Answer Keys Pretest Section | Sample P1 B SseMitie Sample P2D sstFée 1 Cc SSEFA.2 2 © SSEMT1.b 3. D ‘SSEMA1.D, 1.0 4 B SSEINI.c 5. D SSEPF4.¢ 6 A SS7EF2.a, 6 7. B SSEMT4.c 8 c SSEMAI.S 9 c SSEINTa 10, D SSEPF2.4 " A sseFta 12, B SEMIS. 13, c SSEMAI.D, Le 14, D SSEPFAD 15, B SSEN3.a, 2b, 36 16. c SSEFI., SSEPFI.C 17, 8 SSEMIA.2 18 c SSEPFED 19, © SSEMAR.C 20. A ‘SSEIN2.2 2 c SsePraa ‘Triumph Learning + 1-800-271-95 2, 23. 24, 25. 26. 27. 28. 29. 30. 31. 32. 33, 34, 35. 36. 37. 38, 39, 40. a 42, 43, 44, 45. >OO>>HTTOM>TOBDOIDI00>o000 SSEMII.2 SSEFI.b SSEINS.c SSEPF5.b SSEMAT.D SSEFS.0 SSEMI2. SSEINI.b SSEMT3 SSEINZD SSEMAI.b SSEFAb SSEPF3.D SSSEMA2.b SSEMAT.D seine SSEF2b SSEPF4.c SSEMAS.a, SSEINa.C SSEPF3.2 SSEMI2.¢ SEMI. SSF. 3bAnswer Keys: (continued) Section Il 46. 47. 48. 49. 50, 51. 82. 53. 54. 55. 56. 87. 58. 59. 60. 61 62. 63. 64, 65, 66. 67. 10 >DO>OMDO>BDOBDOO>O>OU>D SSEFS.b SSEMI3.¢ SSEIN2.d SSEPF2.a SSEPFI.C SSEFI.D SSEFS.a ‘SSEMT3.0 SSEF2a SSEMT4.b SSEMAL SSEINZ.¢ SSEPF3.¢ ‘SSEMAI.D SSEMAZA SSEMAL.e SSEINS.¢ SSEFI.b SSEPF6.D SSEPF4.a SSEING.a SSEMI 1a SSEMAL.A SSEMI1.a SSEMI3.a SSEF3.b SSEFSa SSEPF2.b SSEMI3.a SSEPF2.a SSEMI3.0 SSEMI4a SSEMI4.¢ SSEINI.D SSEMAI.C SSEFAa SSEPF3.D SSEMAS.D SSEPF5.a SSEFE.b, 6. SSEFS.a SSEMI4.¢ SSEMIAa SSEMAI.c SEMAN. D>DOD>DB>OUBORDD00RMS000 ‘Triumph Learning + www:triumphlearning.com‘Answer Keys (continued) Chapter 1: Fundamental Economic Concepts Lesson 1: Resources and Scarcity ‘Show What You Know 1. Sample responses: build a playground; use as athletic fields; build a new elementary school; build a community center or vocation education center. ‘Answers will vary on the rest. 2. Students should describe the types of land, labor, and equipment they would need to start a business. Lesson Practice 1 D 2 B 3. A Lesson 2: Cost-Benefit, Specialization, and Voluntary Exchange Show What You Know 1. Choosing a second item rather than more of the first item provides more marginal benefit for the ‘marginal cost you pay. A rational decision is one in which the marginal benefits you receive are greater than the marginal costs you pay. 2. Each person should specialize in one of the three tasks. They could set up an assembly line in which ‘one person makes the cakes, then the next person decorates the cakes, and finally, the third person delivers the cakes. Lesson Practice 1 A 2. c 3 B Economic Systems Show What You Know ow ingot come a How wa ong napone to OT rotnet vere foe | Suny run Redo wore mer ‘Triumph Learning + 1-800-221-9372 Lesson Practice 1 c 2. A 3, B Lesson 4: The Role of Government Show What You Know 1. Answers will vary. Students might mention highways, buses, public schools. 2. Social Security payments, Medicare 3. benefit: more choice in programming; cost: increases in price for TV service Lesson Practice 1 A 2. 8 3. D Lesson 5: Productivity and Growth ‘Show What You Know 1. Reasons for its productivity include capital investment in new technology and investment in ‘human capital such as education. Productivity increases standard of living because the society Is able to produce more things more cheaply so that more people can afford them. 2. Protection for inventors and writers encourages new ideas and new technology because creators are motivated by profits. New ideas and technology improve productivity, which leads to economic growth. 8, Answers will vary. Lesson Practice 1 A 2. B 3. A "‘Answer Keys. (continued) Chapter 1 EOCT Review 7 SSEFI.a SSEFI.A SSEF3a ssef2a SSEFB.a SSEFIC, 4a SSEFAD SSEFSa SSEFSD SSEFE.b ‘SSEF6.D SSEFE.c, 1.0 SSEF2b SSEF3.b vososons>D0000 Chapter 2: Microeconomic Concepts : Goods, Services, and Lesson Money Show What You Know 1. This is part of the flow of money from Point 8 to Point 6. 