AnswersEconomicsGovernment Influence and Labor Markets

Government Influence and Labor Markets — Test Answers

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1
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What course of action might a government take to respond to the downturn revealed in this graph?

A
encouraging people to travel overseas
B
laying off unnecessary workers
C
decrease taxes to increase consumers' money supply
D
reducing the size of its armed forces
2
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Which best describes the idea behind the "invisible hand"?

A
Government sets policy for producers and consumers, which guides the economy.
B
Individuals seeking their own self interest benefit the economy as a whole.
C
Producers decide what to make for consumers, which guides the economy.
D
Consumers decide what they need and want to buy, which guides the economy.
3

What gives the US government the power to collect taxes?

A
the Constitution
B
common law
C
an executive order
D
laws passed by Congress
4

What led to Henry Ford’s success as an entrepreneur?

A
His desire to pay high wages.
B
His innovative production methods.
C
His personal wealth.
D
His commitment to improving labor laws.
5

A plan for spending money that balances income with spending and shows how money will be spent is

A
an expenditure.
B
a budget.
C
a deficit.
D
a surplus.
6

How are government regulations established?

A
Citizens agree on new regulations through annual elections.
B
The courts establish regulations in response to unfair business practices.
C
Specialized executive agencies respond to a new policy by creating regulations.
D
Business owners agree to create regulations to better compete with one another.
7

When a government creates a budget, it is seeking a way to

A
return as much money to taxpayers as possible.
B
allocate money to programs and projects.
C
cut spending to a bare minimum.
D
spend as much revenue as possible.
9

An entrepreneur is someone who

A
invents products for other businesses.
B
works for multiple developing businesses.
C
is an employee of a business.
D
starts and runs a business.
10

Which statement best describes a college education?

A
It lasts a short period of time—only a few months, or even weeks.
B
It usually takes two years to complete and tends to focus on technical training.
C
An employer typically pays for it in order to educate an employee.
D
The student pays for it, and it is required in many professions.
11

Governments collect taxes to ensure that

A
a government program exists for every need that arises.
B
politicians get paid in a timely manner.
C
citizens contribute to meeting society's needs.
D
there is sufficient money to fund private businesses.
12

Economists studying the money supply categorize the status of the money based on

A
interest rates.
B
liquidity.
C
inflation rates.
D
credit.
13

Which best describes a central bank's primary role?

A
increasing credit
B
controlling inflation
C
printing money
D
creating monetary policy
14

What is the problem with his research question? A student is given an assignment to create a presentation on the current US president. He decides on the research question "Why should the US government get rid of the penny?”

A
It is not applicable to the topic.
B
It is too broad.
C
It is too narrow.
D
It is too difficult to research.
15

Which of these sources are reliable? Choose four correct answers.

A
education websites (ending in .edu)
B
websites written without expertise
C
organization websites (ending in .org)
D
websites with outdated information
E
online newspapers
F
government websites (ending in .gov)
16

What happens if regulatory policies for a business are violated?

A
New business rules are created.
B
Safety classes are mandated.
C
Fines and sanctions are applied.
D
Additional inspections are required.
17

What is the definition of collective bargaining?

A
ongoing salary negotiations between an employee and a factory owner
B
labor union and employer negotiations about wages and other issues
C
an agreement among a group of factory owners to raise worker wages
D
a written set of guidelines about legal and illegal workplace conditions
18

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

A
John Keynes
B
Adam Smith
C
Milton Friedman
D
Friedrich Hayek
20

Which of these would be a good title for this diagram?

A
Fiscal Policy
B
Government Spending
C
The Federal Debt
D
The National Economy
21

What does the author believe about factory owners?

A
They are stubborn but hardworking.
B
They earned their privileges.
C
They struggle just as workers do.
D
They are greedy and selfish.
22

The best conclusion that can be drawn from the graph is that the number of nonfarm jobs

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

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