AnswersAcademy - Economics and Personal FinanceUnit Test

Unit Test Answers

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What is a primary economic goal of governments?

r
reducing income inequality
m
maximizing individual freedoms
a
advancing technological innovation
p
protecting natural resources
2
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A line graph titled Number of Employed workers in nonfarm jobs, 2008 to 2013 shows years on the x axis from 2008 to 2009 and millions of employed workers on the y axis, from 105 to 117. Line starts at 116 on February 1, 2008, to 112 on November 1, 2008, to 107 on August 1, 2009.

Question illustration
l
low production
i
inflation
b
budget deficit
u
unemployment
3

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

t
trade policy.
m
monetary policy.
r
regulatory policy.
f
fiscal policy.
4

The diagram shows a challenge for government policy-makers.

Question illustration
A
A country’s needs are more important than its ideals.
T
The most important aspect of economic policy is citizens' safety.
E
Economic policy must reach a balance between needs and ideals.
P
Private property is somewhat less important than fairness.
5

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

Question illustration
r
remained consistent over time.
s
started going down in 2008.
w
went up every year since 2008.
s
started going down in 2010.
6

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.

u
unemployment
s
stagflation
h
high production
h
high wages
7

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

Question illustration
T
The United States had the world’s weakest economy by 2010.
I
In today's economy, a country needs fewer workers to remain strong.
B
By 2012, the United States had solved its economic problems.
T
The United States faced an economic crisis that started in 2008.
8

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

c
citizens' needs are met and protected.
e
economic operations of businesses are controlled.
w
workers earn more than workers in other countries.
t
the nation's level of productivity remains steady.
9

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

p
paying government employee when they choose to not work
s
seeing that at least a quarter the workforce has a job
w
working toward making unemployment is as low as possible
m
making sure that only skilled workers get jobs
10

Economic interdependence means that economic policies must balance the needs of

a
all governments in the world.
g
governments, individuals, and businesses.
s
small businesses and large corporations.
b
both wealthy and poor individuals.

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