Which types of goods and services do countries usually specialize in?

goods and services they can produce most efficiently

The definition for voluntary exchange is

a free exchange where both parties benefit

Examples of taxes that citizens pay: What type of tax is in the image below?

special tax: taxes added to items such as cars, hotels, gasoline, etc.

What did the North and South do when they produced more goods than were needed by people and businesses in their region?

They traded them for goods that they did not produce.

Scarcity is a problem that occurs because _______________.

wants are unlimited and resources are limited

Examples of taxes that citizens pay: What type of tax is in the image below?

property tax: tax on the value of your home

The price that northeastern states were willing to pay for cattle created a price incentive to

herd cattle north on cattle trails and ship east on railroads

Choose the best description of opportunity cost. Instead of going to the beach we had a picnic at the park. The beach is

the next-best option you give up when you choose something else

Examples of taxes that citizens pay: What type of tax is in the image below?

Sales tax: on goods services you puchased

studbud

Peeples Economics Summative Assessment

24 termsStudBud Administration273 plays

Economics Summative

Flashcards24 cardsFPractice quizPHost liveL

Questions 24

Answers

1
True/False: The assembly line increased the cost of manufacturing automobiles
True
False
2
Which types of goods and services do countries usually specialize in?
goods and services that sell for the highest prices
goods and services they can produce most efficiently
goods and services their citizens most need
goods and services that cost the most to produce
3
The definition for voluntary exchange is
a free exchange where both parties benefit
improving quality by focusing on a few products
a better standard of living or more of the the ability to buy wants
An efficient way to work
4
Businesses provide ___________ and __________.
goods and services
time and money
resources and taxes
loans and checking accounts
5
Examples of taxes that citizens pay: What type of tax is in the image below?
property tax: tax on the value of your home
special tax: taxes added to items such as cars, hotels, gasoline, etc.
Sales tax: on goods services you puchased
Income tax: on money you earn
6
In the Northeast the supply for cattle was low
True
False
7
What did the North and South do when they produced more goods than were needed by people and businesses in their region?
They gave them to Europe because that was what colonies did.
They saved them until they were eventually needed.
They traded them for goods that they did not produce.
They destroyed the goods so the other region could not use them.
8
Scarcity is a problem that occurs because _______________.
wants are unlimited and resources are limited
wants and resources are balanced
wants are limited and resources are unlimited
wants and resources are both unlimited
9
In the Northeast the demand for cattle was high
True
False
10
Choose the goods and services provided by the government
cars, private swimming pool, schools
schools, navy ships, highways
private swimming pool, schools, shopping mall
highways, schools, cars
11
In Texas the demand for cattle was low
True
False
12
The 33rd president and commander in chief that dropped the atomic bomb on Japan
Harry Truman
William McKinley
Theodore Roosevelt
Herbert Hoover
13
Examples of taxes that citizens pay: What type of tax is in the image below?
Sales tax: on goods services you puchased
special tax: taxes added to items such as cars, hotels, gasoline, etc.
property tax: tax on the value of your home
Income tax: on money you earn
14
The price that northeastern states were willing to pay for cattle created a price incentive to
herd cattle north on cattle trails and ship east on railroads
herd cattle south and east on railroads
There was no price incentive
herd cattle south on cattle trails and ship west on railroads
15
Click on services that households consume or use
food, TV, plumbers
doctors, money, clothes
doctor, clothes, food
doctor, lawyer, barbers
16
The region shown in the photograph would be most likely to specialize in which of these industries?
agriculture and tourism
manufacturing and tourism
fishing and tourism
mining and agriculture
17
Examples of taxes that citizens pay: What type of tax is in the image below?
special tax: taxes added to items such as cars, hotels, gasoline, etc.
property tax: tax on the value of your home
Sales tax: on goods services you puchased
Income tax: on money you earn
18
Choose the best description of opportunity cost. Instead of going to the beach we had a picnic at the park. The beach is
the money you earn at a job if you work there for twenty years
the price a producer charges for a good or service
the next-best option you give up when you choose something else
your odds of winning a lottery if you buy one lottery ticket
19
25th President of the United States that declared war against Spain, partly over the sinking of the battleship Maine?
Herbert Hoover
William McKinley
Harry Truman
Franklin D. Roosevelt
20
He believed the federal government should take action to help the economy. He was also President of the US during WWII
William McKinley
Harry Truman
Franklin D. Roosevelt
Herbert Hoover
21
Who Wrote Gone With The Wind?
Rosie the Riveter
Margaret Mitchell
Jesse Owens
Langston Hughes
22
Examples of taxes that citizens pay: What type of tax is in the image below?
Sales tax: on goods services you puchased
property tax: tax on the value of your home
Income tax: on money you earn
special tax: taxes added to items such as cars, hotels, gasoline, etc.
23
In Texas the supply of cattle was high
False
True
24
Who was the president at the beginning of the Great Depression?
Harry Truman
William McKinley
Herbert Hoover
Theodore Roosevelt

