Unit Test — Unit test Answers

15 verified answers2 views
1
Free Preview

Among the changes that labor reformers wanted after the Industrial Revolution was

m
more jobs for untrained workers.
a
a ban on child factory workers.
j
jobs for women factory workers.
e
equal pay for owners and workers.
2
Free Preview

Which describes an example of the economic system known as free enterprise?

A
People are free to shop around for products, but manufacturers dictate what is available.
B
People are free to shop for the best price on products because there is open competition.
C
Government oversight of business gives people freedom to shop for the best deals.
D
Government regulations ensure that everyone has the freedom to shop for the best deals.
3

Expansionary spending takes place when a government makes the decision to

p
put a freeze on the number of its employees.
r
raise taxes to balance its budget.
r
raise taxes to run a budget surplus.
r
raise spending to stimulate the economy.
4

What circumstances during the early days of industrialization led to a need for reform? Check all that apply.Factory equipment was dangerous to operate.There were too few capable workers to fill positions.There was little government regulation of workplaces.A typical work shift might be twelve to sixteen hours long.It was very expensive to keep factories running.

F
Factory equipment was dangerous to operate.
T
There were too few capable workers to fill positions.
T
There was little government regulation of workplaces.
A
A typical work shift might be twelve to sixteen hours long.
I
It was very expensive to keep factories running.
5

best

t
to reduce the number of responsibilities
t
to make it easier to raise funds for expansion
t
to move into a more favorable tax bracket.
t
to take advantage of little government oversight.
7

The development of many new businesses helps limit

u
unemployment.
t
taxation.
r
revenue.
r
risk.
8

producersconsumersgovernmentprices

A
producers
B
consumers
C
government
D
prices
10

Many classical economists such as Adam Smith believed that government should

i
intervene often in the economy.
i
intervene little in the economy.
a
always intervene in the economy.
t
totally control the economy.
11

Spending that can change from year to year is known as

A
discretionary spending.
B
deficit spending.
C
mandatory spending.
D
expansionary spending.
12

What is a major factor in the decline of some occupations, such as those in the textiles and clothing industries?

s
shifting consumer tastes
o
overseas labor costs
c
changing technologies
a
aging populations
13

Which best describes a difference between the views of Milton Friedman and John Maynard Keynes on the economy?

A
Friedman said that monetary policy should be used to influence aggregate demand, while Keynes believed the best approach was fiscal policy.
B
Friedman said that fiscal policy should be used to influence aggregate demand, while Keynes believed the best approach was monetary policy.
C
Keynes believed in little government intervention in the economy, while Friedman said government should play an active role.
D
Keynes believed the economy was too complicated to think of aggregates, while Friedman said higher aggregate demand could solve issues.
14

Articles of partnership establish

h
how businesses can raise capital.
w
what business taxes are paid.
h
how profits and losses are divided.
w
what is included in a charter.
15

Two doctors who join forces in business form a.

Answer not available

Did you find these answers helpful?