2, Your contribution to Xenson's production process: is part of the flow of resources shown from Point 5 to Point 7. 3. This is part of the flow of goods shown from Point 4't0 Point 2. 4. This is part of the flow of money shown from Point 1'to Point 3. Lesson Practice 1 oo>0 a 3. 4 2 Lesson 7: Supply and Demand Show What You Know 1. $3.00 2.none 3. 10 milion gallons 4, 30 million gallons 5. a shortage of 20 milion gallons Lesson Practice 1. c 2. B 3, A Lesson 8: Business and Market Structures Show What You Know 7 ‘ew ah [rare | mon oo eft [ore re Lesson Practice 1. D 2 B 3. A 4. B Chapter 2 EOCT Review 1 A SSEMI1.a 2, D SSEM 1.2 3. B SSEMI1.b 4. B SSEMI2a 5. c SSEMT2.b 6 D SSEMI3.a 7 c SSEMT3.0 8 A SSEMIAC 9. c SSEMIAa 10. B SSEMTA 1". B SSEMI2.¢ 12 c SSEMI2.¢ 13, A SSEMI2d 14, B SSEMI3.¢ ‘Triumph Learning * www.sriumphlearning.comAnswer Keys (continued) Chapter 3: Macroeconomic Chapter 3 EOCT Review 1 D ‘SSEMAI.C joncepts c 2 B ‘SSEMAL.C Lesson 9: Measuring Economic 3. A SSEMAL.© Activity 4 8 SSEMAT.a, 1b Show What You Know §. C SSEMAL 1. The GDP is $6.7 billion. 7 c SSEMA2.¢ 2. The CPI was 103. The inflation rate was 3%. | 7 8 SEMA 3. The size of the labor force is 110,000. The 8. A ‘SSEMA2.c lunemployment rate is about 9%. 8 D SSEMABa, 3b Lesson Practice 10. B ‘SSEMA3.a, 3.0 1 c 1". B ‘SSEMAILD 2 B 12, c SSEMAZ.a 3. c 13. A ‘SSEMA2.b, 3.2 4 D 14, 8 SSSEMAI.© Lesson 10: The Federal Reserve Chapter 4: International ‘System Economics Show What You Know 1. monetary policy Lesson 11: Trading Goods and 2. fiscal policy Services 3, security or bond hi w 4, Federal Reserve System si Haas Noa 5. Federal Open Market Committee (FOMC) orn discount rate 3, absolute advantage ee 4. comparative advantage Lesson Pract 5. trade deficit 1 D 6. trade surplus 2. D 7. balance of payments 3. B Lesson Practice 4 A 1. D 2. c 3 c ‘Triumph Learning * 1-800-221-9372Lesson 12: Trade Barriers Show What You Know Students might say that they would not sign because they believe that free trade benefits consumers by supplying a greater variety of goods at the lowest possible price and improves the nation’s economic efficiency. Or they might say that they would sign because they believe in protecting ‘American industries and jobs. Lesson Practice 1. D 2. c 3. B Lesson 13: Exchange Rates ‘Show What You Know 1. From 2006 to 2007, the euro appreciated in relationship to the yen, while the yen depreciated in relationship to the euro, 2. From this change, you can conclude that demand for European goods and services increased in Japan from 2006 to 2007. 3, As a result of this change, travel to Japan became cheaper for Europeans. 4. If this trend continues, European goods will become increasingly expensive in Japan, while Japanese goods will become cheaper in Europe. 5. If European imports become too expensive, Japanese demand for them might decline, leading toa decreased demand for euros and a subsequent depreciation of the euro in relationship to the yen. Lesson Practice 1 B 2 D 3. c “ Chapter 4 EOCT Review SSEINI.C SSEINI.a SEMA. SSEINI.a SSEINN.A SSEINI.D SseiNz.a ‘SSEIN2.D SSEINZe SSEIN.a-3.¢ SSEINS2-3.¢ SSEIN.2-3. SSEING.A SseINa.d DO>DODDOUD>OO>D Chapter 5: Personal Finance Economics Lesson 14: Spending, Saving, and Investment Show What You Know ‘Answers will vary. Students should use the table to create two savings plans, one for a short-term goal ‘and one for a long-term goal. Lesson Practice i oure 2. 3. 