AnswersIL-EconomicsLabor

Labor — Unit test Answers

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locationtuitionindependenceproductivity

A
location
B
tuition
C
independence
D
productivity
22
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Which best describes the economic impact of defaulting on bank loans?

A
The economy suffers because banks have less money to loan to others.
B
The economy suffers because people have less money to spend.
C
The economy suffers because businesses are scared to take out loans.
D
The economy suffers because people are scared to take out loans.
23

How do bank loans help the nation’s economy?

A
They ensure consumer spending and confidence.
B
They ensure the success of new businesses.
C
They allow businesses to expand and improve.
D
They allow consumers to quickly pay off debts.
24

These lists outline the details of two jobs.

Question illustration
f
family needs
j
job location
p
personal life
a
annual wages
25

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

A
shifting consumer tastes
B
overseas labor costs
C
changing technologies
D
aging populations
26

Which statement best describes the main cause of the 2008 housing market crash in the United States?

A
Many people could not buy new homes during a weak economy.
B
Many homes could not sell because housing prices rose too fast.
C
Many homes could not sell because banks charged high interest.
D
Many people could not make home payments during a weak economy.
27

The level of investment in markets often indicates

A
the stability of the government.
B
the state of the economy.
C
the success of individual companies.
D
the stability of a currency.
28

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.

A
Factory equipment was dangerous to operate.
B
There were too few capable workers to fill positions.
C
There was little government regulation of workplaces.
D
A typical work shift might be twelve to sixteen hours long.
E
It was very expensive to keep factories running.
29

One fact about all currency is that it

A
loses value over time.
B
has a changing value.
C
maintains a stable value.
D
grows increasingly valuable.
30

The graph shows the percentage changes in the investment rate and the gross domestic product (GDP) between 2008 and 2012.

Question illustration
A
can show if the economy is growing or shrinking.
B
occur only when the economy is shrinking.
C
occur only when the economy is growing.
D
have no relation to changes to the GDP.
31

locationtuitionindependenceproductivity

A
location
B
tuition
C
independence
D
productivity
32

Which statement is part of the IRS’s regulations concerning nonprofit organizations?

A
Donations are not tax deductible for the donor.
B
Organizational taxes are calculated and paid like other corporations.
C
Earnings can only be distributed to shareholders, not individual owners.
D
Organizations focusing on health care must provide services that help the community.
33

The graph shows the percentage changes in the investment rate and the gross domestic product (GDP) between 2008 and 2012.

Question illustration
A
can show if the economy is growing or shrinking.
B
occur only when the economy is shrinking.
C
occur only when the economy is growing.
D
have no relation to changes to the GDP.
34

Which is the most liquid form of money?

A
cash and currency in circulation
B
investment accounts
C
savings accounts
D
demand accounts
35

Which statement is part of the IRS’s regulations concerning nonprofit organizations?

A
Donations are not tax deductible for the donor.
B
Organizational taxes are calculated and paid like other corporations.
C
Earnings can only be distributed to shareholders, not individual owners.
D
Organizations focusing on health care must provide services that help the community.
36

The chart shows facts related to professional interpreters.

Question illustration
e
earned a degree from a four-year college at least.
r
received on-the-job training for several weeks only.
r
received on-the-job training for several months only.
e
earned technical training from a vocational school.
37

Which statement best explains paying in cash to cover the costs of an education?

A
It requires the use of savings.
B
It requires repayment with interest.
C
It involves completing an application.
D
It is based on need or achievement.
38

Read the paragraph.Government officials in Country M have determined that they need to take action to encourage the growth of their economy. To do this, they have introduced an incentive policy that offers citizens free education. This is extended to all individuals who sign a contract agreeing to work within their specific industry for the next ten years.Country M hopes to encourage economic growth by investing in

A
education to reduce unemployment and increase production.
B
new technologies to produce goods that are in great demand.
C
resources that can be traded with other nations.
D
research to develop goods that can be sold on a global scale.
39

What are the signs of low inflation? Check all that apply.Demand steadily rises.Demand steadily falls.Prices continue to increase.Prices continue to decrease.The economy grows in a healthy way.The economy stagnates and struggles.

A
Demand steadily rises.
B
Demand steadily falls.
C
Prices continue to increase.
D
Prices continue to decrease.
E
The economy grows in a healthy way.
F
The economy stagnates and struggles.
40

The level of investment in markets often indicates

A
the stability of the government.
B
the state of the economy.
C
the success of individual companies.
D
the stability of a currency.

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