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Unit 3: Government Flashcards | StudBud
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Unit 3: Government
Unit 3: Government
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Questions
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Answers
1
Which economic goal is being emphasized when assistance is provided for struggling individuals?
Stability
Growth
Security
Efficiency
2
Which economic goal is being emphasized when the prices for essential goods and services remain predictable?
Growth
Efficiency
Stability
Freedom
3
What is an inflation rate?
Percentage increase in prices of goods and services over time
Percentage of labor force that is not employed but is actively seeking work
A recurring pattern of growth and decline in economic activity over time
An arrangement that brings buyers and sellers together to do business
4
What is a defining feature of capitalism?
Lack of profit motive
Private property
Social welfare
Central planning
5
What are economic indicators?
Anything used to produce an economic good or service
Knowledge and skill that people gain from education and other experiences
Statistics that help economists judge the health of an economy
The study of the economy at the level of households and businesses
6
Which of the following is not considered an essential question that a society must answer about its economy?
How much should goods and services cost?
How should it be distributed?
What should be produced?
How should it be produced?
7
What is an example of the American government redistributing income?
Subsidizing Covid vaccine clinics
Protecting workers against hazardous condition
Recalling faulty and dangerous products
Providing social welfare such as Social Security and Medicaid
8
What is an example of the American government correcting for externalities?
Lowering taxes to stimulate the economy
Passing laws to penalize companies that create excessive air pollution
Protecting patents and intellectual property
Providing public defenders for people who cannot afford legal services
9
What is an example of the American government stabilizing the economy?
Protecting consumers against false advertising
Lowering the interest rate to encourage borrowing
Giving food stamps (an EBT card) to a financially struggling family
Punishing an oligopoly for fixing prices
10
Which economic goal is being emphasized when people seek to eliminate waste (because resources are scarce)?
Efficiency
Freedom
Security
Growth
11
What is an example of the American government maintaining a legal framework for economic purposes?
Raising the interest rate
Funding social welfare programs
Building public parks
Protecting private property rights
12
In an absolute free-market economy, decisions about the production of goods are services are made by:
an elected government.
a combination of private and public enterprise.
individual producers and consumers.
a dictatorship.
13
What is a defining feature of socialism?
Entirely private ownership over production
Collective ownership over major forms of production
Complete government control over production
Complete lack of profit motive
14
Which economic goal is being emphasized when individuals are given the choice to make their own economic decisions?
Efficiency
Security
Growth
Freedom
15
What is a defining feature of communism?
Many private property rights
No social welfare
Strong profit motive
Classless society
16
Why does the government accept that there will always be some unemployed workers?
Most workers do not have enough training for the best jobs.
Most jobs lay off workers when the economy slows.
There are always some people in transition between jobs.
There are never enough jobs for everyone who wants one.
17
What is an example of the American government providing public goods and services?
Establishing a monetary system
Taxing the sale of tobacco and alcohol
Regulating the bank system
Having police and fire departments
18
A decline in economic activity over a period of at least six months (two quarters) is called a:
expansion
recession
panic
contraction
19
Which economic goal is being emphasized when goods and services are distributed evenly?
Stability
Freedom
Growth
Equity
20
What is an example of the American government maintaining competition in markets?
Raising taxes on the highest-income Americans
Building roads and bridges
Passing laws to cut carbon emissions
Stopping corporate mergers to avoid monopolies
21
The market value of all final goods and services produced within a country in a given time period is the:
unemployment rate
inflation rate
wage-price spiral
GDP
22
In a command economy, decisions about the production of goods are services are made by:
individual producers and consumers.
the central government.
a powerful group of private firms.
a combination of private and public enterprise.
23
The United States has a _________ economy.
market
command
mixed
socialist
24
What does "general welfare" mean?
A society’s way of coordinating the production of goods and services
The study of how society uses its scarce resources
A form of government that features some private property
The overall health, happiness, and fortunes of Americans
