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