AnswersEAP-Economics and Personal Finance BUnit Test

Unit Test — Unit test Answers

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21
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Which best summarizes the philosophical difference between economists John Maynard Keynes and Adam Smith?

A
Keynes said government was the key to solving economic issues, while Smith believed government should take a hands-off approach.
B
Smith said government was the key to solving economic issues, while Keynes believed government should take a hands-off approach.
C
Smith believed in an "invisible hand" with which government pushes the economy, while Keynes did not agree with this idea.
D
Keynes believed in an "invisible hand" with which consumers push the economy, while Smith did not agree with this idea.
22
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The government sponsors because it contributes to the good of society and the economy.

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23

Which occurred during the Great Depression? Check all that apply.increased aggregate demandnew forms of moneyfalling wagesincreasing pricesplummeting growthsurging unemployment

A
increased aggregate demand
B
new forms of money
C
falling wages
D
increasing prices
E
plummeting growth
F
surging unemployment
24

Monetarism plays a role in economic growth by

A
expanding government intervention.
B
influencing the supply of goods.
C
expanding government spending.
D
influencing the supply of money.
25

US Department of EducationState Department of Educationlocal school boardhigher education association

A
US Department of Education
B
State Department of Education
C
local school board
D
higher education association

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