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Economics Unit Review

A pure market economy is sometimes called pure __________.
capitalism
In a republic, elected officials create ____ to regulate the economy.
laws
What role do government agencies play in a mixed market economy?
They regulate some aspects of production and distribution.
Land is considered a resource because it
is used to produce things.
How does a counterclaim help support a writer’s position in an argumentative essay?
The counterclaim shows how the opposing opinion is incorrect.
What are the cons of a mixed market economy for most citizens? CHECK ALL THAT APPLY.
There may be a sizable gap between rich and poor people.
Citizens must pay for most basic necessities by themselves.
There is no guarantee of steady employment for many citizens.
Citizens often purchase their own health care and higher education.
The proper style for an argumentative essay is ______.
formal
To create the proper tone for an argumentative essay, a writer should
To create the proper tone for an argumentative essay, a writer should
Which statement best describes the body paragraphs of an argumentative essay?
The body paragraphs flesh out the argument and include counterclaims and evidence from research.
What are the basic types of resources used by producers? Check all that apply.
capital
labor
land
Which of the following are considered needs? Check all that apply.
food
residence
water
Which of the following is influenced by personal economic choices? Check all that apply.
the resources you have available
the money you decide to spend on leisure products
the amount of money you put into your savings account
the manner in which you balance your time between work and leisure
Which of the following statements about opportunity cost are true?

CHECK ALL THAT APPLY.

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It exists because resources are scarce.
It influences consumers.
It influences producers.
Which of the following would be considered a nonrenewable resource?
petroleum
Opportunity cost means that something needs to be
given up.