Economic Unit 4 review

(4.1) Economic interdependence means that economic policies must balance the needs of

(4.1)Which statements describe a free enterprise system? Check all that apply.

(4.1)Rules ensuring that businesses offer safe products to consumers are part of a nation's

(4.1)What course of action might a government take to respond to the downturn revealed in this graph?

(4.1)An organization whose members have a common cause for which they seek to influence public policy is called an

(4.1)Which of these statements describes what the diagram is showing?

(4.1)According to the scenario, what is the greatest economic challenge that Country D is facing?

(4.1)Which of these policies would a government take when it comes to employment?

(4.1)Public policy can be best defined as

(4.1)Based on the scenario, who is most affected by the situation taking place within Country D?

(4.2)When revenues are higher than expenditures in a budget, that budget

(4.2)When expenditures are higher than revenues in a budget, that budget

(4.2)The graph shows the federal budget from 1980 to 2010. In which period did the federal budget show the greatest deficit?

(4.2) The graph shows government spending as a percentage of GDP from 1990 to 2012. At its peak, government spending made up about

(4.2)Spending that is required by law is known as ___ spending.

(4.2)Which statements accurately describe debts and deficits? Check all that apply.

(4.2)What does deficit spending require a government to do?

(4.2)When governments inject money into the economy, which of the following are their goals? Check all that apply.

(4.2)The pie chart shows federal spending in 2010. Which of the following was the highest spending priority for the federal government in 2010?

(4.2)Which of these effects of expansionary spending would a government most want to avoid?

(4.3)High government expenditures can lead to a bigger

(4.3)Which best explains how contractionary policies can hamper economic growth?

(4.3) Contractionary reduce give deficit or gain surplus by

(4.3)A sales tax is a type of

(4.3)If expansionary taxation policies encourage growth, are they always appropriate to implement?

(4.3)Which of these is most likely the US government's aim in taxing imported goods?

(4.3)If a sales tax is the same for all goods sold within a given area, why are sales taxes considered regressive?

(4.3)Governments collects taxes to ensure that

(4.3)Proportion taxes

(4.3) AN ___ is a tax issued by the federal government on imported goods

What gives the US government the power to collect taxes? (4.3)

(4.4)Which of these is a banking activity of the Fed?

(4.4)Which best describes a central bank's primary role?

(4.4)Which statement best describes how the Fed responds to recessions?

(4.4)In how many cities are Federal Reserve district banks located?

(4.4)What is a potential negative effect of an expansionary policy?

(4.4)If the domino effect occurs as a result of changes in the money supply, what will most likely happen as an immediate result of interest rates being increased?

(4.4)The___ rate is the interest rate banks charge each other for borrowing or storing money.

(4.4)Which best describes a central bank's primary goals?

(4.4)Why does the Fed pay interest to banks?

(4.4)Economists studying the money supply categorize the status of the money based on

(4.5)Which are duties of OSHA? Check all that apply.

(4.5)Government regulation is intended to

(4.5)A regulatory agency that makes sure banks follow federal laws is

(4.5)Security federal agency that require finance. oversee broker, dealer, and adviser

(4.5)Which most likely explains why the costs and benefits shown by the EPA are higher than the other regulatory agencies?

(4.5)Which are results of regulation in a mixed-market economy? Check all that apply.

(4.5)A goal of financial regulatory agencies is to

(4.5)Regulatory agencies such as the OCC and the FDIC add to the banking system.

(4.5)In which situation would government regulation most likely be necessary?

(4.5)The Food and Drug Administration sets standards for

(4.5)What makes enforcing safety standards a challenge for the Food and Drug Administration?

(4.6)A government might enact expansionary spending when it is trying to

(4.6)Milton Friedman led a new economic school of thought called

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

(4.6)How did Adam Smith's economic ideas help the United States establish a free enterprise system? Check all that apply.

(4.6)Classical economics played an important role in helping the United States establish .

(4.6)An economic thinker who influenced early economists was

(4.6)Which best describes how individuals help the economy grow?

(4.6)Monetarism plays a role in economic growth by

(4.6)What is likely to happen if a new aggregate demand curve moves to the right?

