AnswersOC27 Economics-2102310-Sem-MeadowsUnit Test

Unit 5 Test Answers

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21
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Which statement explains the main reason to create an outline for an informative essay?

A
An outline can help a writer find evidence for a claim.
B
An outline can help a writer avoid the need to make revisions.
C
An outline can help a writer arrange the references to be cited.
D
An outline can help a writer select an approach to a topic.
22
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Which describes the difference between a trade surplus and a trade deficit?

A
A trade surplus is when a country exports more than it imports, while a trade deficit happens when imports exceed exports.
B
A trade surplus is when a country imports more than it exports, while a trade deficit happens when exports exceed imports.
C
A trade surplus is when a country produces more than it consumes, while a trade deficit happens when consumption exceeds production.
D
A trade deficit is when a country loses money on products it makes, while a trade surplus happens when production leads to profits.
23

In which of the following ways do governments spend money to meet public needs? Check all that apply.

A
by protecting the public
B
by arming the public
C
by providing health care
D
by supporting education
E
by building roads and bridges
24

In developed economies, less-educated workers

A
have more jobs to choose from.
B
are often more highly skilled than other workers.
C
may be outsourced to other nations.
D
can have difficulty finding work.
25

Which of these are goals of an expansionary policy? Check all that apply.

A
increased available credit
B
decreased available credit
C
increased money supply
D
increased inflation
E
increased interest rates
F
decreased interest rates
26

four

B
Businesses can take advantage of favorable laws to make products cheaply.
B
Businesses can take advantage of favorable taxes to make products cheaply.
B
Businesses can take advantage of new forms of technology to make products cheaply.
B
Businesses can take advantage of new forms of democracy to make products cheaply.
B
Businesses can take advantage of faster technology to make products faster.
27

What are standards designed to do? Check all that apply.protect consumerssupport domestic industrieslimit importsensure safetyoffer domestic industries an advantage

A
protect consumers
B
support domestic industries
C
limit imports
D
ensure safety
E
offer domestic industries an advantage
28

Many classical economists such as Adam Smith believed that government should

A
intervene often in the economy.
B
intervene little in the economy.
C
always intervene in the economy.
D
totally control the economy.
29

Which best describes the effect negative incentives have on a certain course of action?

A
They make the action impossible.
B
They make the action more profitable.
C
They make the action difficult.
D
They make the action less likely.
30

Expansionary spending takes place when a government makes the decision to

A
put a freeze on the number of its employees.
B
raise taxes to balance its budget.
C
raise taxes to run a budget surplus.
D
raise spending to stimulate the economy.
31

Which form of transportation has led to more efficient business in a global market?

A
helicopters
B
high-speed trains
C
tractor trailers
D
cargo ships
32

What part does interest play in deficit spending?

A
Governments must pay interest on money they borrow when they take on debt.
B
Citizens must pay interest when their governments borrow money.
C
Governments may charge foreign countries interest when they borrow money.
D
Interest is not a factor when a government’s budget is in deficit.
33

Spending that can change from year to year is known as

A
discretionary spending.
B
deficit spending.
C
mandatory spending.
D
expansionary spending.
34

Which of the following are taxes on income or wealth that individuals pay in the United States? Select three options.

A
property tax on a home
B
income earned from wages
C
sales tax on clothing
D
excise tax on gasoline
E
profits from investments
35

Why might a country choose to devalue its currency?

A
to please its trading partners
B
to encourage exports
C
to encourage imports
D
to reduce taxes
36

[BLANK]

A
producers
B
consumers
C
government
D
prices
37

Regulatory policies protect consumers by

A
overseeing and limiting businesses.
B
deciding how to tax and spend money.
C
controlling the supply of money.
D
providing public assistance programs.
38

best

T
They make the action impossible.
T
They make the action more profitable.
T
They make the action difficult.
T
They make the action less likely.
39

[BLANK]

A
task force
B
public policy
C
party platform
40

Which federal regulatory agency would most likely bring a civil suit against a business that broke securities laws?

A
the SEC
B
the FDA
C
OSHA
D
the FDIC

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