Which of these is an example of a capital resource?
A. workers
B. iron ore
C. entrepreneurs
D. computers
D. computers
How does scarcity affect customers?
A. Limited money forces consumers to make choices.
B. Limited time prevents customers from making decisions.
C. Limited numbers of producers force customers to be loyal.
D. Limited wants and needs limit customers to small purchases.
A. Limited money forces consumers to make choices.
A fast-food chain makes the decision to rebrand itself as a mid-range adult café instead of a cheap kid-friendly restaurant. This change will involve using higher-quality ingredients and renovating to remove children’s playgrounds.
Use the passage to answer the question.
What is the opportunity cost in the scenario above?
A. one-time expense of renovating restaurants
B. ongoing expense of high-quality ingredients
C. money that is expected to be provided by new adult customers
D. money that could have been made from families with young children
D. Money that could have been made from families with young children
How has the geography of the Ozark Mountains region affected what farmers produce?
A. There are many farms in the Ozarks, so a new farmer might stay away from growing things that nearby farms are already producing.
B. The soil in the Ozarks isn’t known for good crop production, so a farmer may turn to raising poultry or livestock instead.
C. Not many people live in the Ozarks, so a farmer might grow something that takes up a lot of space.
D. Farmers in the Ozarks produce the most produce in the state due to the region’s favorable climate.
B. The soil in the Ozarks isn’t known for good crop production, so a farmer may turn to raising poultry or livestock instead.
How does the use of plastic to produce bicycle helmets affect other plastic-using industries?
A. It decreases the prices offered by other industries.
B. It increases the demand for products of other industries.
C. It increases the capital available to other industries.
D. It decreases the amount of resources available to other industries.
D. It decreases the amount of resources available to other industries.
Nelson used to work in a factory that made auto parts until the company closed his location and opened a new factory in China. A press release from the company said that the company could save several million dollars per year by making the parts overseas and shipping them back to the United States.
Use the passage to answer the questions.
Which downside of free trade caused Nelson to lose his job?
A. importing
B. outsourcing
C. exhanging
D. exporting
B. Outsourcing
What is one way that the Arkansas government could convince the company to keep the factory open in Arkansas?
A. It could grant a subsidy to Arkansas businesses in that industry.
B. It could pass a law making it illegal to close the factory.
C. It could pass a tariff on auto parts made outside the state of Arkansas.
D. It could forbid Arkansas businesses from buying products made by that company.
A. It could grant a subsidy to Arkansas businesses in that industry.
Which statement best explains why division of labor increases labor productivity?
A. Employers can pay workers more money when they get more done.
B. Employers must fire some of their workers so fewer people have to get the work done.
C. Workers learn to do their jobs more quickly when they repeat the same tasks.
D. Workers try to work more quickly because their jobs are more boring.
C. Workers learn to do their jobs more quickly when they repeat the same tasks.
A country has an economic boom and can afford to increase imports from a second country. What is likely to happen in the second country?
A. a recession
B. an economic boom
C. a depression
D. increased taxes
B. An economic boom.
Which industry has thrived in Arkansas thanks to the state’s location in the country and its system of highways?
A. commercial fishing
B. automobile manufacturing
C. trucking
D. entertainment
C. Trucking.
Which of these is a non-monetary positive incentive for entrepreneurs?
A. the need to hire and train workers
B. the risks of starting a new enterprise
C. the satisfaction of creating new products
D. the responsibilities of running a business
C. The satisfaction of creating new products.
Why are entrepreneurs important to Arkansas’s economy? Select all that apply.
A. Entrepreneurs create jobs for other people.
B. Entrepreneurs take risks so that others don’t have to.
C. Entrepreneurs would rather set their own hours.
D. Entrepreneurs find creative ways to solve problems within a community.
A. Entrepreneurs create jobs for other people.
D. Entrepreneurs find creative ways to solve problems within a community.
Which Arkansas entrepreneur created a company that grew to be among the top earning corporations in the nation and now employs more than 1 million Americans?
A. Sam Walton
B. Johnnie Bryan Hunt
C. William T. Dillard
D. John TysonWhich Arkansas entrepreneur created a company that grew to be among the top earning corporations in the nation and now employs more than 1 million Americans?
A. Sam Walton
B. Johnnie Bryan Hunt
C. William T. Dillard
D. John Tyson
A. Sam Walton.
What is the purpose of the Clinton School of Public Service?
A. to encourage high school students to volunteer their time
B. to help University of Arkansas college freshmen get acclimated to college life
C. to teach people how to start and run a philanthropic organization of their own
D. to equip graduates to fight for social justice and equality in their communities
D. To equip graduates to fight for social justice and equality in their communities.
How has the agriculture industry changed in Arkansas since its early days of statehood? What is an example of interdependence in agriculture today?
Since the early days of statehood, the agriculture industry in Arkansas has diversified and become increasingly mechanized. For example, rice and soybeans have become significant crops in the state, in addition to cotton, which was the prominent cash crop for many years. Advances in technology have also increased efficiency and productivity, with farmers using precision agriculture to optimize crop yields.
An example of interdependence in agriculture today is the relationship between farmers and food processing companies. Farmers specialize in growing crops, while food processing companies specialize in turning crops into specialized products. Companies such as Tyson Foods, based in Arkansas, work with farmers to supply them with the poultry and beef that they process and package. This interdependent relationship is what allows consumers to have access to a diverse selection of food products.