MTTC SOCIAL STUDIES 084 COMPREHENSIVE GUIDE/
ACTUAL COMPLETE REAL EXAM QUESTIONS AND
CORRECT ANSWERS (VERIFIED ANSWERS) |
ALREADY GRADED A+ | 2025/2026 LATEST
EXAM | JUST RELEASED !!!
Peninsulas - ANSWER-These distinctive geographic locations
host wide ranges of flora and fauna, and natural habitat of
many threatened or endangered species. Their unique
geographic positioning often makes them significant in
international trade and commerce. Usually, lighthouses are
found in peninsulas to prevent shipwrecks.
Forms of unemployment - ANSWER-Frictional Unemployment:
Frictional unemployment is the result of voluntary employment
transitions within an economy. Frictional unemployment
naturally occurs, even in a growing, stable economy. Workers
choosing to leave their jobs in search of new ones and workers
entering the workforce for the first time constitute frictional
unemployment.
Structural Unemployment: Structural unemployment is long-
lasting unemployment that comes about due to shifts in an
,economy. This type of unemployment happens because though
jobs are available, there's a mismatch between what companies
need and what available workers offer.
Cyclical Unemployment: the impact of economic recession or
expansion on the
total
unemployment
rate.
Free Market Economic System - ANSWER-A free market is one
where voluntary exchange and the laws of supply and demand
provide the sole basis for the economic system, without
government intervention. A key feature of free markets is the
absence of coerced (forced) transactions or conditions on
transactions.
Traditional: A traditional economy is a system that relies on
customs, history,
and time-honored
beliefs.
Command: an economic system in which activity is
controlled by a central
,authority and the means of production are
publicly owned.
Market: A country's market economy supports increased
innovation. Firms and
individuals are encouraged to innovate to gain a competitive
edge. With money
as a main motivating factor, companies look to create new
products and
technologies to generate more revenue and
higher incomes.
Mixed: A mixed economic system is a system that combines
aspects of both
capitalism and
socialism.
Economic systems & standard Living: Growth can lead to
higher living standards because if GDP rises, there is more
money in the domestic economy. This means that businesses
can make more profits, and therefore can pay employees
higher wages, or even hire more employees. This means that
GDP per capita/ household rises.
, Mixed Economy Characteristics - ANSWER-The characteristics
of a mixed economy include allowing supply and demand to
determine fair prices, the protection of private property,
innovation being promoted, standards of employment, the
limitation of government in business yet allowing the
government to provide overall welfare, and market facilitation
by the self-interest of the players involved.
Supply and Demand - ANSWER-As the price of a good goes up,
consumers demand less of it and more supply enters the
market. If the price is too high, the supply will be greater than
demand, and producers will be stuck with the excess.
Conversely, as the price of a good goes down, consumers
demand more of it and less supply enters the market.
price - ANSWER-monetary value of a product as established
by supply and
demand
Equilibrium - ANSWER-Equilibrium is the state in which market
supply and demand balance each other, and as a result prices
become stable. Generally, an over-supply of goods or services
causes prices to go down, which results in higher demand—
while an under-supply or shortage causes prices to go up
resulting in less demand.
ACTUAL COMPLETE REAL EXAM QUESTIONS AND
CORRECT ANSWERS (VERIFIED ANSWERS) |
ALREADY GRADED A+ | 2025/2026 LATEST
EXAM | JUST RELEASED !!!
Peninsulas - ANSWER-These distinctive geographic locations
host wide ranges of flora and fauna, and natural habitat of
many threatened or endangered species. Their unique
geographic positioning often makes them significant in
international trade and commerce. Usually, lighthouses are
found in peninsulas to prevent shipwrecks.
Forms of unemployment - ANSWER-Frictional Unemployment:
Frictional unemployment is the result of voluntary employment
transitions within an economy. Frictional unemployment
naturally occurs, even in a growing, stable economy. Workers
choosing to leave their jobs in search of new ones and workers
entering the workforce for the first time constitute frictional
unemployment.
Structural Unemployment: Structural unemployment is long-
lasting unemployment that comes about due to shifts in an
,economy. This type of unemployment happens because though
jobs are available, there's a mismatch between what companies
need and what available workers offer.
Cyclical Unemployment: the impact of economic recession or
expansion on the
total
unemployment
rate.
Free Market Economic System - ANSWER-A free market is one
where voluntary exchange and the laws of supply and demand
provide the sole basis for the economic system, without
government intervention. A key feature of free markets is the
absence of coerced (forced) transactions or conditions on
transactions.
Traditional: A traditional economy is a system that relies on
customs, history,
and time-honored
beliefs.
Command: an economic system in which activity is
controlled by a central
,authority and the means of production are
publicly owned.
Market: A country's market economy supports increased
innovation. Firms and
individuals are encouraged to innovate to gain a competitive
edge. With money
as a main motivating factor, companies look to create new
products and
technologies to generate more revenue and
higher incomes.
Mixed: A mixed economic system is a system that combines
aspects of both
capitalism and
socialism.
Economic systems & standard Living: Growth can lead to
higher living standards because if GDP rises, there is more
money in the domestic economy. This means that businesses
can make more profits, and therefore can pay employees
higher wages, or even hire more employees. This means that
GDP per capita/ household rises.
, Mixed Economy Characteristics - ANSWER-The characteristics
of a mixed economy include allowing supply and demand to
determine fair prices, the protection of private property,
innovation being promoted, standards of employment, the
limitation of government in business yet allowing the
government to provide overall welfare, and market facilitation
by the self-interest of the players involved.
Supply and Demand - ANSWER-As the price of a good goes up,
consumers demand less of it and more supply enters the
market. If the price is too high, the supply will be greater than
demand, and producers will be stuck with the excess.
Conversely, as the price of a good goes down, consumers
demand more of it and less supply enters the market.
price - ANSWER-monetary value of a product as established
by supply and
demand
Equilibrium - ANSWER-Equilibrium is the state in which market
supply and demand balance each other, and as a result prices
become stable. Generally, an over-supply of goods or services
causes prices to go down, which results in higher demand—
while an under-supply or shortage causes prices to go up
resulting in less demand.
