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Business and Government — Test Answers

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Who was known as the "Father of Economics,” whose ideas of free markets inspired classical economic thinkers?

John Keynes

Friedrich Hayek

Milton Friedman

Adam Smith

Which interest could best help someone become an athletic trainer?

enjoying working with food

wanting to manage workers

understanding sports injuries

enjoying working with aircraft

Governments collect taxes to ensure that

a government program exists for every need that arises.

there is sufficient money to fund private businesses.

citizens contribute to meeting society's needs.

politicians get paid in a timely manner.

Which best describes a central bank's primary goals?

controlling stagflation and reducing unemployment

managing credit and ensuring the money supply's liquidity

reducing unemployment and maintaining cash flow

limiting inflation and reducing unemployment

Which can be considered disadvantages of sole proprietorships and partnerships?

Sole proprietorships require one person to do many things, while partnerships require many people to weigh in on decisions.

Partnerships require one person to do many things, while sole proprietorships require many people to weigh in on decisions.

Sole proprietorships require one person to know complicated tax laws, while partnerships require many people to know the rules.

Partnerships require many people to write a charter, while sole proprietorships require one person to write a charter.

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