Scoresheet - Mid 2nd Quarter Test PDF

McGraw Mid 2nd Quarter Test Hill Logo Scoresheet 75.00 out of 80.00 Points (93.75%) Section 1 Question 1 Section 1 Correct Score : 2.00 out of 2.00 points In economic terms, why aren’t there enough resources to meet all of people’s needs and wants? Multiple choice...

McGraw Mid 2nd Quarter Test Hill Logo Scoresheet 75.00 out of 80.00 Points (93.75%) Section 1 Question 1 Section 1 Correct Score : 2.00 out of 2.00 points In economic terms, why aren’t there enough resources to meet all of people’s needs and wants? Multiple choice question. A) Trade-offs are inevitable. B) Capital is necessary. C) Scarcity is always present. correct D) Opportunity cost is unavoidable. Correct Answer Question 1 C) Scarcity is always present. Question 2 Section 1 Correct Score : 2.00 out of 2.00 points What is the economic term for the next best use of resources after another option is chosen? Multiple choice question. A) opportunity cost correct B) factor of production C) benefit-cost analysis D) shortage Correct Answer Question 2 A) opportunity cost Question 3 Section 1 Correct Score : 2.00 out of 2.00 points When consumers or businesses face more than one option for using resources, which model can they use to choose among the options?  Multiple choice question. A) supply curve B) benefit-cost analysis correct C) trade-off D) demand schedule Correct Answer Question 3 B) benefit-cost analysis Question 4 Section 1 Correct Score : 2.00 out of 2.00 points In which economic system does the government control most economic decisions? Multiple choice question. A) traditional B) market C) command correct  D) mixed Correct Answer Question 4 C) command Question 5 Section 1 Correct Score : 2.00 out of 2.00 points What is the name of the famous trade network that, beginning around 130 B.C., connected Asia to Europe? Multiple choice question. A) the Columbian Exchange B) the Silk Road correct C) the Grand Trunk Road D) the Spice Routes Correct Answer Question 5 B) the Silk Road Question 6 Section 1  Correct Score : 2.00 out of 2.00 points In a market economy, if the price of a good increases, what typically happens to the demand for the good? Multiple choice question. A) It increases. B) It decreases. correct C) It does not change. D) It fluctuates up and down. Correct Answer Question 6 B) It decreases. Question 7 Section 1 Correct Score : 2.00 out of 2.00 points View Passage for Question 7 Question Based on the supply curve for fruit smoothies, how many smoothies is the producer willing to supply if each smoothie costs $6?  Multiple choice question. A) 5 B) 3 correct C) 2 D) 0 Correct Answer Question 7 B) 3 Question 8 Section 1 Incorrect Score : 0.00 out of 2.00 points Select 3 that apply. Economies affect people’s everyday lives by determining Multiple select question. A) the prices people pay for goods and services. correct B) the amount people are paid for different jobs. correct  C) the availability of a product in stores. incorrect D) the amounts of natural resources found in an area. incorrect Correct Answer Question 8 A) the prices people pay for goods and services. B) the amount people are paid for different jobs. C) the availability of a product in stores. Question 9 Section 1 Correct Score : 2.00 out of 2.00 points Select 3 that apply. Which are factors of production? Multiple select question. A) labor correct B) resources correct  C) options D) capital correct Correct Answer Question 9 A) labor B) resources D) capital Question 10 Section 1 Incorrect Score : 0.00 out of 2.00 points Select 2 that apply. What are factors that decrease the quantity demanded for a good or service? Multiple select question. A) The number of consumers decreases. correct B) Consumer incomes increase. C) The price of a good or service decreases.  incorrect D) A good or service becomes less useful than it was. incorrect Correct Answer Question 10 A) The number of consumers decreases. D) A good or service becomes less useful than it was. Question 11 Section 1 Correct Score : 2.00 out of 2.00 points Select 2 that apply. What role(s) does price play in an economic system? Multiple select question. A) Price is an indicator of trade-offs. B) Prices measure a good or service’s value. correct C) Prices determine future economic growth.  D) Prices send signals to producers and consumers. correct Correct Answer Question 11 B) Prices measure a good or service’s value. D) Prices send signals to producers and consumers. Question 12 Section 1 Correct Score : 2.00 out of 2.00 points Select 2 that apply. How can a government influence the price of a good or service? Multiple select question. A) by rationing correct B) by regulating prices correct C) through competition D) through trade-offs  Correct Answer Question 12 A) by rationing B) by regulating prices Question 13 Section 1 Correct Score : 2.00 out of 2.00 points View Passage for Question 13 Question Select 2 that apply. Using the information in the graph, what can you determine about the demand and supply for oil? Multiple select question. A) The equilibrium price is $30. correct B) Consumers will purchase 30 barrels of oil at $10 a barrel. C) Producers will supply 50 barrels of oil if the price is $10 a barrel. D) A surplus will result if 40 barrels are produced at $40 a barrel. correct Correct Answer Question 13  A) The equilibrium price is $30. D) A