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Economics- M Step Review
Test Description: Review Questions
Instructions: Answer all questions to get your test result.
1) Which statement most accurately describes a market economy?
A
A market economy exists when productive resources are conserved.
B
A Market economy exists when buyers and sellers interact.
C
A market economy exists when goods and services are equally distributed.
D
A Market economy exists when the government determines what is produced.
2) Providing public goods and services promotes the common good and safety of all citizens. Which is an example of a public good or service provided by the government in a market economy?
A
Shopping Mall
B
Amusement Parks
C
Library
D
Factory
3) Why did the fishing and shipbuilding industry not develop in the Middle and Southern Colonies?
A
The Middle and Southern colonies had soil and climate that favored an agricultural economy.
B
The Middle and Southern colonies clear-cut forests and focused on manufacturing textiles.
C
The workforces of The Middle and Southern colonies were not as skilled at shipbuilding and fishing.
D
The Middle and Southern colonies specialized in mining iron ore rather than fishing and shipbuilding.
4) Luis is going to open a pizza restaurant, but he will not work there. He has rented a building and bought tables, chairs, and ovens. He purchased the ingredients and tools needed to make pizza. Which element needed to make pizza is still missing?
A
Capital resources
B
Human resources
C
Direct comparison
D
opportunity cost
5) Which of the following best describes how the division of labor using the assembly line impacted the automobile industry?
A
The number of people needed to build an automobile increased.
B
The amount of time required to build an automobile increased
C
The price of the automobile increased
D
The number of automobiles produced increased.
6) Consumers sometimes choose to purchase a similar but lower cost item to avoid paying a higher price. The company who raised prices will usually see their profits decline as a result. What most changes consumer behavior?
A
Increased demand
B
Increased profits
C
Increased supply
D
Increased prices
7) How do consumers most benefit from a market economy?
A
The government sets price limits for goods and services
B
Consumers are protected from fraud
C
Competition offers consumers the best products at the lowest prices.
D
Individuals are guaranteed employment with income
8) Select one pull factor that encouraged people to move to Michigan during the 1800’s
A
Fishing industry
B
Logging and lumber industry
C
Cattle ranching
D
Large scale cash crop farming
9) Which result did the development of one-crop economies, such as tobacco and cotton, have on the Southern Colonies?
A
Large plantation owners became wealthy and politically powerful.
B
Trade with other countries was not necessary
C
It attracted people with a wide variety of skills to this region.
D
It created food shortages in urban areas
10) Which individual right is most supported by outlawing employment discrimination?
A
Freedom of expression
B
Pursuit of Happiness
C
Freedom of Assembly
D
Right to Worship Freely
*select an answer for all questions
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