Unit Test — Unit test Answers

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What is regulation in an economic system?

Regulation is the placing of limits or restrictions on business activity by the government.

Regulation is the placing of limits or restrictions on business activity by producers.

Regulation is the removal of limits or restrictions on business activity by the government.

Regulation is the removal of limits or restrictions on business activity by producers.

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Assessing opportunity cost involves

making choices and dealing with consequences.

choosing consequences over rewards.

reviewing past decisions and changing them.

minimizing profit and loss.

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

to create fair competition between producers

to limit the knowledge of certain consumers

to allow producers to have greater freedom

to protect consumers’ health and safety

to prevent the formation of monopolies

A thrifty shopper wants to purchase a new phone that is made with quality parts. What factors should they consider?

High quality phones contain rare earth metals that are a less scarce resource and cost less to the consumer.

High quality phones contain rare earth metals that are a less scarce resource and cost more to the consumer.

High quality phones contain rare earth metals that are a more scarce resource and cost more to the consumer.

High quality phones contain rare earth metals that are a more scarce resource and cost less to the consumer.

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