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Chapter 3 Test
| Question | Answer |
|---|---|
| 1. How people manage material resources in a community or other organized body (single household, city, state, nation, or the globe) | Economy |
| 2. Tangible items (things you can touch) such as food, clothing, cars, and houses | Goods |
| 3. The work or activities people perform, often for a fee | Services |
| 4. A person who satisfies a need or want by buying a good or service | Consumer |
| 5. The person or group of people who use resources to make goods or provide services | Producer |
| 6. Something useful to humans that comes from Earth or nature | Natural resource |
| 7. The person who produces goods or services | Human resource |
| 8. A tool used in the production of goods and services | Capital resource |
| 9. The condition that exists when people and societies try to satisfy unlimited wants with limited resources | Scarcity |
| 10. The quantity of a good or service available for sale | Supply |
| 11. The quantity of a good or service consumers are willing to buy | Demand |
| 12. The amount left after costs are subtracted from price | Profit |
| 13. A person who studies the economy and seeks to understand the way communities or societies address scarcity and decide how to allocate resources | Economist |
| 14. An economy that depends on agriculture and bartering, in which economic decisions are often based on customs, beliefs, or habits | Traditional economy |
| 15. An economy in which the government directs the economic system and tries to control how producers answer the four basic economic questions | Command economy |
| 16. An economy in which economic decisions are made at an individual, not a government, level, with the four basic economic questions answered by producers | Market economy |
| 17. Buying and selling goods | Commerce |
| 18. The idea that colonies existed to contribute to the wealth and power of the mother nation | Mercantilism |
| 19. Secret and illegal trade | Smuggling |
| 20. A natural resource that is a plant or animal (flora and fauna) and is renewable over time | Biological Resource |
| 21. Replanting trees in areas that have been cut | Reforestation |
| 22. The place where a plant or animal normally or naturally grows | Habitat |
| 23. A natural substance found inside Earth, which is formed by slow geological processes | Mineral resource |
| 24. A large, complex business enterprise that has many investors (called shareholders) | Corporation |
| 25. Laws that state that no one can be forced to join a union to get a certain kind of job | Right-to-work laws |
| 26. A tax placed on a good imported into the United States to protect a U.S. producer from the cheaper goods from international competitors | Tariff |
| 27. An economic indicator that measures the total value of the final goods and services produced in the United States in a certain time period, usually one year | Gross Domestic Product |
| 28. An economic indicator that measures whether prices of goods and services have risen or fallen in comparison to previous months | Consumer Price Index |
| 29. What type of economic system is described in the passage about the first traders and their deerskins? | traditional economy |
| 30. What conclusion can be drawn from the table labeled 1721 Trade Agreement? | Natives did not have access to woolen cloth. |
| 31. Which explains why mercantilism was unsuccessful in the Louisiana colony? | Neither France nor Spain could provide enough trade goods to meet the colonists’ needs. |
| 32. Which crop is grown primarily in the northeastern part of Louisiana? | cotton |
| 33. Which region supports the majority of Louisiana’s rice production? | Marsh |
| 34. What conclusion could be drawn about this 2002 tax incentive? | Thousands of jobs will be created and goods and service industries will benefit from the influx of people and income. |
| 35. Which was a direct result of the 2002 tax incentives for film production? | The film industry in Louisiana grew rapidly, and the state has become known as “Hollywood South.” |
| 36. Which is an example of goods? | a new wardrobe |
| 37. Which is an example of a service? | a concert |
| 38. Which of the following describes a natural resource? | cypress trees |
| 39. What are capital resources? | bacon factory |
| 40. Which is an example of a human resource? | chef |
| 41. What was Jillian’s opportunity cost from the passage? | the sweater |
| 42. What was Jillian’s opportunity benefit? | the jeans |
| 43. Which explains how supply affects prices? | When the supply of something is high, the prices for it are low. |
| 44. Which explains how prices affect demand? | As prices rise, demand usually goes down. |
| 45. How did the Mississippi River contribute to the development of Louisiana’s market economy in the 1800s? | Producers and consumers from other states used the river to reach the port at New Orleans. |
| 46. Which brought great prosperity and economic change to Louisiana in the early 1900s? | the discovery of oil |
| 47. How did the early practice of clear-cutting affect Louisiana’s biological resources? | animal populations decreased |
| 48. Which is an example of how Louisiana’s many waterways have contributed to the state’s economic development? | Commercial fishing in Louisiana accounts for 25% of the commercial catch in the United States. |
| 49. How do tariffs protect producers in the United States? | They make imported goods more expensive for consumers. |
| 50. Which is an example of inflation? | a steady rise in the price of gas |
| 51. Using Source, which of Louisiana’s fishing areas would most likely be affected by storm surges created by hurricanes? | areas closest to the Gulf Coast low-lying areas near large water sources |
| 52. Using Source, which statement explains how the demand for seafood products most likely affects the commercial fishing industry in Louisiana? | When demand is high, more jobs in the industry become available. |
| 53. Based on Source, which statement best explains how excessive rain can negatively affect the fishing industry in Louisiana? | Excessive rain increases the pollution of fish habitats. |
| 54. Which two phrases from the list in the chart to show two correct causes of natural phenomenon on the decline of the fishing industry in Louisiana. | droughts occur hurricanes damage breeding grounds |
| 55. Which two phrases from the list in the chart to show two correct effects of natural phenomenon on the decline of the fishing industry in Louisiana. | fishing profits decrease unemployment increases in the fishing industry |
| 56. Which statement best explains the importance of Louisiana’s exports to international trade? | Louisiana exports valuable natural resources and raw materials to other nations. |
| 57. Which statement best describes a feature of the cotton industry in the economic development of Louisiana? | Demand has had a large impact on the amount of cotton production in Louisiana. |
| 58. Which statement best explains the relationship between specialization and the seafood industry in Louisiana? | Producers are able to focus on high-quality seafood to compete with imports. |
Created by:
Colleen Frazier