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Economic Policy Answers

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1
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Which phrase is the best definition of public policy?

A
the ways in which the government discourages economic growth
B
analysis of data to determine a course of action
C
actions a government takes when responding to a public problem
D
actions taken by the government and citizens to address problems
2
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The main reason governments address public problems through policy is

A
to ensure that citizens’ needs are met and protected.
B
to maintain strict control of the nation’s economy and industries.
C
to control the economic safety of producers.
D
to protect the nation’s level of productivity.
3

What are the main goals of economic policy within a free-enterprise system? Check all that apply.to limit the number of producers that can enter a given marketto ensure that the economic needs of citizens are met, such as employmentto ensure that the market is fair, allowing for competition and consumer choiceto guarantee that all producers are maximizing profitsto work toward solving the problem of poverty

A
to limit the number of producers that can enter a given market
B
to ensure that the economic needs of citizens are met, such as employment
C
to ensure that the market is fair, allowing for competition and consumer choice
D
to guarantee that all producers are maximizing profits
E
to work toward solving the problem of poverty
4

Question text not available

Answers:
The government of Country A has lowered taxes to allow citizens to bring home more money in every paycheck. This is an example of .:fiscal policy
The government of Country B has decided to stop trading with outside nations in the hope of boosting demand for domestic goods. This is an example of .:trade policy
The government of Country C has created protections for employees within factories to ensure their physical safety. This is an example of .:regulatory policy
5

implementing a solution✔ identifying an issueforming a solution

Answers:
1.Public policy begins with . 2.Then, government officials . 3.Finally, a government agency .:identifying an issue
1.Public policy begins with . 2.Then, government officials . 3.Finally, a government agency .:form a solution
1.Public policy begins with . 2.Then, government officials . 3.Finally, a government agency .:implements the solution
6

implement the solutionidentify an issue✔ form a solution

A
implement the solution
B
identify an issue
C
✔ form a solution
7

✔ implements the solutionidentifies the issueforms a solution

A
✔ implements the solution
B
identifies the issue
C
forms a solution
8

✔ fiscal policyregulatory policymonetary policy

Answers:
The government of Country A has lowered taxes to allow citizens to bring home more money in every paycheck. This is an example of .:fiscal policy
The government of Country B has decided to stop trading with outside nations in the hope of boosting demand for domestic goods. This is an example of .:trade policy
The government of Country C has created protections for employees within factories to ensure their physical safety. This is an example of .:regulatory policy
9

regulatory policy✔ trade policymonetary policy

A
regulatory policy
B
✔ trade policy
C
monetary policy
10

fiscal policymonetary policy✔ regulatory policy

A
fiscal policy
B
monetary policy
C
✔ regulatory policy
11

Country Q has noticed a rapid increase in their unemployment rate and a sharp decline in their GDP.What should policy makers focus on to help balance these economic indicators?

A
decreasing production and limiting government spending until demand increases
B
increasing the money supply so that consumers have more money to purchase goods
C
attempting to trade with other nations to increase production and create new jobs
D
implementing controls on wages, forcing employers to pay a minimum wage
12

If you were a policy maker in Country LT, how would you ensure that the ideals of free enterprise are preserved while protecting the citizens of your nation?Explain your answer in three to four sentences.

Answer:

I would enforce antitrust laws to investigate whether the company is abusing its monopoly power and take action if it is. I would also reduce barriers to entry so other grain producers can compete, giving food producers and consumers more choices. This would help keep prices fair while preserving private ownership and competition.

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