AnswersEAP-Economics and Personal Finance BUnit Test

Unit Test — Unit test Answers

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1
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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.
2
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The concept of the Great Society was created by which president?

A
Roosevelt
B
Truman
C
Johnson
D
Carter
3

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.
4

Occupational Safety and Health AdministrationEnvironmental Protection AgencyFood and Drug AdministrationSecurities and Exchange Commission

A
Occupational Safety and Health Administration
B
Environmental Protection Agency
C
Food and Drug Administration
D
Securities and Exchange Commission
5

The EPA tries to balance protecting business interests with protecting

A
food.
B
air.
C
consumer products.
D
medical devices.
6

Which statement explains a way how the Securities and Exchange Commission upholds fair business practices?

A
The SEC makes sure that banks follow federal laws.
B
The SEC tries to limit risk in the financial system.
C
The SEC generally oversees banking practices.
D
The SEC generally oversees financial advisers.
7

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
8

producersconsumersgovernmentprices

A
producers
B
consumers
C
government
D
prices
9

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.
10

Which of the following represents a question within higher education?

A
Should we allow new kinds of public schools to try to help students in innovative ways?
B
Is standardized testing a valid way of determining what students do and do not know?
C
Should we provide vouchers so parents can use public funds to pay for private schooling?
D
Are there better ways to help students find adequate funding for increasing tuition costs?
11

What is the primary qualification for receiving Medicaid benefits?

A
age
B
health
C
income
D
education
12

What type of school does the term “higher education” refer to?

A
elementary schools
B
middle schools
C
high schools
D
graduate schools

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