Answers EAP-Economics and Personal Finance BUnit Test

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One negative consequence of using automation to improve manufacturing production is that

factories often need fewer workers.

production will often slow down.

costs often rise for producers.

prices often increase for consumers.

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In a mixed market economy, property owned by the government

can be used by many citizens.

can cause economic inequality.

can help promote personal wealth.

can be used for private businesses.

One consequence of automation is that producers need fewer

customers.

machines.

materials.

workers.

When the US government becomes aware of economic changes, the discovery is most likely to influence

how the nation allocates resources.

how companies interest buyers.

how producers ship products.

how economists study trends.

Technology can help governments handle economic emergencies, such as

the reliance on automation.

crop and resource shortages.

the fall of the unemployment rate.

instant sales and communication.

What is the best definition of technology?

Technology is replacing human workers with mechanical or electronic devices.

Technology is applying scientific knowledge to find answers and fix problems.

Technology is using fewer resources to manufacture goods more efficiently.

Technology is hiring workers from all over the world to manufacture goods.

How has information technology impacted the economy? Choose three answers.It has allowed economists to better predict how resources should be allocated.It has assisted governments to make better economic policy decisions.It has become more difficult for businesses to identify when shortages will occur.It has steadily increased the amount of time to share data between locations.It has expanded growth and outlook in information technology careers.

It has allowed economists to better predict how resources should be allocated.

It has assisted governments to make better economic policy decisions.

It has become more difficult for businesses to identify when shortages will occur.

It has steadily increased the amount of time to share data between locations.

It has expanded growth and outlook in information technology careers.

How can the government reduce the wealth gap in a mixed market economy?

The government can control income levels by placing limits on how much citizens can earn.

The government can eliminate minimum wages for workers to account for economic differences.

The government can improve education to provide new opportunities for workers in the lower class.

The government can tax members of the wealthy class at a lower rate to address differences in income.

When compared to a mixed-market economy, a command economy typically has

more private ownership.

more government control over production.

strong consumer-buying power.

a greater chance for a high income.

How can the use of new technology in industry benefit workers?

Workers can react to economic change quickly.

Workers can identify economic emergencies.

Workers can gain new knowledge and skills.

Workers can make economic forecasts.

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.

What are the pros of a mixed market economy for most citizens? Select three answers.The government provides most basic necessities for citizens.There is a great deal of independence and personal choice.There may be less of a gap between rich and poor people.The government cannot dictate which jobs citizens hold.There may be greater opportunity to become wealthy.The economic system works to promote equality.

The government provides most basic necessities for citizens.

There is a great deal of independence and personal choice.

There may be less of a gap between rich and poor people.

The government cannot dictate which jobs citizens hold.

There may be greater opportunity to become wealthy.

The economic system works to promote equality.

A command economy tends to exist under a

democratic government that provides little regulation.

socialist government that provides some regulation.

representative government that provides no regulation.

communist government that provides a lot of regulation.

This graph shows the US unemployment rate from August 2010 to November 2011. This graph suggests unemployment in the United States

will continue to fall.

will continue to rise.

will remain the same.

will only change a little.

Why does the US government create regulatory agencies? Check all that apply.to create fair competition between producersto limit the knowledge of certain consumersto allow producers to have greater freedomto protect consumers’ health and safetyto prevent the formation of monopolies

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

What is one possible effect of high unemployment in a mixed market economy?

The government will intervene to appoint new jobs to workers.

A lack of income will weaken the buying power for many people.

New government-run farms and factories will open to provide work.

The wealth gap between the upper and lower classes will decrease.

The government of country A has determined there is a coal shortage based on mining reports. As a result of these data, the government decreases coal exports to other nations. Access to information helped country A

allocate resources.

limit consumption.

purchase goods.

increase sales.

Which group typically predicts trends in industry based on patterns?

consumers

economists

producers

shippers

Producers can generate instant sales by using

devices.

forecasts.

patterns.

websites.

What is the best definition of economic data?

Economic data is information used for calculation, analysis, or planning.

Economic data is the fastest time it takes to use the fewest resources.

Economic data is knowledge that can be applied to create solutions.

Economic data is a determination based on patterns and evidence.

Private property is land or goods

owned by the government.

owned by an individual.

used by state officials.

used for taxation.

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?

Carol and the local officials can set the prices of her cakes.

Carol can use the money from her business to achieve her goal.

Carol can participate in a barter system for goods to goods.

Carol can meet a regulation for the number of local services.

What restriction would the government impose in a closed economy?

The government would prohibit trade with other nations.

The government would set the prices for imported goods.

The government would preserve traditional customs only.

The government would prevent private ownership of property.

What is the best definition of automation?

the use of robotic equipment in a manufacturing process

the application of scientific knowledge to find answers and fix problems

the use of resources to manufacture goods more efficiently

the hiring of workers from all over the world to manufacture goods

is the act of working in exchange for an income.

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