AnswersPersonal Finance and EconomicsEconomic Policy

Economic Policy — Quiz Answers

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1
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What is a primary economic goal of governments?

A
advancing technological innovation
B
protecting natural resources
C
reducing income inequality
D
maximizing individual freedoms
2
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Rules ensuring that businesses offer safe products to consumers are part of a nation's

A
fiscal policy.
B
regulatory policy.
C
monetary policy.
D
trade policy.
3

In a free enterprise system, governments address public problems through policy to ensure that

A
workers earn more than workers in other countries.
B
economic operations of businesses are controlled.
C
the nation's level of productivity remains steady.
D
citizens' needs are met and protected.
4

A government's monetary policy is its plan to control

A
the money supply.
B
taxation and spending.
C
prices.
D
workers' wages.
5

When an economy suffers from low production, a country cannot

A
change the tax rate.
B
provide adequate funding for public safety.
C
worry about unemployment.
D
enjoy a steady rate of economic growth.
6

Country Q has experienced a rapid increase in its unemployment rate and a sharp decline in its GDP. What might policymakers do in the face of these economic indicators?

A
encourage a decrease in purchasing until employment figures increase
B
increase taxes so the government has more money to spend
C
try to trade with other nations to increase production and create new jobs
D
implement controls on wages, forcing employers to pay higher wages
7

What are economic challenges that governments must face? Choose three correct answers.

A
threats of war
B
unemployment
C
low production
D
low voter turnout
E
inflation
8

Economic interdependence means that economic policies must balance the needs of

A
both wealthy and poor individuals.
B
small businesses and large corporations.
C
all governments in the world.
D
governments, individuals, and businesses.
9

Which statements describe a free enterprise system? Choose four correct answers.

A
The government employs all workers.
B
Supply and demand drives production.
C
Citizens can accumulate wealth.
D
Citizens can own property.
E
The government sets prices and wages.
F
Consumers and producers make their own decisions.
10

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

A
seeing that at least a quarter the workforce has a job
B
paying government employee when they choose to not work
C
making sure that only skilled workers get jobs
D
working toward making unemployment is as low as possible
11

When an economy suffers from low production, a country cannot

A
change the tax rate.
B
provide adequate funding for public safety.
C
enjoy a steady rate of economic growth.
D
worry about unemployment.
12

In a free enterprise system, governments address public problems through policy to ensure that

A
citizens' needs are met and protected.
B
economic operations of businesses are controlled.
C
the nation's level of productivity remains steady.
D
workers earn more than workers in other countries.
13

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

A
fiscal policy.
B
monetary policy.
C
regulatory policy.
D
trade policy.
14

A government's monetary policy is its plan to control

A
workers' wages.
B
taxation and spending.
C
the money supply.
D
prices.
15

Which statements describe a free enterprise system? Choose four correct answers.

A
The government sets prices and wages.
B
Consumers and producers make their own decisions.
C
The government employs all workers.
D
Citizens can own property.
E
Supply and demand drives production.
F
Citizens can accumulate wealth.
16

Economic interdependence means that economic policies must balance the needs of

A
small businesses and large corporations.
B
both wealthy and poor individuals.
C
governments, individuals, and businesses.
D
all governments in the world.
17

In a free enterprise system, governments address public problems through policy to ensure that

A
workers earn more than workers in other countries.
B
the nation's level of productivity remains steady.
C
citizens' needs are met and protected.
D
economic operations of businesses are controlled.
18

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

A
working toward making unemployment is as low as possible
B
paying government employee when they choose to not work
C
making sure that only skilled workers get jobs
D
seeing that at least a quarter the workforce has a job
19

A government's monetary policy is its plan to control

A
taxation and spending.
B
the money supply.
C
prices.
D
workers' wages.
20

Which statements describe a free enterprise system? Choose four correct answers.

A
Citizens can accumulate wealth.
B
Supply and demand drives production.
C
Citizens can own property.
D
Consumers and producers make their own decisions.
E
The government sets prices and wages.
F
The government employs all workers.

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