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TEXES-Social Studies Exam Questions Correct Answers New Update (100% Pass)

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TEXES-Social Studies Exam Questions
Correct Answers New Update (100%
Pass)
Opportunity costs - Answers -Loss of potential gain from other alernatives when one
alternative is chosen

Scarcity - Answers -Unlimited wants but limited resources

Circular flow model - Answers -Defines the interactions & similarity between the
households and the firms in the free market

Capitalism - Answers -Economic and political system in which a country's trade and
industry are controlled by private owners for profit, rather than by the state

Socialism - Answers -Political and economic theory of social organization that the
means of production, distribution and exchange should be owned or regulated by the
community as a whole

Communism - Answers -All property is publicly owned and each person works and is
paid according to their abilities and needs

John Maynard Keynes - Answers -To stabilize the economy is to stabilize the price level
and that to do that the government central bank must lower interest rates when prices
tend to rise and raise them when prices tend to fall

Adam Smith - Answers -Explanation of how rational self-interest in a free-market
economy leads to economic well being

Free enterprise - Answers -Economic system in which private business operates in
competition and largely free of state control

Pure competition - Answers -Products are identical; no company has an advantage

Monopolistic competition - Answers -Many competitors but each one sells a slightly
different product

Oligopoly - Answers -State of limited competition

Monopoly - Answers -There is only one producer/seller for a product

Absolute advantage in trade - Answers -Can produce a good for a lower costs than
another

, Comparative advantage - Answers -Country should specialize in producing and
exporting only those goods and services which it can produce more efficiently than
other goods and services

Profit motive - Answers -Chance of generating a surplus of revenue over all costs the
reason most people start and stay in a business

Voluntary exchange - Answers -Free exchange of goods and services between buyers
and sellers in some sort of marketplace

Sole proprietorship - Answers -A person who owns the business and is responsible for
the debt

Federal Reserve System - Answers -Central banking system of the US

Functions of the Fed - Answers -Monetary policy, banking supervision & financial
services

Inflation - Answers -Increase prices, decrease purchasing value of money

Deflation - Answers -Prices decrease

Copernicus - Answers -Discovered the sun was at the center of the universe

Heliocentric - Answers -Sun is at that center of the universe

Galileo - Answers -Accused of heresy

Isaac Newton - Answers -Laws of gravity

Marie Curie - Answers -Research on radioactivity

Mayflower Compact - Answers -First written framework

Sociology - Answers -Family, education, government, religion and economy

Demand - Answers -Good or service that buyers are willing and able to pay for

Market equilibrium - Answers -Demand and supply curve intersect

Gross domestic product - Answers -Measures the size of an economy

Rule of law - Answers -Law applies to the government as well

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