Answer the following statement(s) true (T) or false (F)
1.Consumer demand, product supply, and competition determine prices.
2.The labor market largely determines where people will work and how much they will be paid.
3.Adam Smith’s theories are called both laissez-faire economics and classical economics.
4.Keynesian economic theory advocates using fiscal policy, the combination of tax policy and spending policy to ensure a healthy economy.
5.Inflation refers to a rising price level for consumer goods and services, which results in increased purchasing power of money.
1.true
2.true
3.true
4.true
5.false
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Over the course of the last century, the extent of global economic inequality has ________
a. decreased sharply. b. stayed about the same. c. increased. d. become smaller, but not by much.
In 2012, the Secretary of Homeland Security announced that certain unauthorized immigrants who entered the United States as children would be able to apply for the Deferred Action for Childhood Arrival (DACA) program, granting relief from deportation and work authorization for two years. Prospective beneficiaries have to meet a series of requirements. What is one of these requirements?
A. They must have primarily resided in the United States since January 1, 2011. B. They must currently be in school, have graduated from high school or earned a GED, or be honorably discharged veterans of the U.S. armed forces. C. They must not have been convicted of a felony or more than two significant misdemeanors. D. They must have entered the United States before the age of 12.
Which of the following is a characteristic of charismatic leaders?
a. Wealth b. A powerful voice c. Speaking skills d. A grating personality
How widespread are interest groups and associations in the U.S. today?
a. About two-thirds of Americans belong to some type of formal voluntary organization. b. Very few Americans join groups organized around any particular interest. c. Most voluntary groups in the U.S. have the goal of influencing government policy. d. There are many more lobbyists than there are voluntary associations. e. Interest groups appear to play very little role in American politics.