WHAT IS USUALLY TRUE ABOUT ECONOMIC SUCCESS?

TYPICALLY, EDUCATION AND/OR TRAINING LEAD TO ECONOMIC SUCCESS

WHAT DID THE AGRICULTURAL ACT DO?

IT PAID FARMERS TO FARM LESS WHICH CAUSED CROP VALUES TO GO UP

WHAT DID THE TRANSCONTINENTAL RAILROAD ACCOMPLISH?

CONNECTED THE US FROM COAST TO COAST AND ENABLED BUSINESSES TO MOVE PRODUCT

WHICH BEST DESCRIBES CREDIT

BUYING PRODUCTS BEFORE PAYING FOR IT

HOW DID INNOVATION PLAY A ROLE IN THE COLA WARS?

PUSHED PEPSI & COKE TO CREATE MORE PRODUCTS THAT WERE GLOBALLY DIVERSE

HOW DID ANDREW CARNEGIE'S VISION FOR THE FUTURE OF BUILDING PROJECTS IN AMERICA CHANGE HOW AMERICA WOULD LOOK?

MADE STEEL CHEAPER, ALLOWING AMERICA TO BUILD UP RATHER THAN OUT

WHO WAS ROSIE THE RIVETER?

A SYMBOL FOR WOMEN WORKING IN FACTORIES DURING WORLD WAR 2

WHAT HUGE RISK DID VANDERBILT TAKE AFTER HE HAD ALREADY BECOME A SUCCESSFUL SHIPPING TYCOON?

HE INVESTED IN THE RAILROAD INDUSTRY

WHICH OF THE FOLLOWING IS TRUE USING THE WORDS SUPPLY AND DEMAND?

AS THE SUPPLY OF STEEL INCREASED, THE COST WENT DOWN

FROM AN ECOMONIC STANDPOINT WHY DID THE GOVERNMENT CREATE AN AMENDMENT TO BRING BACK ALCOHOL?

IT ALLOWED THE GOVERNMENT TO TAX PEOPLE DRINKING ALCOHOL AND REDUCE CRIME

WHY WOULD COTTON BE CHEAPER IN THE SOUTH BUT MORE EXPENSIVE IN THE NORTH?

MORE COTTON IS PRODUCED IN THE SOUTH LOCALLY

EXPLAIN WHY A COW COSTS $4 IN TEXAS AND COSTS $85 IN NEW YORK

BECAUSE THE SUPPLY WAS LOWER AND THE DEMAN WAS GREATER IN NEW YORK

WHAT WAS SO SPECIAL ABOUT THE SEARS CATALOG?

PEOPLE IN THE WEST AND RURAL AREAS WERE ABLE TO GET GOODS THEY COULDN'T

WHAT NEW DEAL REFORM PROGRAMS SUCH AS SEC AND FDIC DO?

THE FDIC FIXED THE BANKS SO ANOTHER BANK RUN DOESN'T HAPPEN AGAIN, THE SEC FIXED THE BUYING AND SELLING OF STOCKS WHICH HELPED

WHICH CHARACTERISTICS OF MOST SUCCESSFUL BUSINESS PEOPLE?

"NEVER QUIT" ATTITUDE, ABILITY TO REINVENT/ADAPT, VISIONARY

HOW DID THE ECONOMIC DECISION TO BUILD A RAILROAD BRIDGE ACROSS THE MISSISSIPPI IMPACT BUSINESSES?

