Question

1.Which events would be more common in a command economy than a market economy? Select all that apply.

A.
People with lower incomes have the same goods as people with higher incomes.

B.
People wait in long lines for cheap goods.

C.
New businesses are started to fill society’s unmet needs.

D.
Young college graduates have difficulties finding jobs.

E.
A great deal of food in a market is thrown out because people wait in long lines for cheap goods.

F.
Companies develop new and useful technologies.

2.What is allocation by need?

A.
pricing goods based on want rather than need

B.
giving or selling goods only to people who most need them

C.
giving or selling goods to whoever will stand in line the longest

D.
pricing goods so that even the most vulnerable members of society can afford them

3.Which of the following are the basic economic questions? Select all that apply.

A.
Where should goods be produced?

B.
How should goods be produced?

C.
What goods are produced?

D.
Which resources can be used for goods?

E.
Who receives the produced goods?

F.
Why will people buy the goods?

4.Helium is most known for its uses in floating balloons, but it has many scientific applications, such as preparing NASA rockets, testing aircraft in wind tunnels, and lifting weather monitoring equipment into the upper atmosphere. However, once released into the atmosphere, helium cannot be recovered.

Use the passage to answer the question.

How might a weather scientist feel about the market for helium-filled balloons?

A.
Those that make helium-filled balloons educate the public about the uses of helium.

B.
Helium-filled balloons consume a resource that could be better used.

C.
Helium-filled balloons increase the profits of helium-holding organizations.

D.
Helium-filled balloons create a motivation for mining companies to find helium pockets

Answer 1

1: a,b

2: b
3: b,c,e
4: b

Your welcome now go get that a kid. The economics test is going to be easy.

Answer 2

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Answer 3

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Answer 4

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Answer 5

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Answer 6

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Answer 7

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Answer 8

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Answer 9

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Answer 10

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Answer 15

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Answer 16

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Answer 23

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Answer 24

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Answer 25

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