Peeples Economics Summative Assessment Flashcards | StudBud

Peeples Economics Summative Assessment

24 termsStudBud Administration273 plays

Economics Summative

Flashcards24 cardsFPractice quizPHost liveL

Questions 24

Answers

1
True/False: The assembly line increased the cost of manufacturing automobiles
True
False
2
Which types of goods and services do countries usually specialize in?
goods and services that sell for the highest prices
goods and services they can produce most efficiently
goods and services their citizens most need
goods and services that cost the most to produce
3
The definition for voluntary exchange is
a free exchange where both parties benefit
improving quality by focusing on a few products
a better standard of living or more of the the ability to buy wants
An efficient way to work
4
Businesses provide ___________ and __________.
goods and services
time and money
resources and taxes
loans and checking accounts
5
Examples of taxes that citizens pay: What type of tax is in the image below?
property tax: tax on the value of your home
special tax: taxes added to items such as cars, hotels, gasoline, etc.
Sales tax: on goods services you puchased
Income tax: on money you earn
6
In the Northeast the supply for cattle was low
True
False
7
What did the North and South do when they produced more goods than were needed by people and businesses in their region?
They gave them to Europe because that was what colonies did.
They saved them until they were eventually needed.
They traded them for goods that they did not produce.
They destroyed the goods so the other region could not use them.
8
Scarcity is a problem that occurs because _______________.
wants are unlimited and resources are limited
wants and resources are balanced
wants are limited and resources are unlimited
wants and resources are both unlimited
9
In the Northeast the demand for cattle was high
True
False
10
Choose the goods and services provided by the government
cars, private swimming pool, schools
schools, navy ships, highways
private swimming pool, schools, shopping mall
highways, schools, cars
11
In Texas the demand for cattle was low
True
False
12
The 33rd president and commander in chief that dropped the atomic bomb on Japan
Harry Truman
William McKinley
Theodore Roosevelt
Herbert Hoover
13
Examples of taxes that citizens pay: What type of tax is in the image below?
Sales tax: on goods services you puchased
special tax: taxes added to items such as cars, hotels, gasoline, etc.
property tax: tax on the value of your home
Income tax: on money you earn
14
The price that northeastern states were willing to pay for cattle created a price incentive to
herd cattle north on cattle trails and ship east on railroads
herd cattle south and east on railroads
There was no price incentive
herd cattle south on cattle trails and ship west on railroads
15
Click on services that households consume or use
food, TV, plumbers
doctors, money, clothes
doctor, clothes, food
doctor, lawyer, barbers
16
The region shown in the photograph would be most likely to specialize in which of these industries?
agriculture and tourism
manufacturing and tourism
fishing and tourism
mining and agriculture
17
Examples of taxes that citizens pay: What type of tax is in the image below?
special tax: taxes added to items such as cars, hotels, gasoline, etc.
property tax: tax on the value of your home
Sales tax: on goods services you puchased
Income tax: on money you earn
18
Choose the best description of opportunity cost. Instead of going to the beach we had a picnic at the park. The beach is
the money you earn at a job if you work there for twenty years
the price a producer charges for a good or service
the next-best option you give up when you choose something else
your odds of winning a lottery if you buy one lottery ticket
19
25th President of the United States that declared war against Spain, partly over the sinking of the battleship Maine?
Herbert Hoover
William McKinley
Harry Truman
Franklin D. Roosevelt
20
He believed the federal government should take action to help the economy. He was also President of the US during WWII
William McKinley
Harry Truman
Franklin D. Roosevelt
Herbert Hoover
21
Who Wrote Gone With The Wind?
Rosie the Riveter
Margaret Mitchell
Jesse Owens
Langston Hughes
22
Examples of taxes that citizens pay: What type of tax is in the image below?
Sales tax: on goods services you puchased
property tax: tax on the value of your home
Income tax: on money you earn
special tax: taxes added to items such as cars, hotels, gasoline, etc.
23
In Texas the supply of cattle was high
False
True
24
Who was the president at the beginning of the Great Depression?
Harry Truman
William McKinley
Herbert Hoover
Theodore Roosevelt