AnswersEAP-Economics and Personal Finance BUnit Test

Unit Test — Unit test Answers

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One negative consequence of using automation to improve manufacturing production is that

A
factories often need fewer workers.
B
production will often slow down.
C
costs often rise for producers.
D
prices often increase for consumers.
2
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In a mixed market economy, property owned by the government

A
can be used by many citizens.
B
can cause economic inequality.
C
can help promote personal wealth.
D
can be used for private businesses.
3

One consequence of automation is that producers need fewer

A
customers.
B
machines.
C
materials.
D
workers.
4

When the US government becomes aware of economic changes, the discovery is most likely to influence

A
how the nation allocates resources.
B
how companies interest buyers.
C
how producers ship products.
D
how economists study trends.
5

Technology can help governments handle economic emergencies, such as

A
the reliance on automation.
B
crop and resource shortages.
C
the fall of the unemployment rate.
D
instant sales and communication.
6

What is the best definition of technology?

A
Technology is replacing human workers with mechanical or electronic devices.
B
Technology is applying scientific knowledge to find answers and fix problems.
C
Technology is using fewer resources to manufacture goods more efficiently.
D
Technology is hiring workers from all over the world to manufacture goods.
7

How has information technology impacted the economy? Choose three answers.It has allowed economists to better predict how resources should be allocated.It has assisted governments to make better economic policy decisions.It has become more difficult for businesses to identify when shortages will occur.It has steadily increased the amount of time to share data between locations.It has expanded growth and outlook in information technology careers.

A
It has allowed economists to better predict how resources should be allocated.
B
It has assisted governments to make better economic policy decisions.
C
It has become more difficult for businesses to identify when shortages will occur.
D
It has steadily increased the amount of time to share data between locations.
E
It has expanded growth and outlook in information technology careers.
8

How can the government reduce the wealth gap in a mixed market economy?

A
The government can control income levels by placing limits on how much citizens can earn.
B
The government can eliminate minimum wages for workers to account for economic differences.
C
The government can improve education to provide new opportunities for workers in the lower class.
D
The government can tax members of the wealthy class at a lower rate to address differences in income.
9

When compared to a mixed-market economy, a command economy typically has

A
more private ownership.
B
more government control over production.
C
strong consumer-buying power.
D
a greater chance for a high income.
10

How can the use of new technology in industry benefit workers?

A
Workers can react to economic change quickly.
B
Workers can identify economic emergencies.
C
Workers can gain new knowledge and skills.
D
Workers can make economic forecasts.
11

What is regulation in an economic system?

A
Regulation is the placing of limits or restrictions on business activity by the government.
B
Regulation is the placing of limits or restrictions on business activity by producers.
C
Regulation is the removal of limits or restrictions on business activity by the government.
D
Regulation is the removal of limits or restrictions on business activity by producers.
12

What are the pros of a mixed market economy for most citizens? Select three answers.The government provides most basic necessities for citizens.There is a great deal of independence and personal choice.There may be less of a gap between rich and poor people.The government cannot dictate which jobs citizens hold.There may be greater opportunity to become wealthy.The economic system works to promote equality.

A
The government provides most basic necessities for citizens.
B
There is a great deal of independence and personal choice.
C
There may be less of a gap between rich and poor people.
D
The government cannot dictate which jobs citizens hold.
E
There may be greater opportunity to become wealthy.
F
The economic system works to promote equality.
13

A command economy tends to exist under a

A
democratic government that provides little regulation.
B
socialist government that provides some regulation.
C
representative government that provides no regulation.
D
communist government that provides a lot of regulation.
14

This graph shows the US unemployment rate from August 2010 to November 2011. This graph suggests unemployment in the United States

Question illustration
A
will continue to fall.
B
will continue to rise.
C
will remain the same.
D
will only change a little.
15

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
16

What is one possible effect of high unemployment in a mixed market economy?

A
The government will intervene to appoint new jobs to workers.
B
A lack of income will weaken the buying power for many people.
C
New government-run farms and factories will open to provide work.
D
The wealth gap between the upper and lower classes will decrease.
17

The government of country A has determined there is a coal shortage based on mining reports. As a result of these data, the government decreases coal exports to other nations. Access to information helped country A

A
allocate resources.
B
limit consumption.
C
purchase goods.
D
increase sales.
18

Which group typically predicts trends in industry based on patterns?

A
consumers
B
economists
C
producers
D
shippers
19

Producers can generate instant sales by using

A
devices.
B
forecasts.
C
patterns.
D
websites.
20

What is the best definition of economic data?

A
Economic data is information used for calculation, analysis, or planning.
B
Economic data is the fastest time it takes to use the fewest resources.
C
Economic data is knowledge that can be applied to create solutions.
D
Economic data is a determination based on patterns and evidence.

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