Economic Unit Test Review Flashcards
15 Questions
100 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Spending that can change from year to year is known as what?

discretionary

Which statement explains a way how the Securities and Exchange Commission upholds fair business practices?

  • The SEC tries to limit risk in the financial system.
  • The SEC generally oversees banking practices.
  • The SEC generally oversees financial advisers. (correct)
  • The SEC makes sure that banks follow federal laws.
  • These lists outline the details of two jobs. Which job-related factor do both lists show?

  • Annual wages (correct)
  • Job location
  • Family needs
  • Personal life
  • Which statement best explains paying in cash to cover the costs of an education?

    <p>It requires the use of savings.</p> Signup and view all the answers

    Fiscal policies establish a government's plans for taxation and what?

    <p>spending</p> Signup and view all the answers

    The government of Country C has passed a law protecting the physical safety of factory workers. What is this an example of?

    <p>Regulatory policy</p> Signup and view all the answers

    Economist Friedrich Hayek argued that what can serve as signals in an economy?

    <p>prices</p> Signup and view all the answers

    Which federal regulatory agency would most likely bring a civil suit against a business that broke securities laws?

    <p>The SEC</p> Signup and view all the answers

    Labor unions were certain to advocate for the best interests of workers because?

    <p>The labor unions were created by workers and made up of workers.</p> Signup and view all the answers

    When a government decides to limit the number of goods that can be sold to another nation, that government is creating what?

    <p>Trade policy</p> Signup and view all the answers

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

    <p>Factory equipment was dangerous to operate.</p> Signup and view all the answers

    The diagram shows different types of policies. Which would be the best label for the circle in the center?

    <p>Government Economic Policies</p> Signup and view all the answers

    Expansionary spending takes place when a government makes the decision to?

    <p>Raise spending to stimulate the economy.</p> Signup and view all the answers

    What part does interest play in deficit spending?

    <p>Governments must pay interest on money they borrow when they take on debt.</p> Signup and view all the answers

    Because the cost of living varies, it is important to consider what when conducting a job search?

    <p>location</p> Signup and view all the answers

    Study Notes

    Spending and Fiscal Policies

    • Discretionary spending can fluctuate annually and is not fixed.
    • Fiscal policies outline government strategies for taxation and spending.

    Regulation and Oversight

    • The SEC supervises financial advisers to ensure fair practices.
    • Regulatory policy encompasses laws protecting worker safety, such as those passed by Country C.
    • Both job lists emphasize annual wages as a critical factor in employment decisions.
    • Understanding personal circumstances, like family needs and job location, are important during job searches.

    Education Financing

    • Paying for education in cash necessitates using savings, avoiding debt incurred through loans.

    Economic Signals

    • In an economy, prices are significant as they serve as indicators for supply and demand.

    Labor Rights and Unions

    • Labor unions prioritize workers' interests as they are formed by and for workers, promoting workplace reforms.

    Trade and Economic Policies

    • Trade policy is initiated when a government limits goods sold to other nations.
    • Government Economic Policies effectively summarize various economic policy types.

    Economic Growth Measures

    • Expansionary spending involves increasing government expenditure to stimulate the economy.
    • Interest plays a crucial role in deficit spending as governments must pay interest on borrowed money.

    Work Conditions in Industrialization

    • Early industrialization necessitated reforms due to dangerous factory equipment, lack of regulation, and extensive work shifts, generally lasting 12 to 16 hours.

    Job Search Considerations

    • Cost of living is a critical factor when evaluating job opportunities, highlighting the importance of location during the job search process.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Description

    Prepare for your upcoming Economics unit test with these comprehensive flashcards. Each card covers key concepts and definitions necessary for understanding discretionary spending and the role of the Securities and Exchange Commission in financial practices.

    More Like This

    Use Quizgecko on...
    Browser
    Browser