ScienceEconomics05.03 What are My Country’s Goals Quiz
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05.03 What are My Country’s Goals Quiz

Evie Wood avatar Evie Wood
30 June 2023
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question
(05.03 LC) Which of these are considered broad economic goals? A) Dependability, equity, efficiency B) Freedom, equity, growth C) Reliability, honesty, freedom D) Security, justification, equality
answer
B) Freedom, equity, growth CORRECT Broad economic goals include freedom, equity, growth, security, and efficiency.
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(05.03 LC) How is the ability to choose one's career related to a nation's broad economic goals? A) It demonstrates ingenuity B) It illustrates entrepreneurship C) It reflects individual freedom D) It shows individual power
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C) It reflects individual freedom CORRECT The broad economic goal of freedom includes personal choices; the ability to enter, compete, and exchange in markets; and protection of personal property. In choosing one's own career, one is exercising economic freedom.
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(05.03 MC) A survey finds that miners in West Virginia are less healthy than miners in any other state. Passing federal laws regulating mining conditions would be an example of which broad economic goal? A) Equity B) Freedom C) Growth D) Security
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A) Equity CORRECT In this scenario, working conditions are regulated by the government so that they improve to a standard comparable to other places. This action follows the broad economic goal of equity—the idea that citizens of a society should have equal opportunities to share in the country's overall wealth.
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(05.03 MC) Which of the following would further an economic goal of efficiency? A) Government loans enabling more individuals to start businesses B) Mandating hurricane insurance in all regions affected by hurricanes C) Moving government contracts to companies with higher productivity D) Raising the government subsidy on wool to stabilize farm income
answer
C) Moving government contracts to companies with higher productivity CORRECT The broad economic goal of efficiency involves maximizing the use of resources in a society's production. By moving contracts to companies able to work at a more productive level, the overall productivity of the society increases.
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(05.03 MC) Which of these is an example of the broad economic goal of growth? A) Bank failures spark a wave of new loan regulations by the Federal Reserve. B) Gender-gap income reports spark a wave of new equal-pay laws by Congress. C) The federal government awards technology development contracts to U.S. businesses. D) The United States encourages clothes manufacturers to find low-price assembly overseas.
answer
C) The federal government awards technology development contracts to U.S. businesses. CORRECT By awarding contracts in technology development to American businesses, the federal government is promoting U.S. business. This supports the broad economic goal of growth in that it seeks to increase the overall output of the country's economic goods over time and increase the standard of living.