IT SHOWED IT WAS POSSIBLE TO MOVE PRODUCTS BETWEEN STATES BY CROSSING RIVER

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ECONOMICS TEST REVIEW

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Answers

1
WHAT IS USUALLY TRUE ABOUT ECONOMIC SUCCESS?
RUSSIA HAS THE MOST ECONOMICALLY SUCCESSFUL PEOPLE IN THE WORLD
TYPICALLY, EDUCATION AND/OR TRAINING LEAD TO ECONOMIC SUCCESS
EVERYONE WHO HAS BEEN SUCCESSFUL IN BUSINESS HAS GRADUATED FROM COLLEGE
ECONOMIC SUCCESS HAPPENS ONLY WHEN YOU INVENT SOMETHING
2
WHAT DID THE AGRICULTURAL ACT DO?
IT GAVE THE RIGHT TO THE GOVERNMENT TO TAKE LAND FROM PEOPLE TO BUILD
IT WAS A ACT THAT MADE SURE EVERY FARM HAD THE SAME AMOUNT OF LAND
IT GAVE CORN FARMERS A SUBSIDY TO HELP WITH GAS
IT PAID FARMERS TO FARM LESS WHICH CAUSED CROP VALUES TO GO UP
3
WHAT DID THE TRANSCONTINENTAL RAILROAD ACCOMPLISH?
IT CONNECTED THE UNITED STATES AND CANADA AND MEXICO BY RAILROAD
.
CONNECTED THE US FROM COAST TO COAST AND ENABLED BUSINESSES TO MOVE PRODUCT
CONNECTED THE NORTHERN PART OF THE COUNTRY TO THE SOUTHERN PART
4
WHICH BEST DESCRIBES CREDIT
HOW YOU INVEST IN A COMPANY
HOW YOU PAY BACK A LOAN
BORROWING MONEY TO INVEST IN A CORPORATION
BUYING PRODUCTS BEFORE PAYING FOR IT
5
HOW DID INNOVATION PLAY A ROLE IN THE COLA WARS?
IT FORCED PEPSI TO GIVE SOLDIERS FREE POP DURING WORLD WAR 2
IT CAUSED PEPSI/COKE TO MERGE TOGETHER TO BECOME A MONOPOLY
IT PUSHED COKE TO INVEST IN WINE COMPANIES
PUSHED PEPSI & COKE TO CREATE MORE PRODUCTS THAT WERE GLOBALLY DIVERSE
6
WHO ARE PEOPLE WHO TAKE RISKS TO START A BUSINESS?
ENTREPRENEURS
CONSUMERS
BANKERS
SUPPLIERS
7
HOW DID ANDREW CARNEGIE'S VISION FOR THE FUTURE OF BUILDING PROJECTS IN AMERICA CHANGE HOW AMERICA WOULD LOOK?
MORE PEOPLE MOVED INTO THE CENTER OF THE CITIES
MORE CITIES HAD SLAUGHTER YARDS IN IT
MADE STEEL CHEAPER, ALLOWING AMERICA TO BUILD UP RATHER THAN OUT
SIGNIFICANT INCREASE IN MIGRATION MOVEMENT EAST
8
WHO WAS ROSIE THE RIVETER?
SHE WAS A WOMAN WHO BECAME FAMOUS FOR BUILDING BOMBERS REALLY FAST
A SYMBOL FOR WOMEN WORKING IN FACTORIES DURING WORLD WAR 1
SHE WAS THE FIRST WOMAN TO HELP BUILD RIVET BUILT BRIDGES IN THE U.S.
A SYMBOL FOR WOMEN WORKING IN FACTORIES DURING WORLD WAR 2
9
WHAT HUGE RISK DID VANDERBILT TAKE AFTER HE HAD ALREADY BECOME A SUCCESSFUL SHIPPING TYCOON?
HE INVESTED IN THE OIL INDUSTRY
HE INVESTED IN THE SEARS CATALOG
HE INVESTED IN THE RAILROAD INDUSTRY
HE INVESTED IN THE STEEL INDUSTRY
10
