AnswersTX-EconomicsEconomic Systems (continued)

Economic Systems (continued) — Unit test Answers

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1
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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.
2
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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.
3

Which statement best describes a command economy?

A
Government intervention in economic choices is strictly forbidden.
B
The government determines economic choices and makes most decisions.
C
The decisions made by producers and consumers drive all economic choices.
D
Producers and consumers make some economic choices while the government makes others.
4

Which resource is renewable?

A
gold
B
coal
C
lumber
D
minerals
5

Which question can most help a writer revise an argumentative essay?

A
What is the topic to be addressed?
B
What is the main purpose of the essay?
C
Do details provide support for the claim?
D
Which subject will help explain the position?
6

How can the use of new technology in industry benefit the US government?

A
The government can purchase materials from anywhere.
B
The government can rely on automation to reduce costs.
C
The government can react to economic changes quickly.
D
The government can transport goods around the world.
7

Which statement best describes a pure market economy?

A
Producer intervention in economic choices is strictly forbidden.
B
The government determines economic choices and makes most decisions.
C
The decisions made by producers and consumers drive all economic choices.
D
Producers and consumers make some economic choices while the government makes others.
8

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.
9

Fantastic Snack Company has spent months developing a new type of snack chip, but the chips are not selling. Which of the following is the most likely mistake Fantastic Snack Company made?

A
conserving too valuable resources
B
spending capital it did not have
C
not researching production methods
D
not meeting the wants of its consumers
10

In a communist command economy, workers are employed by

A
the agencies.
B
the consumers.
C
the producers.
D
the state.
11

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.
12

Which group creates regulations in mixed-market economies?

A
consumers
B
governments
C
monopolies
D
producers
13

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.
14

Why does the US government create regulatory agencies? Check all that apply.

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
15

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.
16

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.
17

Which statement best describes the introduction of an argumentative essay?

A
The introduction acquaints readers with the topic and sets up the ideas that will be presented.
B
The introduction establishes the focus of the essay and tells readers what the writer’s position will be.
C
The introduction ties the essay together and tells readers what they have learned and should take away.
D
The introduction fleshes out the argument and includes counterclaims and evidence from research.
18

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:

Question illustration
A
25
B
30
C
50
D
75
19

Read this outline for an argumentative essay about the free enterprise system.1. The free enterprise system is helpful because it allows for freedom. A. The free enterprise system is the best economic system because it allows individuals to make their own economic decisions.2. The choices of producers and consumers rule the free enterprise system. A. Individuals have the freedom to become entrepreneurs. B. Supply and demand determine their success or failure. C. Some people say without government support only wealthy people can succeed. D. More government interference would restrict freedom and limit the chance for success.3. The free enterprise system is helpful, not harmful, because it allows people to determine their own economic fate.The underlined sentence in the outline is the

A
claim.
B
conclusion.
C
counterclaim.
D
evidence.
20

[BLANK]

A
Economic patterns
B
Economic peaks
C
Economic theories

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