GED Social Studies : Terminology and Concepts
Study concepts, example questions & explanations for GED Social Studies
All GED Social Studies Resources
Example Questions
Example Question #11 : Economics
In which century did social security emerge in the Western world?
The fifteenth century
The nineteenth century
The eighteenth century
The twentieth century
The twenty-first century
The twentieth century
Social Security is a government program whereby people who have very little money or are too infirm, old, or disabled to earn money of their own are provided a certain amount of support by the government. It emerged in the twentieth century, partly as a product of increasing state control over the lives of citizens and partly out of the progressive mentality that was prevailing at the time. The United States has an extensive Social Security system, although significantly less than many European countries.
Example Question #12 : Economics
For some time there are two companies that sell stuffed turtles on the national market. After a lengthy negotiation, Company A buys out Company B and now has effective control over the entire market. Company A now has __________.
a monopoly
competition
a supply
a demand
an incentive
a monopoly
A monopoly occurs when one company controls the means or production of a product and is able to exclusively sell that product on the market. The problem with this system is it allows the company to effectively charge higher prices than might be considered "fair." The alternative to this is competition, which occurs when two or more companies control a share of the market and have to compete with each other to produce better quality products at a lower price.
Example Question #11 : Economics
There is only one company from which I can purchase a diamond ring in my community, this company has a(n) __________.
corporation
recession
union
trust
monopoly
monopoly
If there is only one company that controls the sale of any particular product they have a "monopoly" on that product.
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