AnswersFL-2102373-Personal Finance and Money Management HonorsIntroduction to Economics

Economic Policy Answers

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1
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What is a primary economic goal of governments?

A
reducing income inequality
B
maximizing individual freedoms
C
advancing technological innovation
D
protecting natural resources
2
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Which statements describe a free enterprise system? Check all that apply.Citizens can own property.The government employs all workers.Supply and demand drives production.Consumers and producers make their own decisions.Citizens can accumulate wealth.The government sets prices and wages.

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.
3

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
4

Country Q has experienced a rapid increase in its unemployment rate and a sharp decline in its GDP.What might policymakers do in the face of these economic indicators?

A
encourage a decrease in purchasing until employment figures increase
B
try to trade with other nations to increase production and create new jobs
C
increase taxes so the government has more money to spend
D
implement controls on wages, forcing employers to pay higher wages
5

Economic interdependence means that economic policies must balance the needs of

A
all governments in the world.
B
governments, individuals, and businesses.
C
small businesses and large corporations.
D
both wealthy and poor individuals.
6

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.
7

What are economic challenges that governments must face? Check all that apply.threats of warunemploymentlow productioninflationlow voter turnout

A
threats of war
B
unemployment
C
low production
D
inflation
E
low voter turnout
8

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
9

An organization whose members have a common cause for which they seek to influence public policy is called an .

Answer not available
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.
11

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.
12

The graph shows the number of employed workers in the United States in nonfarm jobs from 2008 to 2013.

Question illustration
A
reducing the size of its armed forces
B
laying off unnecessary workers
C
decrease taxes to increase consumers' money supply
D
encouraging people to travel overseas
13

The graph shows the number of employed workers in the United States in nonfarm jobs from 2008 to 2013.

Question illustration
A
remained consistent over time.
B
started going down in 2008.
C
went up every year since 2008.
D
started going down in 2010.
14

The diagram shows the three-step process by which economic policy is created.

Question illustration
A
Discuss a plan.
B
Interview an interest group.
C
Identify a problem.
D
Gather data.
15

Rules ensuring that businesses offer safe products to consumers are part of a nation's

A
trade policy.
B
monetary policy.
C
regulatory policy.
D
fiscal policy.
16

The graph shows the number of employed workers in the United States in nonfarm jobs from 2008 to 2013.

Question illustration
A
The United States had the world’s weakest economy by 2010.
B
In today's economy, a country needs fewer workers to remain strong.
C
By 2012, the United States had solved its economic problems.
D
The United States faced an economic crisis that started in 2008.
17

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
18

A government's monetary policy is its plan to control

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

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