Economic Policy

25 July 2022
4.7 (114 reviews)
13 test answers

Unlock all answers in this set

Unlock answers (9)
question
In a free enterprise system, governments address public problems through policy to ensure that: citizens' needs are met and protected. economic operations of businesses are controlled. workers earn more than workers in other countries. the nation's level of productivity remains steady.
answer
Citizens' needs are met and protected.
question
A government's monetary policy is its plan to control: taxation and spending. prices. workers' wages. the money supply.
answer
The money supply.
question
Which statements describe a free enterprise system? Check all that apply. Citizens can own property. The government employs all workers. Supply and demand drives production. Consumers and producers make their own decisions. Citizens can accumulate wealth. The government sets prices and wages.
answer
Citizens can own property. Supply and demand drives production. Consumers and producers make their own decisions. Citizens can accumulate wealth.
question
The graph shows the number of employed workers in the United States in nonfarm jobs from 2008 to 2013. The best conclusion that can be drawn from the graph is that the number of nonfarm jobs: remained consistent over time. started going down in 2008. went up every year since 2008. started going down in 2010.
answer
Started going down in 2008.
question
Economic interdependence means that economic policies must balance the needs of: all governments in the world. governments, individuals, and businesses. small businesses and large corporations. both wealthy and poor individuals.
answer
Governments, individuals, and businesses.
question
An organization whose members have a common cause for which they seek to influence public policy is called an ________ _____.
answer
Interest group
question
Read the scenario. The citizens of Country D have noticed that the average prices of most goods within their nation have begun to rise. At the same time, employers are not raising wages at the same rate. The combination of these challenges has resulted in a decrease in overall demand, causing a decline in GDP. Based on the scenario, who is most affected by the situation taking place within Country D? the government of Country D the workers of Country D the businesses of Country D the government, workers, and businesses of Country D
answer
The government, workers, and businesses of Country D
question
Rules ensuring that businesses offer safe products to consumers are part of a nation's: trade policy. monetary policy. regulatory policy. fiscal policy.
answer
Regulatory policy.
question
Public policy can be best defined as: a course of action the government takes in response to an issue or problem. a decision made by all registered voters to change a government program. the annual review of a government's plans to spend taxpayers' money. a forum where citizens can debate the merits of a government proposal.
answer
A course of action the government takes in response to an issue or problem.
question
Read the scenario. The citizens of Country D have noticed that the average prices of most goods within their nation have begun to rise. At the same time, employers are not raising wages at the same rate. The combination of these challenges has resulted in a decrease in overall demand, causing a decline in GDP. According to the scenario, what is the greatest economic challenge that Country D is facing? unemployment stagflation high production high wages
answer
Stagflation
question
The diagram shows the three-step process by which economic policy is created. Which is the best label for the first step in the process? Discuss a plan. Interview an interest group. Identify a problem. Gather data.
answer
Identify a problem.
question
When an economy suffers from low production, a country cannot: worry about unemployment. change the tax rate. provide adequate funding for public safety. enjoy a steady rate of economic growth.
answer
Enjoy a steady rate of economic growth.
question
The diagram shows a challenge for government policy-makers. Which of these statements describes what the diagram is showing? A country's needs are more important than its ideals. The most important aspect of economic policy is citizens' safety. Economic policy must reach a balance between needs and ideals. Private property is somewhat less important than fairness.
answer
Economic policy must reach a balance between needs and ideals.