SSEF3 and SSEF4 Common Assessment Review
a year ago
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  • Question 1
    30 seconds
    Q.

    Workers on an assembly line are an example of

    answer choices

    allocation

    entrepreneurs

    homogenization

    specialization

  • Question 2
    30 seconds
    Q.

    How does the activity in this image represent specialization?

    answer choices

    The products being produced are specialized for each worker.

    This worker is completing one of many parts of a final product.

    This worker is making a product that is different from that of other workers.

    This worker is performing many different steps in the production of a product.

  • Question 3
    30 seconds
    Q.

    New e-commerce businesses, including companies like eBay, focus on voluntary exchange. Which generalization BEST describes this type of commerce?

    answer choices

    Decentralized decision-making requires large bureaucracy.

    Centralized decision-making produces dramatic economic output.

    Centralized decision-making results in buyers and sellers freely engaging in commerce.

    Decentralized decision-making results in buyers and sellers freely engaging in commerce.

  • Question 4
    30 seconds
    Q.

    If two people are packing and delivering food, what is the most efficient way to do the job?

    answer choices

    Both people pack and deliver as a team.

    One person packs all the orders and the other delivers them.

    One person packs on Monday while the other delivers and then they switch jobs.

    One person packs half and delivers them; then the other packs the other half and delivers them.

  • Question 5
    30 seconds
    Q.

    In what way does specialization increase productivity?

    answer choices

    Specialization reduces scarcity.

    Specialization reduces the cost of production.

    Specialization increases the demand for a product.

    Specialized workers are generally more highly educated.

  • Question 6
    30 seconds
    Q.

    Although specialization increases productivity, one disadvantage is

    answer choices

    loss of flexibility among workers.

    higher costs in training workers.

    a reduction in wasted time.

    the loss of training time.

  • Question 7
    30 seconds
    Q.

    "Ryan tells Ty that he will give him his best Pokemon card in exchange for Ty's autographed baseball card. Ty feels this is a fair trade. However, when Ryan trades with Ty, Ryan gives him his second best Pokemon card instead."

    Why was this trade not beneficial for both parties?

    answer choices

    Ryan lied about what he was giving to Ty.

    Ty lied about what he was giving to Ryan.

    Baseball cards are worth more than Pokemon cards.

    Pokemon cards are worth more than Baseball cards.

  • Question 8
    30 seconds
    Q.

    "Joe has purchased a new bike for $500. The taxes on the bike add another $30 to the total, making his final cost $530."

    In this situation, the taxes paid by Joe are an example of

    answer choices

    Opportunity cost

    The law of supply

    Voluntary exchange

    Involuntary exchange

  • Question 9
    30 seconds
    Q.

    What is the primary purpose of job specialization?

    answer choices

    regional self-sufficiency

    increased consumer income

    increased marginal utility

    increased efficiency and productivity

  • Question 10
    30 seconds
    Q.

    In markets both parties are better off when they engage in voluntary, non-fraudulent exchange. What is the role of government in promoting such exchange?

    answer choices

    There is no role for the government; the government only impedes exchange.

    The governments role is to create legislation to prevent fraud.

    The role of government is to make sure all individuals are treated equally.

    The governments role is to make sellers make a profit and stay in business.

  • Question 11
    30 seconds
    Q.

    Even though Australia has great economic freedom, the government requires some products to meet safety and manufacturing standards. This means that overall Australia's economy can BEST be classified as a

    answer choices

    mixed economy

    market economy

    command economy

    traditional economy

  • Question 12
    30 seconds
    Q.

    Which nation's economy could be best described as a command economy, where the government determines guidelines for economic development and sets goals for economic production?

    answer choices

    Australia

    China

    Japan

    India

  • Question 13
    30 seconds
    Q.

    "Canada has a universal healthcare system, providing government-funded medical services to all citizens. However, the vibrant private sector helps to push an economy that is one of the world's most successful. Intense and frequent trade with the United States provides the country with great wealth."

    These facts provide evidence that Canada has a

    answer choices

    mixed economy

    market economy

    command economy

    traditional economy

  • Question 14
    30 seconds
    Q.