surplus will result if 40 barrels are produced at $40 a barrel. Question 14 Section 1 Correct Score : 2.00 out of 2.00 points Select 2 that apply. Which conditions are required for economic growth? Multiple select question. A) fewer workers B) fewer consumers C) additional resources correct D) greater productivity correct Correct Answer Question 14 C) additional resources  D) greater productivity Question 15 Section 1 Correct Score : 2.00 out of 2.00 points Select 2 that apply. Which strategy can increase productivity? Multiple select question. A) specializing correct B) decreasing efficiency C) implementing a division of labor correct D) creating a surplus Correct Answer Question 15 A) specializing C) implementing a division of labor Question 16 Section 1 Correct Score : 2.00 out of 2.00 points Which of the following is an example of an economic want? Multiple choice question. A) shelter B) food C) haircut correct D) life-saving medicine Correct Answer Question 16 C) haircut Question 17 Section 1 Correct Score : 2.00 out of 2.00 points In economics, resources are known as Multiple choice question. A) needs.  B) factors of production. correct C) trade-offs. D) services. Correct Answer Question 17 B) factors of production. Question 18 Section 1 Correct Score : 2.00 out of 2.00 points Because people must choose among options when faced with an economic choice, they often face Multiple choice question. A) scarcity. B) options. C) opportunity cost. correct D) unlimited wants. Correct Answer Question 18  C) opportunity cost. Question 19 Section 1 Correct Score : 2.00 out of 2.00 points Which action uses math to help a consumer or business evaluate available options and make reasonable choices? Multiple choice question. A) decision-making analysis B) opportunity cost analysis C) benefit-cost analysis correct D) short-term benefit analysis Correct Answer Question 19 C) benefit-cost analysis Question 20 Section 1 Correct Score : 4.00 out of 4.00 points  What are the four factors of production? Provide an example of each factor. The four factors of production are natural resources, capital resources, human resources (also known as labor), and entrepreneurs. Natural resources are the land, the soil, the geography and so on. They are the resources given by the earth, as per "natural". As for capital resources, these are what drive business and productivity. Some of these being machinery, money, and technology. Human resources are the people who work for you. It also includes their specialties, abilities, and skills. And finally, entrepreneurs, a special factor of production. Entrepreneurs are the individuals who take on the risks of starting a business. So technically, anyone can be an entrepreneur as long as they bear the challenges associated with it. Correct Answer Question 20 Answers may vary. Example Responsefor Question 20 Question 21 Section 1 Correct Score : 2.00 out of 2.00 points Why are traditional economies called “traditional”? Multiple choice question. A) These economies produce only traditional goods and services. B) These economies rely on the four standard factors of production. C) These economies create markets around common purchasing trends. D) These economies answer economic questions based on traditions and customs. correct Correct Answer Question 21  D) These economies answer economic questions based on traditions and customs. Question 22 Section 1 Correct Score : 2.00 out of 2.00 points Which is a clear advantage of a command economy? Multiple choice question. A) Resources can be directed efficiently during an emergency. correct B) Government becomes less and less necessary over time. C) Economic growth is steady and marked by innovation. D) Government focuses on consumer goods that people want. Correct Answer Question 22 A) Resources can be directed efficiently during an emergency. Question 23 Section 1 Correct Score : 2.00 out of 2.00 points In a market economy, what motivates the way individuals and businesses act?  Multiple choice question. A) competition B) self-interest correct C) social well-being D) government commands Correct Answer Question 23 B) self-interest Question 24 Section 1 Correct Score : 2.00 out of 2.00 points In a market economy, how would consumers most likely respond to a rise in the price of clothing? Multiple choice question. A) Consumers would buy more clothing to stock up. B) Consumers would require the government to provide clothing. C) Consumers would buy fewer items of clothing. correct  D) Consumers would start new businesses to produce clothing. Correct Answer Question 24 C) Consumers would buy fewer items of clothing. Question 25 Section 1 Partial Credit Score : 3.00 out of 4.00 points Why is it accurate to describe the United States’ economy as a mixed economy? The United States' economy can be considered a mixed economy because it implements and utilizes practices and ideas of all the economic systems: traditional, command, and market. It gives the people freedom to decide what will be of their business, be it their own way or the way that things have always been done. The United States' government also owns and controls some of the country's factors of production, or resources. Everyone is playing a role in the United States' economy. Moreover, our government also provides us with national defense, disaster relief, and other assistance, thus