Answers26-27 Ignite Economics-KY-EconomicsCompetition and Free Enterprise

Competition and Free Enterprise — Unit test Answers

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1
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What are the benefits of instant communication and sales for consumers? Choose three answers.

A
Companies can ship goods to customers in an instant.
B
Businesses can be available for customers 24 hours a day.
C
Customers can purchase goods and services online.
D
Customers can give feedback to producers instantly.
E
Employers can hire workers from all over the world.
2
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Which statement best describes the conclusion of an argumentative essay?

A
The conclusion acquaints readers with the topic and sets up the ideas that will be presented.
B
The conclusion establishes the focus of the essay and tells readers what the writer’s position will be.
C
The conclusion ties the essay together and tells readers what they have learned and should take away.
D
The conclusion fleshes out the argument and includes counterclaims and evidence from research.
3

Producers can generate instant sales by using

A
devices.
B
forecasts.
C
patterns.
D
websites.
4

Jose realized that the only dining options in his community are at local restaurants where the wait time is often excessive. He decides to purchase and operate his own food truck in the area. Which indicates that Jose is exercising free enterprise?

A
Jose allows the other dining establishments to set his menu.
B
Jose shares ownership with the local government which will also determine its location.
C
Jose can control how he conducts his food truck business.
D
Jose parks his food truck five miles from the closest eat-in restaurant to avoid competition.
5

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.
6

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.
7

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.
8

This graph shows the US unemployment rate from August 2010 to November 2011.This graph could help an economist predict

Question illustration
A
how the government will address unemployment.
B
which industries are most in need of workers.
C
how many people will be out of work in the next year.
D
why producers might hire fewer workers in the future.
9

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.
10

While revising an argumentative essay, a writer should

A
include anecdotes and personal “I” statements.
B
focus on including opinions more than evidence.
C
make sure each paragraph has a clearly stated point.
D
make the writing friendly and informal, engaging readers.
11

In a free-enterprise system, producers decide

A
how much to charge.
B
which services to buy.
C
where to shop for goods.
D
which goods interest them.
12

[BLANK]

A
product
B
resource
C
value
D
cost
13

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
14

What is the fundamental problem producers and consumers face?

A
services
B
scarcity
C
resources
D
inadequacy
15

Study the graph.In what time period did hydroelectric power usage reach its peak?

Question illustration
A
1970–1980
B
1980–1990
C
1990–2000
D
2000–2010
16

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.
17

In a mixed market economy, a fire breaks out in a sneaker factory. The repair work most likely will be paid by

A
the government group that runs the factory.
B
the state agency that operates the factory.
C
the city official who manages the factory.
D
the private citizen who owns the factory.
18

In a mixed market economy, property owned by an individual

A
can be used by all citizens.
B
can be run by a city or state.
C
can help promote personal wealth.
D
can be used by government workers.
19

[BLANK]

A
advance
B
support
C
limit
D
terminate
20

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

A
cow
B
machinery
C
employee
D
tractor

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