ECONOMIC SYSTEMS + MASTERY TEST QUESTIONS WITH COMPLETE ANSWERS

ECONOMIC SYSTEMS + MASTERY TEST
QUESTIONS WITH COMPLETE
ANSWERS
Warm-Up
Type ssyour ssresponse ssin ssthe ssbox.
Many sspeople ssin ssthe ssUnited ssStates ssseek ssfurther sseducation ssafter ssgraduating
ssfrom sshigh ssschool. ssAn sseconomic sssystem ssshould ssanswer ssthe ssquestions,
ss"Who ssshould ssreceive sseducation?" ssand ss"How ssis ssthat sseducation sspaid ssfor?"
Do ssyou sswant ssto sscontinue ssyour sseducation ssafter sshigh ssschool? ssIf ssso, sswhat
ssdo ssyou sswant ssto ssstudy? ssHow sswe sspay ssfor sscollege sseducation? ss- ssAnswer
ssSample ssAnswer:
Answers sswill ssvary ssaccording ssto ssyour ssown ssplans ssand sspreferences. ssSome
ssoptions ssfor sspaying ssfor ssadditional sseducation ssinclude sssavings, ssloans,
ssscholarships, sswork-study ssprograms, ssand sstaking sscourses ssat ssless-expensive
sscommunity sscolleges.


Activity
As ssyou ssread ssthese sstwo ssscenarios, ssthink ssabout ssthe ssquestions ssWho ssshould
ssgo ssto sscollege? ssand ssHow sscould ssthey sspay ssfor sstheir sseducation?
Andrea ssis ssa sshardworking ssstudent sswho ssgets ssexcellent ssgrades. ssShe ssplays
sssoftball ssand ssvolunteers ssat ssa ssshelter. ssShe sswas ssaccepted ssto ssher ssfirst
sschoice ssof ssuniversity, ssbut ssher ssfamily sscan't ssafford ssthe sstuition.
Nick ssis ssa sshardworking ssstudent sswho ssgets ssexcellent ssgrades. ssHe ssvolunteered
ssin ssa ssscience sslab ssin sshigh ssschool. ssHowever, sshe ssscored ssone sspoint ssless
ssthan ssis ssrequired sson ssthe ssentrance ssexam ssfor ssadmission ssto sshis ssfirst-choice
ssuniversity. ssIf sshe sshad ssscored ssone sspoint sshigher, ssthe ssuniversity sswould sshave
ssaccepted sshim ssand ssthe ssgovernment sswould sshave sspaid ssfor sshis sseducation.
Part ssA
What ssissues ssdo ssAndrea ssand ssNick ssface? ss- ssAnswer ssAndrea's ssfamily sscannot
ssafford ssher sstuition ssfees, ssand ssNick ssis ssunable ssto ssattend sshis sspreferred
ssuniversity ssbecause ssof ssan ssinsufficient ssexam ssscore.


Part ssB
What ssresources ssdo ssAndrea ssand ssNick sswant? ss- ssAnswer ssAndrea ssand ssNick
ssboth sswant sshigher sseducation ssat sstheir sschosen ssuniversity.


Part ssC

, Why ssare ssAndrea ssand ssNick ssunable ssto ssget ssthe ssresources? ss- ssAnswer ssAndrea
sscan't ssaccept ssthe ssadmission ssto ssher sschosen ssuniversity ssbecause ssshe sshas
ssinsufficient ssmoney. ssNick sshas ssan ssinsufficient ssscore ssto ssbe ssadmitted ssto sshis
sschosen ssuniversity


Part ssD
What sssolutions sscan sshelp ssthem ssget sstheir ssresource? ss- ssAnswer ssAndrea sscan
ssapply ssfor ssa ssscholarship ssand ssattend ssher sschosen ssuniversity. ssNick sscan ssapply
ssfor ssadmission ssto ssanother ssuniversity.


Activity
In ssthis ssactivity, ssyou sswill sscontemplate ssa ssscenario ssthat sswill sshelp ssyou ssbetter
ssunderstand ssthe ssdifferent sstypes ssof sseconomies.
Question ss1
Assume ssthat ssyou ssand ss10 ssof ssyour ssfriends ssare ssstuck sson ssa ssdeserted ssisland.
ssNo ssone ssis sscoming ssto ssget ssyou. ssSo, ssyou sshave ssno ssoption ssother ssthan
ssadjusting ssto ssthis ssnew sslife. ssAnswer ssthese ssquestions ssabout sswhat ssyou ssmight
ssdo ssin ssthis sssituation.
Part ssA
There ssare ssfruit sstrees sson ssthe ssisland. ssEveryone ssspends ssan ssequal ssnumber ssof
sshours sscollecting ssfruit. ssHow ssdo ssyou ssdecide sshow ssmuch ssfruit sseach ssperson
ssgets? ssChoose ssone ssof ssthese ssoptions, ssand ssexplain ssyour sschoice.
You ssdivide ssit ssequally ssamong ssthe ss11 ssof ssyou.
Everyone ssgets ssonly ssthe ssfruit sshe ssor ssshe sspersonally sscollected.
The ssleader ssdecides sshow ssto ssbest ssuse ssit.
The ssperson sswith ssthe ssmost ssresources ssback sshome ssgets ssmost ssof ssthe ssfruit. ss-
ssAnswer ssHere ssis ssone sspossible ssresponse:
Everyone ssgets ssonly ssthe ssfruit ssthey sscollect, ssbecause ssindividuals ssshould ssget
ssexactly sswhat ssthey sswork ssfor.


Part ssB
If ssthe ssgroup sscollectively ssdecided sseach ssindividual's ssshare, sswould ssit sschange
ssthe ssamount ssof ssfruit ssyou ssgathered? ssWhy ssor sswhy ssnot? ss- ssAnswer ssHere ssis
ssone sspossible ssresponse:
Yes. ssWhy sswork sshard ssto sscollect ssextra ssfruit ssif ssthe ssgroup ssdecides ssmy
ssshare?


Part ssC
There ssis ssa sslarge ssforest sson ssthe ssisland. ssHow ssdo ssyou ssdetermine sswhat ssto
ssdo sswith ssthe ssforest? ssChoose ssone ssoption, ssand ssexplain ssyour sschoice.
Your ssgroup ssvotes sson sshow ssto ssuse ssevery sstree—for ssfirewood, ssshelter,
ssfurniture, ssboats, ssand ssso sson.
Individuals ssmake sswhatever ssthey sswant sswith ssthe sswood ssfrom ssthe sstrees,
sswithout ssdiscussing ssit sswith ssthe ssrest ssof ssthe ssgroup.
The ssleader ssin ssyour ssgroup ssdetermines sswhat ssgets ssmade sswith ssthe sswood ssand
sshow ssmuch ssof ssit.