4 ‘Triumph Learning + www.ctiumphlearning.comAnswer Keys (continued) Lesson 15: Monetary and Fiscal Policy Show What You Know Columns 2 and 3 on the table represent a proportional tax. The amounts of tax paid are ‘$6,250, $12, 500, and $25,000. Columns 4 and 5 represent a regressive tax. The amounts of tax paid are $6,250, $10,000, and $15,000. Columns 6 and 7 represent & progressive tax. The amounts of tax paid are $3,750, $10,000, and $25,000. Lesson Practice 1 c 2 A 3, B 4, c Lesson 16: Using Credit Show What You Know ‘A3-year loan at 10% simple interest would cost $600 in interest. A 3-year loan at 9.5% compound interest would cost $625.86. The offer of 10% simple interest is cheaper. Lesson Practice 1 c 2. A 3. D ‘Triumph Learning + 1-800-221-9372 Lesson 17: Types of Insurance ‘Show What You Know 1. financial protection against risk 2. a written agreement between an insured person ‘and an insurance company 8. cost of an insurance policy 4, maximum amount an insurance company will pay {or a particular kind of loss '5. amount of the loss that the insured person must pay out-of-pocket before the insurance company pays the rest 6. pays for personal injury and property loss of people that you cause in a car accident 7. pays for repair of your car after a car accident 8, request for an insurance company to pay a loss Lesson Practice a ao>o 2. 3. 4 Lesson 18: Determining Workers’ Earnings Show What You Know 1. Answers will vary. Students should list three career options that interest them. 2, Students should research the training required, the entry-level salary, and the future demand for one career, using the Occupational Outlook Handbook at ‘www.bls.gov. 3. Students should list 5 of their personal strengths, based on the list of workplace skills on p. 119. 4, Students should list 2 of their personal weaknesses, based on the list on p. 119. Lesson Practice 1 B 2. c 3. D 15Answer Keys: (continued) Chapter 5 EOCT Review 1 D SSEPF2.d, 4.0 2. A SSEPF3.a 3. B SSEPFS.D 4 c SSEPFA.a 5. B SSEPFE.D 6 A SSEPF2.¢, 2.4 7 B SSEPF.a, 1.0 8. c SSEPF3.b 9. A SSEPF5.D 10. A SSEPFI.C 1 D SSEPFS.a, 5. 12. c SSEPF4.b, 4c 13, c SSEPF6.a, 6. 14, A SSEPF3.¢ 16 ‘Triumph Learning * www.triumphlearing.comAnswer Keys (continued) Posttest Section 1 Sample P1 D Sample P2 B >wDOoBD>OBIO>OO>UBFEBO0 SSEFS.a SSEINZ.€ SSEMI 1a SSEPF3.a ‘SSEINS.¢ SSEMA3.2, 3 SSEMIZC SS7EFA.a SSEF2b SSEPFA.C SSEMAt.b ‘SSEMAZ.b SSEPF3.D SSEFAb SSEINZ.D SSEFI.D SSEPFB.D SSEFS.a SSEM13b SSEINI.b SSEM12.b SSEMALLD SSEPFS.D ‘Triumph Learning * 1-800-221-9372 22. 23. 24, 25, 26. 27, 2ge8 32. 33. 34, 36, 36. 37. 39. 40. a. 42, 43. 44, 45, omo>>oD0DD>OBOB0ET0>0R00 SSEINS.C SSEFI.b, 6c SsEINZa SSEMIT.a ‘SSEMA2.¢ SSEPF3.a SSEMAI.¢, 1.¢ SSEMI4.3 SSEPFI., 1.0 SSEIN3.a, 3, 3.¢ SSEPFA.D SSEMAI.b, Le SSEMI3.¢ SSEFI.2 SSEPF2.d SSEINI.2 ‘SSEMAT. SSEMI4.¢ SSEPFA.C SSEINI.C SSEF2.a, 6. SSEMAI.D, Te SSEMI1.D SSEFAA 7Section Il 68. c ‘SSEMA.a 46. 8 SSEMI4a 69. 8 SSEMI1. 47. B SSEMAL.c 70. A SSEINSA 48. B SSEMALE n. c SSEPF4.a 49, B SSEMI4.c 72. A SEMA. 50. A SSEFS.a 73. c SSEMAT.b, 1.6 51. c SSEFE.b 74. c SSEMA2.¢ 52. c SSEPFS.a 7. B SSEPFE.D 53. A SSEMAS.D 76. A SEIN. 54, D SSEMI2.a 77. A SSEINZC 55. c SSEPF3.D 78. 8 ‘SSEMAI.D 56. D SSEF4.a 79. B SSEMIS.c 87. A ‘SEMA. 20. c SSEFI.D 58. A SSEINI.D at. o SStFS.a 59. 8 SSEMI4.c 82. A SSEPFI.C 60. A SSEMI4a 83. B SSEINZ.G 61. c SSEM13.b 84. A SSEPF2.a 62, ° SSEPF2.a 85. B SSEFI.d 63, A SEMI. 86. c SEMI. 64, c SSSEPF2.» a7. D SseF2a 65. D SEMI. 88. 8 SSEINA.G 66. A SSEFI.a 89. 8 SSEPF3.¢ er. c SSEF3.b 90. c SSEMI4.D 18 ‘Triumph Learning + wwwriumphlearning.com