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ECON_Lesson 4_Exam_EN

Quiz by Daniel Vasquez

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31 questions
Show answers
  • Q1
    Which is the best example of specialization?
    A surf shop lowers the price on swimsuits.
    An assistant in a tailoring shop only replaces zippers.
    An online clothing outlet offers customized monograms.
    A dry cleaner spends extra time on grease spots.
    30s
  • Q2
    How does division of labor increase productivity?
    Workers can be paid a lower wage.
    Workers require minimal training.
    Workers move o/en from job to job.
    Workers become experts at one task.
    30s
  • Q3
    What is the main reason Americans specialize more today than the early pioneers did?
    We live in less crowded conditions.
    We have more vocational training.
    We have more access to markets.
    We depend less on transportation.
    30s
  • Q4
    In a voluntary exchange, why do people give something up?
    to comply with state requirements
    to increase their self-sufficiency
    to get something they want more
    to allocate scarce resources fairly
    30s
  • Q5
    How does the Commerce Clause promote economic interdependence? "the Congress shall have Power to . . . regulate Commerce . . . among the several States" -Article I, Section 8, U.S. Constitution
    It discourages local markets.
    It keeps states from creating trade barriers.
    It defines legislative powers vaguely.
    It puts pressure on states to increase production.
    30s
  • Q6
    What does it mean to say that Jen has a comparative advantage over Julian for weeding people's gardens?
    Jen's opportunity cost for weeding is lower than Julian's.
    Jen weeds more quickly than Julian does.
    Jen's experience at weddings is greater than Julian's.
    Jen can charge more for weeding than Julian can.
    30s
  • Q7
    Which of these is the main reason for national differences in comparative advantage in producing raw materials?
    differences in local business practices
    differences in monetary systems
    differences in cultural traditions
    differences in allocations of natural resources
    30s
  • Q8
    Why has much clothing manufacturing moved from the United States to other countries?
    Education in this country has not kept up with the needs of the 21st-century economy.
    Most of the market for textile products has shifted overseas.
    Nations with large, low-skilled workforces have a comparative advantage for assembly-line production.
    American workers have a weaker work ethic today than in the past.
    30s
  • Q9
    How does trade increase the value of an item?
    It provides work for storekeepers and truckers.
    It puts more different goods into competition.
    It makes the item more expensive to buy.
    It transfers the item to someone who values it more.
    30s
  • Q10
    Which term best describes the fact that we depend on others to produce most of the goods and services we want?
    absolute advantage
    economic interdependence
    commercial productivity
    division of technology
    30s
  • Q11
    Which of the following would likely discourage specialization in an area?
    an extremely dense population
    a lack of good transportation
    a flat terrain with vegetation
    a large city with many people
    30s
  • Q12
    The development of skills in one aspect of a job is called
    interdependence.
    entrepreneurship.
    specialization.
    globalization.
    30s
  • Q13
    Which of the following is true of self-sufficient societies?
    Self-sufficient societies are often the cause of poverty in certain areas.
    all of the above
    Self-sufficient societies are inefficient with the production of goods.
    Self-sufficient societies are less productive than specialized societies.
    30s
  • Q14
    An athletic person picks fruit, and their sociable friend sells the fruit. This is an example of
    interdependence.
    absolute advantage.
    division of labor.
    specialization.
    30s
  • Q15
    An economy can produce more with the same inputs of land, labor, and capital when people
    focus on local trade and economies.
    use their skills to be self-sufficient.
    are interdependent with their tasks.
    specialize in a specific task or skill.
    30s

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