    Approximately 50% of Iran's economy is planned by the nation's government, while in Israel that percentage is just over 10%. Which statement would MOST likely be true given this information?

    answer choices

    Israel's oil industry is more profitable than Iran's.

    There are more opportunities for entrepreneurs in Israel than in Iran.

    Israel is more likely to be impacted by international sanctions than Iran.

    High-tech industries are less-likely to be successful in Israel than they are in Iran.

  • Question 15
    30 seconds
    Q.

    "Brazil trades with the United States more than it does with any other country. Industrially, the private sector has made Brazil one of the most advanced countries in Latin America, with massive investment taking place since 1996. Still, over 1 million people live in state-owned housing and millions more are covered by government operated health care."

    These facts show that Brazil has a

    answer choices

    mixed economy

    market economy

    command economy

    traditional economy

  • Question 16
    30 seconds
    Q.

    Despite a severely low amount of natural resources, Japan has a thriving economy. This is largely due to the freedom Japan's economy has had to explore and develop new technology. Such freedom is found in which type of economic system?

    answer choices

    Command

    Market

    Socialist

    Traditional

  • Question 17
    30 seconds
    Q.

    Which country has the GREATEST degree of a command economy?

    answer choices

    Brazil

    Canada

    Cuba

    Mexico

  • Question 18
    30 seconds
    Q.

    Under which economic system would factors of production MOST LIKELY be owned by the government?

    answer choices

    mixed economy

    natural economy

    market economy

    command economy

  • Question 19
    30 seconds
    Q.

    Which of these is a correct description of one of the ways in which a command economy differs from a market economy?

    answer choices

    Market economies discourage free enterprise.

    In a market economy, the government sets prices.

    Command economies tend to have higher per capita GDP.

    In a command economy, individuals have less economic freedom.

  • Question 20
    30 seconds
    Q.

    In which kind of economy are prices determined by supply and demand and by government actions?

    answer choices

    command

    market

    mixed

    traditional

  • Question 21
    30 seconds
    Q.

    In which kind of government are prices determined solely by supply and demand?

    answer choices

    Command

    Market

    Mixed

    Traditional

  • Question 22
    30 seconds
    Q.

    In which kind of economy are prices determined solely by the government?

    answer choices

    Command

    Market

    Mixed

    Traditional

  • Question 23
    30 seconds
    Q.

    The following statements BEST describes which type of economy: "the way things have always been"?

    answer choices

    Command

    Market

    Mixed

    Traditional

  • Question 24
    30 seconds
    Q.

    Freedom to own the factors of production, subsidized transportation services, and involuntary spending and investments are all examples of

    answer choices

    mixed economies

    market economies

    command economies

    traditional economies

  • Question 25
    30 seconds
    Q.

    In Cuba, a lottery system effectively decides who gets to purchase a car. Why would someone favor a lottery system over a price system in obtaining a desired item, such as cars?

    answer choices

    Everyone has a chance to purchase the car since everyone can work for one.

    Everyone eventually stops working to qualify for goods and services under the lottery system.

    Everyone has an equal chance of having their name drawn instead of only those who can afford the car.

    Everyone has an equal chance of affording a car instead of waiting on a lottery system for drawing the name.

  • Question 26
    30 seconds
    Q.

    Why is the price system a more efficient system for allocating scarce resources than by authoritarian means, such as in command economies?

    answer choices

    Prices and the ability to make a profit will increase the supply of the scarce resources, thereby lowering prices and increasing demand.

    Prices and the ability to create supply and demand will ensure that no scarce resource gets to a government that control supply lines.

    The price system is not a more efficient system for allocation of goods and services and the government is a fair and impartial distribution center.

    The government is not a fair source for allocation and will cheat and steal from most people to ensure that the rich and powerful are taken care of.

  • Question 27
    30 seconds
    Q.

    In this type of economic system, the production of goods and services is controlled solely by the concept of supply and demand, businesses are operated for profit, and the government is not involved.

    answer choices

    Command

    Communism

    Market

    Mixed

  • Question 28
    30 seconds
    Q.

    What fundamental question relates most directly to consumer sovereignty?

    answer choices

    How will the system promote progress?

    What goods and services will be produced?

    How will the goods and services be produced?

