AnswersMO-EconomicsUnit Test

Unit Test Answers

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1
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A basic concept in economics is that all resources are

A
scarce.
B
allocated.
C
valuable.
D
renewable.
2
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Wind and solar energy are examples of

A
scarce resources.
B
renewable resources.
C
capital resources.
D
nonrenewable resources.
3

Which of the following has the largest impact on opportunity cost?

A
consumer wants
B
tight deadlines
C
consumer needs
D
limited resources
4

Which nation has a command economy?

A
Cuba
B
Norway
C
South Korea
D
the United States
5

least

Question illustration
w
wood
w
wind
b
biofuel
h
hydroelectric
6

Which of the following will be accomplished by efficient allocations of the factors of production?

A
guaranteeing economic success
B
understanding whether a product will fail
C
fulfilling many needs and wants of society
D
replenishment of limited resources
7

What restriction would the government impose in a closed economy?

T
The government would prohibit trade with other nations.
T
The government would set the prices for imported goods.
T
The government would preserve traditional customs only.
T
The government would prevent private ownership of property.
8

Which factors are considered when deciding how to make goods and services? Choose three answers.determining who has the greatest needfinances of prospective buyersmethods traditionally used to make goodsways to produce items at a lower cost or higher qualityways to make the biggest profit

A
determining who has the greatest need
B
finances of prospective buyers
C
methods traditionally used to make goods
D
ways to produce items at a lower cost or higher quality
E
ways to make the biggest profit
9

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?
10

A company manufacturing shirts for a discount department store decides to create a new style of cotton shirt. The company would most likely produce shirts that will

A
sell at a high price.
B
be less costly to create.
C
use a nonrenewable resource.
D
satisfy the wants and needs of consumers.
11

What is prohibited in a command economy? Select two answers.the control of prices and income levelsthe rationing of manufactured goodsthe personal ownership of propertythe influence of consumer demandthe intervention of the government

A
the control of prices and income levels
B
the rationing of manufactured goods
C
the personal ownership of property
D
the influence of consumer demand
E
the intervention of the government
12

How does scarcity determine the economic value of an item?

A
by the amount of goods that are produced
B
by the capital required to build the factory
C
by the unlimited wants of the consumers
D
by the resources consumed in production
13

On a production possibility curve, data points that fall outside of the curve represent

a
an inefficient allocation of resources.
a
a balanced allocation of resources.
i
ideal production.
a
a currently unattainable production.
14

Becoming informed about economics helps a person understand the

A
reasons a command economy is ideal.
B
role of government in regulating production.
C
why consumers receive tax revenue.
D
reasons an economy must always be completely regulated.
15

Which situation best illustrates the concept of scarcity?

A
a class designing and selling calendars
B
a cook learning to be an executive chef
C
a friend buying a copy of a popular DVD
D
a person buying a used car due to limited income
16

Which statement is an example of an effective claim for an argumentative essay?

A
The free enterprise system has forced some people out of business, allowing only large wealthy companies and people to succeed.
B
The purest form of the free enterprise system does not include any government interference or restrictions.
C
Producers decide which goods to sell, while consumers decide which goods to buy in the free enterprise system.
D
I believe the free enterprise system is the best economic system and should be adopted all around the world.
17

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

m
money available to be invested in a company
w
water held in a reservoir
a
a city’s population
e
electricity produced by a nearby power plant
18

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.Which statement could be added to the outline as supporting evidence for the claim?

A
Producers can decide to make new or better products to attract consumers in the free enterprise system.
B
I remember when smart phones first came out and how that changed the telecommunications industry.
C
Government interference is harmful because it can limit the kind of goods producers make.
D
An entrepreneur is a person who starts a new business and assumes a great deal of risk and responsibility.
19

The chess club needs to raise money for tournament uniforms. Some members want to sell energy drinks at a football game to raise funds, but others want to organize a car wash in the school parking lot. Based on the concept of scarcity, which thought should drive members' decision-making process to determine how to fundraise?

W
Where will unsold energy drinks be stored?
I
Is there enough consumer demand for a car wash?
W
Will the concession stand be open during the big game?
A
Are there enough volunteers to work a car wash?
20

Which of the following best illustrates the importance of addressing the three questions of economics?

A
People’s desires and needs are always changing.
B
Businesses need to use limited resources wisely.
C
Traditional methods of production are outdated.
D
Businesses need to limit production.

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