AnswersPersonal Financial and Money Management 21023710 BCPS 2026-27Unit Test

Unit Test — Unit test Answers

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What is the economic outlook for occupations in the healthcare sector?

A
weak to very poor
B
depends on the economy
C
will remain stable
D
will increase in demand over time
3
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How does a command economy differ from a mixed market economy?

A
In a command economy, citizens have fewer property rights. In a mixed market economy, citizens have more property rights.
B
In a command economy, citizens have more property rights. In a mixed market economy, citizens have fewer property rights.
C
In a command economy, citizens own all public property. In a mixed market economy, the government owns all private property.
D
In a command economy, citizens own all private property. In a mixed market economy, the government owns all public property
4

The graph shows changes in GDP in the United States from 2009 to 2011.How did the contribution of the services sector to GDP change between 2009 and 2011?

Question illustration
A
It rose by less than 1 percent.
B
It fell significantly.
C
It rose significantly.
D
It stayed exactly the same.
5

What is one counter-argument to the premise that the wealth gap is a serious problem which needs to be addressed?

A
The lower classes have the opportunity to invest.
B
Poor people can easily move into the middle class.
C
Investments by the upper class create lower-class jobs.
D
Buying power sharply increases for the working class.
6

Who benefits most from workplace safety regulations?

A
employers, who are less likely to lose income and productivity due to serious employee injuries
B
qualified workers with disabilities, against whom employers may no longer discriminate
C
all workers, who are less likely to miss work because of injury or face high medical bills
D
rival companies, which gain an advantage by using more cost-effective safety measures
7

How does demand-pull inflation differ from cost-push inflation?

A
Demand-pull inflation is driven by consumers, while cost-push inflation is driven by producers.
B
Demand-pull inflation is driven by producers, while cost-push inflation is driven by consumers.
C
Demand-pull inflation is driven by the private sector, while cost-push inflation is driven by the government.
D
Demand-pull inflation is driven by the government, while cost-push inflation is driven by the private sector.
8

Which describes a factor that limits economic growth?

A
making investments
B
developing technology
C
engaging in trade
D
having low internal demand
9

Which is an effect of stagflation?

A
Trade with other economies increases.
B
The value of a country’s currency drops.
C
Prices for goods fall sharply and suddenly.
D
The GDP rises along with production levels.
10

Jim lost his job in a car assembly factory to a robot and his skills will no longer be needed. Which terms can be used to describe Jim? Select two options.

A
cyclically unemployed
B
domestically unemployed
C
frictionally unemployed
D
structurally unemployed
E
still employed
F
unemployed
11

What is the most likely reason why many of the New York Factory Investigating Commission’s suggestions were not implemented immediately?

A
The public did not support new safety regulations until several factory disasters occurred.
B
Many of the suggested changes would have negatively affected the quality of products made in factories.
C
Most workers outside New York would not have benefited from widespread factory reform.
D
Factory owners resisted the suggestions because they would be costly to implement.
12

What is the definition of minimum wage?

A
the lowest hourly pay that workers can receive
B
the average pay for qualified workers
C
the starting salary for all new employees
D
the required pay when an employee is injured
13

What is one benefit for US workers who have a college degree rather than a high school diploma?

A
More than 80 percent of jobs require a college degree.
B
Those with a college degree report higher job satisfaction.
C
Most workers with a college degree are immune to layoffs.
D
Those with a college degree earn nearly twice as much as those without college.
14

[BLANK]

A
New York
B
Pennsylvania
C
Massachusetts
D
New Jersey
15

The graph shows data for the years 2010 through 2012.Which might be a better title for this graph?

Question illustration
A
Total Exports for the United States and China
B
Trade Between China and the United States
C
Unemployment in the United States and China
D
The History of International Trade
16

When government intervention makes currency worthless, this condition is called

A
deflation.
B
hyperinflation.
C
cost-push inflation.
D
demand-pull inflation.
17

This graph shows changes in GDP and the unemployment rate in the United States in recent years.In what year would someone looking for work have had the hardest time finding a job?

Question illustration
A
2008
B
2009
C
2011
D
2012
18

The graph shows unemployment rates in the United States in recent years.Which statement is the most accurate explanation of the information on the graph?

Question illustration
A
Unemployment rates rise and fall in predictable patterns.
B
Unemployment will never again be as high as it was in 2010.
C
The United States suffered an economic downturn starting in 2009.
D
The United States does not have to worry about unemployment.
19

When economists determine that a nation’s GDP has declined, they can point to this as a sign of

A
economic shrinkage.
B
economic growth.
C
low unemployment.
D
poor leadership.
21

How can the government reduce the wealth gap in a mixed market economy?

A
The government can control income levels by placing limits on how much citizens can earn.
B
The government can eliminate minimum wages for workers to account for economic differences.
C
The government can improve education to provide new opportunities for workers in the lower class.
D
The government can tax members of the wealthy class at a lower rate to address differences in income.
22

What event had an enormous effect on US workplace safety?

A
a new minimum wage
B
the first labor union
C
a worker strike
D
a deadly factory fire

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