helping us. Evidently, the United States' economy is made up of the different types of economic systems. Correct Answer Question 25 Answers may vary. Example Responsefor Question 25 Question 26 Section 1 Correct Score : 2.00 out of 2.00 points In economics, the amount of a good or service that people are willing and able to buy at various prices during a given time period is called  Multiple choice question. A) supply. B) demand. correct C) want. D) need. Correct Answer Question 26 B) demand. Question 27 Section 1 Correct Score : 2.00 out of 2.00 points Price and quantity are related in an inverse, or opposite, relationship, which means that price increases Multiple choice question. A) as goods supplied increase or decrease. B) as goods supplied increase. C) as goods supplied decrease. correct  D) as prices of other goods increase. Correct Answer Question 27 C) as goods supplied decrease. Question 28 Section 1 Correct Score : 2.00 out of 2.00 points On a demand schedule and graph showing the price and availability of wildflower seeds, the demand curve will ________ as the price of a packet of seeds ________. Multiple choice question. A) slope down; increases B) rise; remains steady. C) rise; decreases. D) slope down; decreases. correct Correct Answer Question 28 D) slope down; decreases. Question 29 Section 1 Correct Score : 2.00 out of 2.00 points The reward producers receive for supplying more goods at a higher price is called Multiple choice question. A) an opportunity cost. B) a profit. correct C) greater demand. D) competition. Correct Answer Question 29 B) a profit. Question 30 Section 1 Correct Score : 2.00 out of 2.00 points Supply and demand curves enable economists Multiple choice question. A) to predict the future profits for a good or service.  B) to show the change in price as supply or demand changes. correct C) to list the factors that affect supply and demand. D) to track the impact of technology on production. Correct Answer Question 30 B) to show the change in price as supply or demand changes. Question 31 Section 1 Correct Score : 4.00 out of 4.00 points Identify and describe two situations that could cause a change in demand in a market economy. In a market economy, there are many factors that contribute to a change in demand. Some of those including a change in consumer income and a change in consumer preferences. If the consumer's income increases, demand would increase as they would have more money to spend goods and/or services on and vice versa. If the consumer's preference changes, they could either take more or lose interest on what good or service you are offering. Correct Answer Question 31 Answers may vary. Example Responsefor Question 31 Question 32 Section 1 Correct Score : 2.00 out of 2.00 points  Which of the following is an example of price as a measure of value? Multiple choice question. A) Televisions are produced with large screens and better features over time. B) The price is higher for better-quality jeans than for lower-quality jeans. correct C) A bakery lowers its price to match the prices of a nearby competitor. D) A company discounts the price on its product to increase sales. Correct Answer Question 32 B) The price is higher for better-quality jeans than for lower-quality jeans. Question 33 Section 1 Correct Score : 2.00 out of 2.00 points In what situation would rationing likely be used? Multiple choice question. A) when there is little consumer demand for a product B) to settle disagreements over prices  C) when a crisis limits the supply of some goods correct D) to achieve equilibrium prices for goods and services Correct Answer Question 33 C) when a crisis limits the supply of some goods Question 34 Section 1 Correct Score : 2.00 out of 2.00 points What is the role of competition in a market economy? Multiple choice question. A) It guarantees the highest quality goods and services are available. B) It allows prices to go up and down quickly. C) It causes rapid changes in production when needed. D) It keeps prices at or near a certain level. correct Correct Answer Question 34 D) It keeps prices at or near a certain level. Question 35 Section 1 Correct Score : 2.00 out of 2.00 points When is an equilibrium price reached? Multiple choice question. A) The quantity supplied and the quantity demanded are equal. correct B) The price is set when consumers increase their demand. C) Equilibrium price happens when there is a surplus of goods. D) An equilibrium price is set by the government if there is a surplus. Correct Answer Question 35 A) The quantity supplied and the quantity demanded are equal. Question 36 Section 1 Correct Score : 4.00 out of 4.00 points How do shortages and surpluses help set equilibrium prices in a market economy? Shortages and surpluses indicate when you are far off the equilibrium price. These shortages and surpluses represent too much or too little of something, thus you would be able to set the equilibrium price if you  combine these. These together show where the right price is, something like Goldilocks. Shortages and surpluses can act as signals when your prices are too high or too low. Correct Answer Question 36 Answers may vary. Example Responsefor Question 36 Privacy Center Terms of Use Opens Minimum Requirements Platform Status Center ©2024 McGraw Hill. 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