Economics- M Step Review Question Preview (ID: 61225)

Review Questions. TEACHERS: click here for quick copy question ID numbers.

Which result did the development of one-crop economies, such as tobacco and cotton, have on the Southern Colonies?
a) It created food shortages in urban areas
b) Trade with other countries was not necessary
c) It attracted people with a wide variety of skills to this region.
d) Large plantation owners became wealthy and politically powerful.

Which individual right is most supported by outlawing employment discrimination?
a) Freedom of expression
b) Freedom of Assembly
c) Pursuit of Happiness
d) Right to Worship Freely

Select one pull factor that encouraged people to move to Michigan during the 1800’s
a) Cattle ranching
b) Large scale cash crop farming
c) Fishing industry
d) Logging and lumber industry

How do consumers most benefit from a market economy?
a) Consumers are protected from fraud
b) Individuals are guaranteed employment with income
c) The government sets price limits for goods and services
d) Competition offers consumers the best products at the lowest prices.

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 profits
b) Increased prices
c) Increased demand
d) Increased supply

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) Factory
b) Library
c) Shopping Mall
d) Amusement Parks

Why did the fishing and shipbuilding industry not develop in the Middle and Southern Colonies?
a) The Middle and Southern colonies specialized in mining iron ore rather than fishing and shipbuilding.
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 had soil and climate that favored an agricultural economy.

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) opportunity cost
c) Human resources
d) Direct comparison

Which of the following best describes how the division of labor using the assembly line impacted the automobile industry?
a) The price of the automobile increased
b) The number of automobiles produced increased.
c) The amount of time required to build an automobile increased
d) The number of people needed to build an automobile increased.

Which statement most accurately describes a market economy?
a) A Market economy exists when buyers and sellers interact.
b) A market economy exists when productive resources are conserved.
c) A market economy exists when goods and services are equally distributed.
d) A Market economy exists when the government determines what is produced.

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