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Integrated Social Studies Unit 2 Exam, Part 2
Test Description: Economics Part 2
Instructions: Answer all questions to get your test result.
1) Scarcity of resources forces people to do what?
A
Fight over resources
B
Starve
C
Prioritize their wants and be selective in what they purchase.
D
Bargain over natural resources
2) Goods and services are produced in better quality, quantity, and speed when they focus on producing few items is what?
A
Specialization
B
Interdependence
C
Macroeconomics
D
Microeconomics
3) What is an example of interdependence?
A
When China sells goods at a cheap price to the world.
B
When Apple releases their newest iPhone.
C
When the United States depends on South America for sugar cane and cocoa beans.
D
When Apple and Samsung reach an agreement on monopolies.
4) Why do countries trade?
A
To get goods at a cheaper price.
B
To make a profit.
C
When on their own, they do not have the resources, or capacity to satisfy their own needs and wants.
D
Because they want things that they do not have.
5) All of the following are advantages of trade EXCEPT:
A
Increases employment.
B
Trade increases competition and lowers prices.
C
Trades technology from different countries.
D
Over-specialization
6) All of the following are disadvantages of trade EXCEPT:
A
Certain industries do not get a chance to develop due to competition from foreign companies
B
Local businesses can suffer due to cheap goods from foreign companies making the same products but cheaper
C
Over-specialization
D
Breaking down of monopolies
7) What are two determinants of price?
A
Opportunity and Cost
B
Manufacturer’s Suggested Retail Price and Store Policy
C
Supply and Demand
D
Supply and Wait list
8) Identify the definition of demand.
A
The cost of whatever one is giving up.
B
The total amount of a good or service available for purchase.
C
The willingness and ability of the people within a market area to purchase particular amounts of goods.
D
The price of a product usually pushed towards the level of which the quantity supplied.
9) Which of the following is NOT an example of how property creates incentives?
A
Private ownership encourages people to make the most productive use of their property.
B
Private ownership discourages drug use.
C
Private ownership encourages people to take care of their property.
D
Private ownership encourages people to make the most productive use of their property.
10) Identify which of the following is a United States programs that helps redistribute income.
A
Food stamps
B
Social security
C
Unemployment assistance
D
Teacher’s Retirement Fund
11) What was created during the Great Depression that was intended to help workers?
A
New Deal
B
Stimulus Package
C
Social Security
D
Committee on Depression Support
12) What happens when property rights are not clearly defined?
A
Easily overused and can be destroyed
B
Everyone shares it equally.
C
No one fights over property.
D
It becomes a common resource and is able to provide for all.
13) Identify the difference between being an inventor and an entrepreneur.
A
An inventor designs products, and an entrepreneur creates it.
B
An inventor invents products, and an entrepreneur uses it.
C
An inventor creates the product, but an entrepreneur is able to market it and sell it.
D
An entrepreneur invents the product, and an inventor sells the product.
14) Which of the following is the definition of entrepreneurial opportunity?
A
A study of how to use money to create opportunities.
B
A specific innovative way to satisfy a want, overcome a problem, or meet a challenge
C
A way to invest money and become successful
D
A want, problem, or challenge that can be addressed, solved, and/or satisfied by an innovative initiative
15) In the documentary on Steve Jobs, which company or invention did he NOT work on or with?
A
Netflix
B
Pixar
C
Next
D
Apple
16) Identify an example of a short-term goal.
A
Getting a car
B
Getting married
C
Graduating high school
D
Passing this test
17) What does it mean to be financially responsible?
A
To use your money on needs and no wants
B
To use money wisely in an effort to create a sustainable lifestyle.
C
To use your money on wants and no needs
D
To get out of debt.
18) Why is it important to create and live on a budget?
A
Because when you turn 18, you have to.
B
Allows you to become financially responsible
C
So you don’t go bankrupt
D
So you know what you want to do with your life.
19) Haleigh plans on adopting a baby from Uganda after she becomes a doctor. What type of goal is this?
A
Long Term
B
Short term
C
Medium term
D
Bucket list
20) Why is it important to have good credit?
A
So you can be successful
B
To be able to spend more money on credit cards
C
To get a house or a car.
D
Because if you have bad credit you go to jail.
*select an answer for all questions
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