summer school gov

Which of the following would be considered a nonrenewable resource?

• sun

• wind

• lumber

• petroleum

In the free-enterprise system of the United States, the government

• makes no economic decisions.

  
  

• makes some economic decisions.

  
  

• makes most economic decisions.

• makes all economic decisions.

What is one cost of avoiding insurance?

• falling into debt if faced with a serious problem

  
  

• not benefitting from insurance deductibles

• not being able to purchase a car or home

• facing increased probability of accidents

Which statement best explains paying in cash to cover the costs of an education?

• It requires the use of savings.

  
  

• It requires repayment with interest.

• It involves completing an application.

• It is based on need or achievement.

A budget should be based on a person’s ______ income

• net

• gross

• discretionary

A monopoly is a market that has

• few competing businesses.

  
  

• many sellers of the same item.

• many sellers of a variety of products.

  
  

• a single supplier of a good or service.

What are some benefits to private ownership? Select three answers.

• Private ownership provides offices for government workers.

  
  

• Private ownership provides land or goods for all citizens to use.

  
  

• Private ownership can make it possible for a business to earn money.

  
  

• Private ownership might help a person move to another economic class.

  
  

• Private ownership allows a person to own goods that may increase in value.

 In a republic, elected officials create laws to regulate the economy.

• T

• F

If having a warranty on a car is important, a person should buy a car that is

• new

• old

Why are utilities, such as electricity and water, examples of natural monopolies?

• The cost of production restricts competition in the market.

• There are limited natural resources to meet demand.

  
  

• Consumers only trust known companies to provide these essentials.

• There is no need for alternative options.