posted by Maria=)
1. Why does scarcity exist?
Producers need scarcity to set prices.
Wants are always greater than resources.
Economic institutions control most money.
No country can make all the goods it needs.***
2. Which of these is an example of a capital resource?
entrepreneurs***(not sure which one)
3. Anya got $10 for her birthday. She considers buying a DVD of her favorite movie for $9. She also thinks about buying a new T-shirt for $12. Then she decides to buy a CD for $8. What is the opportunity cost of her decision?
the ten dollars
4. Jake decides to spend time over the weekend doing extra football practice. What is the most likely short-term consequence of his decision?
His football skills will get a little better.***
He will become a professional football player.
His coach will ask him to quit the team.
He will win a football scholarship.
5. Which of these people makes price decisions in a command economy?
a person baking bread
a person working in a factory
a person buying health care services
a person working for the government***
6. The following natural resources are needed to make lined paper:
wood from trees
dye for ink
What else could be made from both of these resources?
book pages***(not so sure)
7. What are two types of economic incentives?
imports and exports
rewards and penalties***
supply and demand
banks and non-profit organizations
8. Which of these is an example of a monetary incentive?
having fun walking a dog
making friends on a sports team
learning a new skill through studying it
earning an allowance for doing chores***
9. What is one potential negative consequence associated with free trade?
Import and export taxes are high under free trade.
Buyers and sellers can no longer make price decisions.
Countries that practice free trade have high unemployment.
People in certain industries earn lower wages or sell fewer products.***
10. An export is ___________________. (1 point)
a tax placed on goods brought into a country for sale.
a good brought into a country for sale.
a good sent to a different country for sale.***
a tax placed on people who buy and sell goods.
11. Tech Town is filled with companies that produce computer parts and software. Which sentence best describes TechTown? (1 point)
TechTown specializes in computers.
TechTown has a high demand for software.***
TechTown must have a command economy.
TechTown imports many computers.
12. What is the most likely result of increased labor productivity? (1 point)
Producers will raise the prices for their goods.***
Producers will make goods more quickly.
Producers will hire many more workers.
Producers will experience higher demand for their goods.
13. What is the main purpose of a market? (1 point)
to allow people to exchange goods and services
to set prices for goods and services
to help producers get human resources***
to increase competition between buyers and sellers
14. A relative price compares _________________. (1 point)
the price different sellers ask for the same good.***
the price that buyers pay to the price that sellers ask.
the price of one good or service to another.
the price that a seller wants to pay to the price that the seller actually pays.
15. Julie wants to buy an autographed graphic novel for her brother's birthday, but she cannot afford it. What would be the most likely substitute for this good? (1 point)
an autographed baseball
an unsigned graphic novel
a book about the author of the novel***
a set of drawing supplies
16. Malik cuts lawns in his neighborhood to earn some extra money. His neighbors agree to pay him $15 to take care of their lawns for the week, and at that price, Malik is willing to set aside enough time to take care of four lawns. After a few heavy rainstorms that cause the grass to grow more quickly, several of Malik’s neighbors offer him $20 to cut their lawns. What effect could this price increase have on Malik’s lawn-cutting business?
Malik will not need to cut lawns anymore.
Malik will be willing to charge more people less money.
Malik will cut lawns every day instead of just once a week.
Malik will be willing to take care of more lawns that week at the higher price.***
17. What is the most likely competitor for a company that manufactures gym shoes?
Gym Socks 'R' Us
18. Customer service is an example of _____________.
price competition.***(not sure aout this one)
a monetary incentive.
a non-monetary incentive.
19. Banks most help grow the economy becuase ______________.
they provide loans for consumers and investors.***
they are difficult to steal from.
they are backed by the federal government.
they offer both checking and savings accounts.
20. Labor unions are most closely tied to which type of productive resource?
PLZ HELP ME I HAVE DONE EVRYTHING I ONLY COME HERE WHEN I HAVE TRIED EVERYTHING AND STILL DON'T UNDERSTAND PLZ HELP PLZZ
Wrong: 2, 12, 13, 15, 18, 20
Right: 1, 3, 4, 5, 7, 8, 9, 10, 11, 14, 16, 17, 19
thx but why is 6 questioned marked?
It's questioned because I didn't read it carefully. :-(
Your answer for 6 is correct.
ok number 2 is either one of those that I picked?
is number 12-D
is number 13-D
is number 15-A
for 18 what is customer service?
is number 20-A
plz help me you have done soo much plz your the best ms.sue
ok number 2 is either one of those that I picked? No.
is number 20-A - no
is number 12-D - no
is number 13-D - no
is number 15-A - I think there's a better answer. We don't know if he even likes baseball.
for 18 what is customer service? - If you're going to ask for help, at least read the links that we post for you!!
I've checked your answers twice. You're on your own now. Do not post them again.
Just took this: If you have these exact question with these exact answer choices in this exact order then here are the answers: 100% true
D : human resources
Thanks ALOT SKYYYYZZZZ
i got 20/20 plz trust her and me!!!!!!
are you right
What are all 28 answers
thanks so much 100
ok fo all 7 grade connexus these answers are right I just got 20/20 so trust it
Warrior Cat Lover
Is this the right test? i got a 14/20 on the lesson 12: Economics Basics Unit Test Social Studies b B Unit 4: Economic Basics.
Hi welcome to chilis
Yo thank you your awesome bro no w I'm at an a in the class and it brought my c to a b+