US and Global Economics

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History | Graded Assignment | Semester Test Part 2: U.S. and Global Economics Name: Date: Graded Assignment Semester Test Part 2: U.S. and Global Economics Answer the following 10 questions based on what you have learned this semester. Each question is worth 10 points, for a total of 100 points. (10 points) 1. Describe the circular flow model of the free-market system. Score (10 points) 2. How do consumers use cost-benefit analysis? Why do consumers make different decisions using this process? Score (10 points) 3. Name two different market structures. Describe how and why they each have a different competitive situation. Score (10 points) 4. What is the Law of Supply and Demand? Explain how increases and decreases in supply and demand affect prices. © 2013, 2009 K12 Inc. All rights reserved. Copying or distributing without K12’s written consent is prohibited. Score Page 1 of 3 History | Graded Assignment | Semester Test Part 2: U.S. and Global Economics (10 points) 5. What is the business cycle? What causes changes from one phase of the business cycle to another? Score (10 points) 6. Explain the different investment options someone with a high level of risk aversion might choose. What are the possible investment goals for this person? Score (10 points) 7. What are tariffs? What are some of the harmful effects of tariffs? © 2013, 2009 K12 Inc. All rights reserved. Copying or distributing without K12’s written consent is prohibited. Score Page 2 of 3 History | Graded Assignment | Semester Test Part 2: U.S. and Global Economics (10 points) 8. Give an example of a public good and describe why it's a public good. Should the government provide this good? Why or why not? Score (10 points) 9. What is globalization? Why does globalization benefit some countries more than others? Score (10 points) 10. There are a number of organizations designed to regulate the global economy and assist individual nations in the global economy. List and describe two such organizations. Your Score © 2013, 2009 K12 Inc. All rights reserved. Copying or distributing without K12’s written consent is prohibited. Score ___ of 100 Page 3 of 3
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