    Where will goods or services be offered for sale?

  • Question 29
    30 seconds
    Q.

    The command systems of the Soviet Union and eastern Europe failed in mostly because

    answer choices

    Price ceilings were too low.

    Economic resources that were abundant became very scarce.

    Firms manufactured more output that consumers could purchase, resulting in an economic recession.

    Central planning found it difficult to arrange the decisions of consumers, suppliers, and businesses.

  • Question 30
    30 seconds
    Q.

    "The country of South Africa has a growing economy that is one of the best in Africa. South Africa's annual GDP growth rate is almost 3%. Many private businesses are flourishing in the country. South Africa produces the majority of Africa's electricity. However, one of the major threats to South Africa's economy is the shortage of electricity to all areas of the country. Fortunately, the government of South Africa is presently addressing the problem by constructing and financing new electric power stations."

    What kind of economic system does South Africa have?

    answer choices

    Capitalism

    Command

    Mixed

    Traditional

  • Question 31
    30 seconds
    Q.

    Consumer sovereignty assumes that which fundamental statement in a market economy is true?

    answer choices

    Buyers should be able to name their own price for goods.

    Sellers should provide products that reflect a good bargain.

    Through purchase choices, buyers determine the production of goods.

    By investing in research and development, sellers bring new products to the market.

  • Question 32
    30 seconds
    Q.

    In a command economy, how is it determined what goods and services will be produced?

    answer choices

    Businesses decide what to produce on the basis of market conditions.

    Consumers decide through their behavior in the marketplace.

    Central government planning decides what will be produced.

    Supply and demand control production and price.

  • Question 33
    30 seconds
    Q.

    Which statement is a PRIMARY characteristic of a capitalist system?

    answer choices

    Graduated income tax.

    Private ownership of property.

    Equal distribution of resources.

    Governmental regulation of business.

  • Question 34
    30 seconds
    Q.

    In 1776 with An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith challenged the prevailing belief in mercantilist policies. The characteristic of capitalism that buyers and sellers will freely and willingly exchange in market transaction is called

    answer choices

    profit motive

    economic freedom

    voluntary exchange

    entrepreneurial spirit

  • Question 35
    30 seconds
    Q.

    How might the purchase decisions of consumers impact a market economy?

    answer choices

    By buying some products, but not others, consumers might determine what is produced.

    When consumers buy products, the price of the product might decrease in response.

    If firms increase the supply of a product, consumers might purchase more.

    Where consumers decide to work might determine what is produced.

  • Question 36
    30 seconds
    Q.

    When an individual specializes to produce one good, and then acquires additional desired goods from other specialists,

    answer choices

    Neither party gains as specialization decreases efficiency.

    Both parties gain as a result of fraudulent exchange.

    Neither party gains as specialization decreases productivity.

    Both parties gain as a result of voluntary exchange.

  • Question 37
    30 seconds
    Q.

    In a command economy, how are the prices of goods and services determined?

    answer choices

    Business owners

    Independent agencies and independent regulators

    Market forces of supply and demand

    The central government

  • Question 38
    30 seconds
    Q.

    Communism and socialism are usually found in what type of economic system?

    answer choices

    Traditional

    Command

    Pure market

    Mixed market

  • Question 39
    30 seconds
    Q.

    In a market economy, prices are established by

    answer choices

    Decree of government agencies.

    Consumers and labor unions.

    The interaction of supply and demand.

    Businesses which buy and sell the products.

  • Question 40
    30 seconds
    Q.

    In capitalist economies, prices are

    answer choices

    set by the central government.

    used to ensure social equality.

    determined by supply and demand.

    usually unfair.

  • Question 41
    30 seconds
    Q.

    Why is the consumer considered "king" in a capitalist economy?

    answer choices

    Consumers contribute to the factor market.

    Consumers determine what products will be produced.

    Consumers vote for elected government officials.

    Consumers own the productive resources.

  • Question 42
    30 seconds
    Q.

    How do private property rights encourage individuals to work, save, and invest?

    answer choices

    Individuals can keep the gains they earn.

    Most earning of individuals will go to the government.

    Any earnings or wealth cannot be passed on through inheritance.

    Most investments are guaranteed by the government.

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