What is one way that technology can improve the production of goods?

Automation can create goods more cheaply and easily.

What is the best definition of automation?

the use of robotic equipment in a manufacturing process

A computer store offers customers a warranty to help pay for any future damages. This is an example of

reducing the risk for consumers.

He was a philosopher who promoted the idea of free enterprise.

What is one example of a closed economy?

a restricted system that blocks trade with international partners

In a mixed market economy, what is a typical way the government can reduce unemployment?

The government can pay for projects to create work.

In free-enterprise systems around the world, there are

some restrictions on business ownership and business activity.

What is one way that technology can improve the distribution of goods?

Container ships can transport a number of goods at once.

How does a socialist government with a command economy manage its economy?

The government controls factories and other forms of production.

One negative consequence of using automation to improve manufacturing production is that

factories often need fewer workers.

How does a socialist government with a command economy manage its economy?

The government controls factories and other forms of production.

What is the best definition of technology?

Technology is applying scientific knowledge to find answers & fix problems

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ECONOMICS: UNIT 2 TEST REVIEW

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Questions 20

Answers

1
What is an example of scarcity?
an abundance of resources
limited resources
renewable resources
a choice of resources
2
The citizens of the United States live and work in a
closed economy.
pure market economy
mixed market economy
command economy
3
What is one way that technology can improve the production of goods?
Container ships can transport many goods at once.
Automation can create goods more cheaply and easily.
Websites can allow consumers to purchase goods online.
Airlines can send goods from one place to another.
4
What is the best definition of automation?
the use of resources to manufacture goods more efficiently
the application of scientific knowledge to find answers and fix problems
the hiring of workers from all over the world to manufacture goods
the use of robotic equipment in a manufacturing process
5
A computer store offers customers a warranty to help pay for any future damages. This is an example of
creating a new or better product.
following a federal regulation.
reducing the risk for consumers.
lowering prices for customers.
6
Public property is land or goods
owned by an individual.
owned by the government
used for private businesses.
used for private businesses.
7
Private property is land or goods
used by state officials.
owned by the government.
used for taxation.
owned by an individual.
8
Producers can generate instant sales by using
devices
websites
forecasts
patterns
9
Economists can use new technology to
Study data and patterns.
Improve production and shipping.
Create and apply automation.
Increase demand and consumption.
10
Who was Adam Smith?
He was an economist who spoke against the market economy.
He was a philosopher who promoted the idea of free enterprise.
He was an official who ran a vital government agency.
He was a producer who operated a factory in Scotland.
11
What is the role of the three questions of economics?
to determine quality and cost
to aid in production decisions
to assess product profitability
to offset a poor economy
12
What is one example of a closed economy?
an old-fashioned system that preserves traditional choices and customs
a barter system that does not rely on money or other currency
a restricted system that blocks trade with international partners
a trade-based system that encourages the flow of goods and services
13
In a mixed market economy, what is a typical way the government can reduce unemployment?
The government can pay for projects to create work.
The government can raise taxes to encourage employment.
The government can control new factories to provide jobs.
The government can create new farm fields to hire workers.
14
In free-enterprise systems around the world, there are
some restrictions on business activity but not on business ownership.
no restrictions on business ownership or business activity.
some restrictions on business ownership and business activity.
some restrictions on business ownership but not on business activity.
15
The goal of a market economy is to
preserve traditional customs.
sustain self-sufficiency.
create equality within a society.
promote free economic choices.
16
What is one way that technology can improve the distribution of goods?
Automation can create goods more cheaply and easily.
Workers can take Internet classes to gain new skills.
Container ships can transport a number of goods at once.
Businesses can hire factory workers across the world.
17
How does a socialist government with a command economy manage its economy?
The government allows consumers to make their own choices.
The government lets producers set wages for workers.
The government owns all homes and other forms of housing.
The government controls factories and other forms of production.
18
One negative consequence of using automation to improve manufacturing production is that
costs often rise for producers.
production will often slow down.
factories often need fewer workers.
prices often increase for consumers.
19
How does a socialist government with a command economy manage its economy?
The government controls factories and other forms of production.
The government allows consumers to make their own choices.
The government lets producers set wages for workers.
The government owns all homes and other forms of housing.
20
What is the best definition of technology?
Technology is hiring workers from all over the world to manufacture goods.
Technology is replacing human workers with mechanical or electronic devices
Technology is using fewer resources to manufacture goods more efficiently.
Technology is applying scientific knowledge to find answers & fix problems

ECONOMICS: UNIT 2 TEST REVIEW Flashcards | StudBud