.In this economy, community members typically use simple tools to plant and harvest crops. Food supplies are supplemented by hunting animals and gathering plant materials. Members trade with each other to obtain needed goods, as few people hold currency. Little economic growth occurs.What type of economy is being described?

A
a traditional economy
B
a free market economy
C
a mixed-market economy
D
a command economy
3

consumingcreatingdevelopingrevising

A
consuming
B
creating
C
developing
D
revising
4

Read the scenario. Samira is a freshman basketball player who hopes to go to college on a basketball scholarship. She is offered the chance to play on her school’s varsity basketball team, which plays in tournaments during holiday breaks. Samira usually spends her breaks working at the local hardware store. After careful consideration, Samira decides to stay on the freshman basketball team and keep working over breaks. The fact that Samira may miss out on a scholarship opportunity by staying on the freshman team illustrates

A
a cause.
B
minor consequences.
C
a tradeoff.
D
unexpected risk.
5

Assessing opportunity cost involves

A
making choices and dealing with consequences.
B
choosing consequences over rewards.
C
reviewing past decisions and changing them.
D
minimizing profit and loss.
6

What is one way that economics can influence your daily life?

A
by forcing a decision on a career path
B
by limiting your ability to save money
C
by helping you understand that every choice has a tradeoff
D
by determining if goals are actually worthwhile
7

How would a manufacturer benefit by using fewer scarce resources?

A
The product would be less expensive to produce.
B
The product would better satisfy consumer needs.
C
The product would be popular and readily available.
D
The product would provide a more satisfactory profit.
8

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

A
coal
B
machinery
C
time
D
horse
9

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.
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

Look at the equation framework.

Question illustration
A
revenue, profit, opportunity cost
B
profit, revenue, production cost
C
production cost, profit, revenue
D
opportunity cost, revenue, profit
12

If an economist's job paid $50,000 a year 10 years ago, how would understanding the present value and future value of money help explain the difference in the pay rate for the same job today?

A
It would predict the future pay rate in 10 more years.
B
It would guarantee a fixed pay rate increase each year.
C
It would justify why the pay rate has more than doubled.
D
It would calculate the pay rate adjusted for economic changes.
13

What does the concept of scarcity explain? Choose three answers.why a product could lose significant value over time.why people continue to purchase different products.why consumers are willing to pay high prices for items.why decisions must be made on how to use resourceswhy resources can be both renewable and nonrenewable.why a single resource has more value than another resource.

A
why a product could lose significant value over time.
B
why people continue to purchase different products.
C
why consumers are willing to pay high prices for items.
D
why decisions must be made on how to use resources
E
why resources can be both renewable and nonrenewable.
F
why a single resource has more value than another resource.
14

Which statement best describes the impact of scarcity?

A
People are able to meet most of their needs.
B
Consumers must pay higher prices for many items.
C
Governments must try to meet the wants of citizens.
D
Economies can work to provide more goods and services.
15

Error

Answer not available
16

renewableinexpensiveabundantscarce

A
renewable
B
inexpensive
C
abundant
D
scarce
17

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
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

A basic concept in economics is that all resources are

A
scarce.
B
allocated.
C
valuable.
D
renewable.
20

Error

Answer not available

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