WHICH OF THE FOLLOWING IS TRUE USING THE WORDS SUPPLY AND DEMAND?
AS THE SUPPLY OF STEEL DECREASED, THE COST WENT DOWN
AS THE DEMAND OF STEEL DECREASED THE COST WENT UP
AS THE DEMAND OF STEEL INCREASED, THE COST WENT DOWN
AS THE SUPPLY OF STEEL INCREASED, THE COST WENT DOWN
11
FROM AN ECOMONIC STANDPOINT WHY DID THE GOVERNMENT CREATE AN AMENDMENT TO BRING BACK ALCOHOL?
IT COST TOO MUCH TO FIGHT PROHIBITION AND WAS A WAY TO ARREST AL CAPONE
THE GOVERNMENT COULD PAY FARMERS TO GROW SOYBEANS
IT ALLOWED THE GOVERNMENT TO TAX PEOPLE DRINKING ALCOHOL AND REDUCE CRIME
THEY DID NOT MAKE AN AMENDMENT TO END PROHIBITION
12
WHY WOULD COTTON BE CHEAPER IN THE SOUTH BUT MORE EXPENSIVE IN THE NORTH?
THERE WAS A GREATER SUPPLY OF COTTON IN THE NORTH
POPLE WORE MORE CLOTHES IN THE SOUTH
MORE COTTON IS PRODUCED IN THE SOUTH LOCALLY
THE DEMAND WAS GREATER IN THE SOUTH
13
EXPLAIN WHY A COW COSTS $4 IN TEXAS AND COSTS $85 IN NEW YORK
BECAUSE THE SUPPLY WAS LOWER AND THE DEMAN WAS GREATER IN NEW YORK
BECAUSE BOTH WERE CONNECTED BY THE TRANSCONTINENTAL RAILROAD
BECAUSE THE SUPPLY WAS LOWER AND THE DEMAND WAS LOWER IN TEXAS
BECAUSE THE SUPPLY WAS HIGHER AND THE DEMAND WAS HIGHER IN NEW YORK
14
WHAT WAS SO SPECIAL ABOUT THE SEARS CATALOG?
PEOPLE IN THE WEST AND RURAL AREAS WERE ABLE TO GET GOODS THEY COULDN'T
IT WAS A WAY TO BUY CARS WITHOUT GOING TO A CAR DEALER
IT WAS HOW ANDREW CARNEGIE SOLD HIS STEEL AROUND THE WORLD
IT WAS THE FIRST MAIL ORDER CATALOG ON THE INTERNET
15
WHAT WORD DOES THIS IMAGE SHOW THE MEANING OF?
INNOVATION
INVENTION
SUPPLY
SERVICE
16
WHAT NEW DEAL REFORM PROGRAMS SUCH AS SEC AND FDIC DO?
THE FDIC FIXED THE BANKS SO ANOTHER BANK RUN DOESN'T HAPPEN AGAIN
THE FDIC HELPED FIRE DEPARTMENTS
THE SEC FIXED THE BUYING AND SELLING OF STOCKS WHICH HELPED
THE SEC CREATED A FOOTBALL CONFERENCE
17
WHICH CHARACTERISTICS OF MOST SUCCESSFUL BUSINESS PEOPLE?
COLLEGE GRADUATES, PEOPLE THAT DON'T LEARN FROM MISTAKES
"NEVER QUIT" ATTITUDE, ABILITY TO REINVENT/ADAPT, VISIONARY
START LATE IN LIFE, THEY DO NOT ADAPT
18
HOW DID THE ECONOMIC DECISION TO BUILD A RAILROAD BRIDGE ACROSS THE MISSISSIPPI IMPACT BUSINESSES?
IT DID NOT IMPACT THEM AT ALL
IT SHOWED THAT WOODEN BRIDGES ARE INCREDIBLY STABLE IN RIVER ENVIRONMENTS
IT CREATED THE ROCK ISLAND ARSENAL
IT SHOWED IT WAS POSSIBLE TO MOVE PRODUCTS BETWEEN STATES BY CROSSING RIVER
19
THE AMOUNT OF SOMETHING YOU HAVE IS CALLED WHAT?
INVENTION
SUPPLY
INVESTMENT
MONOPOLY

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