(4.6)According to Milton Friedman, policy is the best way to influence the economy's aggregate demand.

(4.7)_____laws ensure that workers are paid if they are injured on the job.

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

(4.7)The job outlook for physical therapists

(4.7)Both newspaper journalists and postal workers have been negatively affected by

(4.7)What event had an enormous effect on US workplace safety?

(4.7)What is the definition of minimum wage?

(4.7)Read the excerpt from a letter about the early trade union movement. The trade union movement came into being as a movement of hunger. It was made necessary by conditions. It was in the beginning formed in response to a hunger for enough to eat . . . As it became possible to secure more food, other hungers demandedsatisfaction . . . The demands were for more and better food, for better clothes and for better homes. It required a struggle to satisfy these needs . . . [A]t every step of the way it was necessary to overcome the stubborn opposition of employers who were resolved not to recede and not to relinquish any of the powers and privileges which they possessed. —Samuel Gompers, 1920 What does the author believe about factory owners?

(4.7)How will an increase in the percentage of older Americans affect the healthcare field?

(4.7)What is the definition of collective bargaining?

(4.7)Who benefits most from workplace safety regulations?

(4.8)A disadvantage of corporations is that shareholders have to pay__ on profits.

(4.8)Which document determines the number of shares a company can sell?

(4.8)What role does a fast-food corporation play when it agrees to franchise its business? Check all that apply.

(4.8)Based on the chart, the primary responsibility of shareholders is to

(4.8)People who buy stock in a company are known as

(4.8)Which best describes the difference between sole proprietorships and partnerships?

(4.8)How do corporations raise money and resources to expand?

(4.8)Which describes the process of how a business incorporates?

(4.8)The most common business organizations in the United States are

(4.8)An entrepreneur who opens a franchise must

(4.8)Franchising is typically done by

(4.8)Which are examples of sole proprietorships? Check all that apply.

(4.8)A disadvantage of forming a partnership is that owners

(4.8)What happens to earnings in a cooperative?

(4.8)Franchises are attractive to business owners because

(4.9)What is one way for an entrepreneur to decrease risk?

(4.9)An entrepreneur must accept being accountable for the failure of the company because the entrepreneur is

(4.9)An entrepreneur would most likely be a

(4.9)What is one purpose of writing a business plan before entering the market?

(4.9)What must an entrepreneur do after creating a business plan?

(4.9)Because many successful business owners fail on their first attempts, the reader should assume that

(4.9)Read the graph. What can the reader conclude from the graph?

(4.9)A new business should be based on an entrepreneur's individual interests because the entrepreneur must

(4.9)Successfully starting and running a business requires drive, talent, and clear vision of a long-range .

(4.9)To be successful, an entrepreneur must be willing to invest money, considerable effort, and.

(Extra)Before creating a business plan, an entrepreneur must research businesses in the past.

(Extra)Which best explains why a sole proprietor would want a partner?

(Extra)Successful entrepreneurs contribute to the economy by

(Extra)What circumstances during the early days of industrialization led to a need for reform? Check all that apply.

(Extra)What part does interest play in deficit spending?

(Extra)Among the changes that labor reformers wanted after the Industrial Revolution was

(Extra) Fiscal policies establish a government's plans for taxation and .

In which of the following ways do governments spend money to meet public needs? Check all that apply.

The development of many new businesses helps limit

Which describes an example of the economic system known as free enterprise?

Which would be the best label for the circle in the center?

Spending that can change from year to year is known as spending.

To be successful, what must an entrepreneur be willing to invest? Check all that apply.

What is a major factor in the decline of some occupations, such as those in the textiles and clothing industries?

Expansionary spending takes place when a government makes the decision to

Property taxes are usually determined based on

How is an excise tax different from a sales tax?

Under an expansionary taxation policy, the government tries to stimulate economic growth by

Which of these is most likely the US government's aim in taxing imported goods?

Under a contractionary taxation policy, the government tries to improve its finances by

Which best explains how contractionary policies can hamper economic growth?

What gives the US government the power to collect taxes?

A sales tax is a type of

How do corporations raise money and resources to expand?

Which are examples of programs or projects most likely funded by taxes in the United States? Check all that apply.