AnswersFL-2102340-Economics with Financial Literacy Teacher DirectedInflation and Stagflation

Economic Policy Answers

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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.

A
Citizens can own property.
B
The government employs all workers.
C
Supply and demand drives production.
D
Consumers and producers make their own decisions.
E
Citizens can accumulate wealth.
F
The government sets prices and wages.
2
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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.

A
the government of Country D
B
the enterprises of Country D
C
the businesses of Country D
D
the workers of Country D
3

A government's monetary policy is its plan to control

A
taxation and spending.
B
prices.
C
workers' wages.
D
the money supply.
4

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

t
trade policy.
m
monetary policy.
r
regulatory policy.
f
fiscal policy.
5

A line graph titled Number of Employed workers in nonfarm jobs, 2008 to 2013 shows years on the x axis from 2008 to 2009 and millions of employed workers on the y axis, from 105 to 117. Line starts at 116 on February 1, 2008, to 112 on November 1, 2008, to 107 on August 1, 2009.

Question illustration
A
low production
B
inflation
C
budget deficit
D
unemployment
6

What are economic challenges that governments must face? Check all that apply.threats of warunemploymentlow productioninflationlow voter turnout

A
threats of war
B
unemployment
C
low production
D
inflation
E
low voter turnout
7

What is a primary economic goal of governments?

r
reducing income inequality
m
maximizing individual freedoms
a
advancing technological innovation
p
protecting natural resources
8

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.

u
unemployment
s
stagflation
h
high production
h
high wages
9

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

c
citizens' needs are met and protected.
e
economic operations of businesses are controlled.
w
workers earn more than workers in other countries.
t
the nation's level of productivity remains steady.
10

In a free enterprise system, what are the goals of government? Check all that apply.to ensure safety for its citizensto ensure that citizens' needs are metto stay out of all economic decisionsto solve the problem of povertyto prevent citizens from getting richto ensure that the market is fair

A
to ensure safety for its citizens
B
to ensure that citizens' needs are met
C
to stay out of all economic decisions
D
to solve the problem of poverty
E
to prevent citizens from getting rich
F
to ensure that the market is fair
11

The graph shows the number of employed workers in the United States in nonfarm jobs from 2008 to 2013.

Question illustration
A
reducing the size of its armed forces
B
laying off unnecessary workers
C
decrease taxes to increase consumers' money supply
D
encouraging people to travel overseas
12

Economic interdependence means that economic policies must balance the needs of

A
all governments in the world.
B
governments, individuals, and businesses.
C
small businesses and large corporations.
D
both wealthy and poor individuals.
13

The diagram shows a challenge for government policy-makers.

Question illustration
A
A country’s needs are more important than its ideals.
B
The most important aspect of economic policy is citizens' safety.
C
Economic policy must reach a balance between needs and ideals.
D
Private property is somewhat less important than fairness.
14

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

A
paying government employee when they choose to not work
B
seeing that at least a quarter the workforce has a job
C
working toward making unemployment is as low as possible
D
making sure that only skilled workers get jobs
15

When an economy suffers from low production, a country cannot

A
worry about unemployment.
B
change the tax rate.
C
provide adequate funding for public safety.
D
enjoy a steady rate of economic growth.
16

What is a primary economic goal of governments?

A
reducing income inequality
B
maximizing individual freedoms
C
advancing technological innovation
D
protecting natural resources
17

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.

A
the government of Country D
B
the enterprises of Country D
C
the businesses of Country D
D
the workers of Country D
18

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

A
trade policy.
B
monetary policy.
C
regulatory policy.
D
fiscal policy.
19

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

A
Citizens can own property.
B
The government employs all workers.
C
Supply and demand drives production.
D
Consumers and producers make their own decisions.
E
Citizens can accumulate wealth.
F
The government sets prices and wages.
20

What are economic challenges that governments must face? Check all that apply.

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

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