Answers26-27 Ignite Economics-KY-EconomicsInflation and Stagflation (continued)

Economic Policy Answers

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In a free enterprise system, governments address public problems through policy to ensure that

A
citizens' needs are met and protected.
B
economic operations of businesses are controlled.
C
workers earn more than workers in other countries.
D
the nation's level of productivity remains steady.
2
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A government's monetary policy is its plan to control

A
taxation and spending.
B
prices.
C
workers' wages.
D
the money supply.
3

Read the scenario.The citizens of Country D have noticed that the average prices of most goods within their nation have begun to rise. At the same time, employers are not raising wages at the same rate. The combination of these challenges has resulted in a decrease in overall demand, causing a decline in GDP.

A
the government of Country D
B
the enterprises of Country D
C
the businesses of Country D
D
the workers of Country D
5

Read the scenario.The citizens of Country D have noticed that the average prices of most goods within their nation have begun to rise. At the same time, employers are not raising wages at the same rate. The combination of these challenges has resulted in a decrease in overall demand, causing a decline in GDP.

A
unemployment
B
stagflation
C
high production
D
high wages
6

What is a primary economic goal of governments?

A
reducing income inequality
B
maximizing individual freedoms
C
advancing technological innovation
D
protecting natural resources
7

Which of these policies would a government take when it comes to employment?

A
paying government employee when they choose to not work
B
seeing that at least a quarter the workforce has a job
C
working toward making unemployment is as low as possible
D
making sure that only skilled workers get jobs
8

Which statements describe a free enterprise system? Check all that apply.

A
Citizens can own property.
B
The government employs all workers.
C
Supply and demand drives production.
D
Consumers and producers make their own decisions.
E
Citizens can accumulate wealth.
F
The government sets prices and wages.
9

When an economy suffers from low production, a country cannot

A
worry about unemployment.
B
change the tax rate.
C
provide adequate funding for public safety.
D
enjoy a steady rate of economic growth.
10

The diagram shows a challenge for government policy-makers.

Question illustration
A
A country’s needs are more important than its ideals.
B
The most important aspect of economic policy is citizens' safety.
C
Economic policy must reach a balance between needs and ideals.
D
Private property is somewhat less important than fairness.

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Economic Policy Answers — 26-27 Ignite…