AnswersEAP-Economics and Personal Finance BUnit Test

Unit Test — Unit test Answers

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1
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risklawsmonopoliessafety

A
risk
B
laws
C
monopolies
D
safety
2
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The most efficient way to ensure that producers are responsible for products is through

A
advertising.
B
legislation.
C
labeling.
D
compliance.
3

Which are duties of OSHA? Check all that apply.investigating worker complaintsinspecting imported foodinspecting businesseslabeling productsprotecting the environment

A
investigating worker complaints
B
inspecting imported food
C
inspecting businesses
D
labeling products
E
protecting the environment
4

Which statement explains how regulations on prices affect business practices?

A
Regulations keep prices fair and prevent businesses from establishing monopolies.
B
Regulations keep prices low and help businesses to establish monopolies.
C
Regulations keep prices fair and help businesses to establish monopolies.
D
Regulations keep prices low and prevent businesses from establishing monopolies.
5

A regulatory agency that makes sure banks follow federal laws is

A
the FDIC.
B
the FDA.
C
the SEC.
D
the EPA.
6

A regulatory agency that protects workers is

A
OSHA.
B
EPA.
C
FDA.
D
SEC.
7

Which statement about general education policy is most accurate?

A
It is controlled only by the federal government.
B
All funding comes from the state.
C
It is set by multiple levels of the government.
D
All policies are determined by local school boards.
8

Milton Friedman led a new economic school of thought called

A
laissez faire.
B
monetarism.
C
price signaling.
D
the invisible hand.
9

The chart shows a cost-benefit analysis.

Question illustration
A
The EPA legislates and enforces more regulations that reap greater benefits than the other agencies.
B
The EPA legislates and enforces food regulations that reap greater benefits than the other agencies.
C
The EPA has a larger budget than the other agencies, and its employees work longer hours.
D
The EPA is less efficient than the other agencies, and its employees spend more money.
10

The graph shows Keynes's theory of aggregate demand.

Question illustration
A
Prices and output would drop, and the equilibrium point will stay the same.
B
Prices would rise, and output would drop in the short run.
C
Prices and output would rise, and the equilibrium point will change.
D
Prices would rise, and output would drop in the long run.
11

In which situation would government regulation most likely be necessary?

A
A factory requires employees to work in unsafe conditions.
B
A restaurant requires employees to work overtime on weekends.
C
A computer company requires employees to work long hours.
D
A power plant requires employees to take safety training classes.
12

producersconsumersgovernmentprices

A
producers
B
consumers
C
government
D
prices
13

Milton Friedman argued that consumers are more likely to alter their behavior based on

A
changes in the unemployment rate.
B
short-term changes in the economy.
C
long-term changes in the economy.
D
changes in the inflation rate.
14

free enterprisegovernment regulationKeynesian economicsmonetary policy

A
free enterprise
B
government regulation
C
Keynesian economics
D
monetary policy
15

Who was known as the "Father of Economics,” whose ideas of free markets inspired classical economic thinkers?

A
John Keynes
B
Milton Friedman
C
Friedrich Hayek
D
Adam Smith
16

Which of these concerns about educational quality is determined only at the K–12 level of public education?

A
how to appropriately test students’ performance
B
how to make sure application acceptance rates are fair
C
how to fund the growing cost of tuition
D
how to pay for higher-education research
17

Look at this chart.

Question illustration
A
Life expectancy is increasing slower than expected, so people are not living as long as thought.
B
Younger people are no longer paying as many retirement taxes as in past generations.
C
The number of elderly Americans is growing quickly, so more money is going out than coming in.
D
An unequal amount of taxes is being allocated to Medicare and Medicaid services.
18

The General Theory of Employment, Interest and Money was written by

A
John Maynard Keynes.
B
Adam Smith.
C
Milton Friedman.
D
Friedrich August von Hayek.
19

Which statements are accurate about Medicare? Select 3 options. It provides medical assistance to senior citizens over age 65.It is administered and regulated by the state government. It makes medical care free for everyone who is enrolled. It is an extension of the government’s Social Security program. It is facing a major funding problem due to an increase in older Americans.

A
It provides medical assistance to senior citizens over age 65.
B
It is administered and regulated by the state government.
C
It makes medical care free for everyone who is enrolled.
D
It is an extension of the government’s Social Security program.
E
It is facing a major funding problem due to an increase in older Americans.
20

What is the definition of the term “public assistance”?

A
a government program that provides income, food, or housing
B
a monthly payment provided to a citizen enrolled in a program
C
an educational voucher used to help parents pay for private schooling
D
a social policy outlining the qualifications for government program enrollment

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