[ 471 ] Economics GED ® TEST SOCIAL STUDIES FLASH REVIEW • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • Which of the following is the most reasonable explanation for a shortage of a product? a. Customers found the product overpriced. b. The producers overestimated the demand for the product. c. The producers underestimated the demand for the product. d. A rival company produced a cheaper version of the product. Cyclical unemployment is job loss that is caused by a recession or by fluctuations in the economy. Which of the following is an example of cyclical unemployment? a. construction workers in the Northeast who are out of work during cold months b. agricultural workers who are unemployed during non- growing seasons c. employees who quit their jobs because they are dissatisfied d. airline employees who are laid off because slow economic times have discouraged people from traveling By 1878, the Standard Oil Company, owned by John D. Rockefeller, had bought out most of its business rivals and controlled 90% of the petroleum refineries in the United States. Which of the following was a likely effect of Standard Oil’s business practices? a. The company set limits on its prices. b. The company increased oil prices. c. Competition in the oil market flourished. d. Standard Oil increased its efforts to attract needed customers.