AnswersEAP-Economics and Personal Finance BUnit Test

Unit Test — Unit test Answers

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21
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Private property is land or goods

A
owned by the government.
B
owned by an individual.
C
used by state officials.
D
used for taxation.
22
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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?

A
Carol and the local officials can set the prices of her cakes.
B
Carol can use the money from her business to achieve her goal.
C
Carol can participate in a barter system for goods to goods.
D
Carol can meet a regulation for the number of local services.
23

What restriction would the government impose in a closed economy?

A
The government would prohibit trade with other nations.
B
The government would set the prices for imported goods.
C
The government would preserve traditional customs only.
D
The government would prevent private ownership of property.
24

What is the best definition of automation?

A
the use of robotic equipment in a manufacturing process
B
the application of scientific knowledge to find answers and fix problems
C
the use of resources to manufacture goods more efficiently
D
the hiring of workers from all over the world to manufacture goods
25

is the act of working in exchange for an income.

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