question
Hey yo follow me on Instagram lmao
answer
@haikuhamster
question
Which statement best describes the idea of monetarism?
answer
Monetary policy is the best way to influence economic growth.
question
What are the main purposes of regulatory policies? Check all that apply.
answer
-to protect constitutional rights, safety, and fairness
-to ensure that property rights are protected
-to create regulation in a mixed-market economy only when needed
-to ensure that property rights are protected
-to create regulation in a mixed-market economy only when needed
question
Which of these outcomes are possible negative externalities? Check all that apply.
answer
-increased traffic in the neighborhood surrounding the factory
-pollution from trucks making deliveries to the factory
-pollution from trucks making deliveries to the factory
question
Read this sample food label. Which regulatory goals are met by the label? Check all that apply.
answer
-informing consumers about products
-helping consumers make educated choices
-ensuring that producers are responsible for product contents
-helping consumers make educated choices
-ensuring that producers are responsible for product contents
question
According to the chart, which regulatory agency provides the greatest monetary benefit to the public?
answer
EPA
question
According to the chart, which regulatory agency had the fewest regulations studied?
answer
USDA
question
Which of these are duties of the SEC? Check all that apply.
answer
-overseeing the actions of brokers and financial advisers
-ensuring the security and fairness of mutual funds and exchanges
-bringing suits against businesses that are not following securities laws
-ensuring the security and fairness of mutual funds and exchanges
-bringing suits against businesses that are not following securities laws
question
Which of these are goals of financial regulation? Check all that apply.
answer
-preventing monopolies
-ensuring that businesses accurately report their earnings
-keeping prices fair
-ensuring that businesses accurately report their earnings
-keeping prices fair
question
According to President Obama, what are the reasons for the financial crisis?
answer
President Obama indicates that there are several reasons for the financial crisis. According to the president, one reason is irresponsible practices by financial institutions. The amount of risk involved in newly created investments was high, and few investors or consumers understood this. These types of investments were made possible due to a lack of regulation within the system.
question
According to the president's speech, what were some effects of the financial crisis? Check all that apply.
answer
-the loss of savings for many workers
-the loss of credit in the economy
-growing economic challenges for many
-the loss of credit in the economy
-growing economic challenges for many
question
According to the video, how was the Banking Act of 1933 a reaction to the Great Depression?
answer
The Banking Act of 1933 was a reaction to the Great Depression because it worked to protect deposits from risky investments by banks. These investments caused many citizens to lose their money during the Great Depression. Protections occurred through the creation of regulations and new agencies to oversee financial institutions.
question
According to the video, what are the purposes of the Dodd-Frank Act? Check all that apply.
answer
-to improve accountability for banks
-to end bailouts
-to protect consumers from abusive financial practices
-to end bailouts
-to protect consumers from abusive financial practices
question
Why was the Food Safety Modernization Act passed? Check all that apply.
answer
-Many citizens are in danger of contracting a food-borne illness.
-More people are living with chronic illnesses.
-Pathogens are becoming stronger and harder to defeat
-More people are living with chronic illnesses.
-Pathogens are becoming stronger and harder to defeat
question
According to the video, which food safety regulations have been created by the passage of the Food Safety Modernization Act? Check all that apply.
answer
-a requirement for farmers to prevent hazards when growing or harvesting foods
-a requirement for facilities that produce food to monitor cooking temperatures to prevent hazards
-a set of rules for importers to make sure that food is inspected before it is shipped
-a requirement for facilities that produce food to monitor cooking temperatures to prevent hazards
-a set of rules for importers to make sure that food is inspected before it is shipped
question
Why is there a need for government regulation, and what limits need to be placed on these regulations?
Give your answer in the form of a short paragraph.
Give your answer in the form of a short paragraph.
answer
Government regulations are necessary because they protect public safety and market fairness. For example, food safety regulations help protect consumers from pathogens that could cause widespread illness. By creating regulations, the government can make food-borne illness less likely. However, even though these regulations are necessary, they must still meet constitutional requirements. Producers and consumers have the right to own and use property, among other constitutional rights.
question
According to the information presented about Country Y, the classical economic concept of _________ can be seen.
The economic events of Country Y demonstrate the idea of laissez faire because the government _________ intervene in economic events.
The economic events of Country Y demonstrate the idea of laissez faire because the government _________ intervene in economic events.
answer
-the invisible hand
-did not
-did not
question
Keynes was an avid believer in _________ intervention to help solve economic issues.
Keynes believed that _________ aggregate demand could help solve economic problems during a recession.
Keynes recommended that the government _________ taxes during economic contraction.
During the Great Depression, Keynes promoted _________ actions to encourage economic recovery.
Keynes believed that _________ aggregate demand could help solve economic problems during a recession.
Keynes recommended that the government _________ taxes during economic contraction.
During the Great Depression, Keynes promoted _________ actions to encourage economic recovery.
answer
-government
-increasing
-lower
-expansionary
-increasing
-lower
-expansionary
question
Hayek is best known for his contribution to the understanding of _________.
Hayek disagreed with Keynes about expansionary policy because it could cause _________ and _________ influence consumer decisions.
Unlike Keynes, Hayek believed that consumer actions _________ be accurately displayed on a supply and demand curve.
Hayek disagreed with Keynes about expansionary policy because it could cause _________ and _________ influence consumer decisions.
Unlike Keynes, Hayek believed that consumer actions _________ be accurately displayed on a supply and demand curve.
answer
-price changes
-inflation, negatively
-could not
-inflation, negatively
-could not
question
A mixed-market economy is best defined as an economy
answer
with some government intervention.
question
In which situation would government regulation most likely be necessary?
answer
A factory requires employees to work in unsafe conditions.
question
The Food and Drug Administration sets standards for
answer
product labeling.
question
Which regulatory agencies provide general oversight for the banking industry?
answer
the Fed and the FDIC
question
The most efficient way to ensure that producers are responsible for products is through
answer
labeling.
question
Which are results of regulation in a mixed-market economy? Check all that apply.
answer
-compliance with laws
-control of externalities
-control of externalities
question
A regulatory agency that makes sure banks follow federal laws is
answer
the FDIC.
question
A purpose of government regulation in a mixed-market economy is to protect
answer
corporate rights.
question
A regulatory agency that protects workers is
answer
OSHA.
question
Regulatory agencies such as the OCC and the FDIC add _______ to the banking system.
answer
safety
question
_________ was an economist who led a new school of classical economics.
The concept of laissez faire refers to _______ government intervention in the economy.
The theory that governments should assist in economic crises through fiscal and monetary policy can be credited to ________
The concept of laissez faire refers to _______ government intervention in the economy.
The theory that governments should assist in economic crises through fiscal and monetary policy can be credited to ________
answer
-Smith
-little
-Keynes
-little
-Keynes
question
According to the theories of Friedrich August von Hayek, the economy may be too complicated to think in terms of ______.
Hayek believed that ______ was dangerous and could lead to severe inflation.
Milton Friedman supported changes to ______ policy to influence economic growth.
Hayek believed that ______ was dangerous and could lead to severe inflation.
Milton Friedman supported changes to ______ policy to influence economic growth.
answer
-aggregates
-expansionary policy
-monetary
-expansionary policy
-monetary
question
According to the Fed, what were the major problems during the financial crisis of 2008? Check all that apply.
answer
-The money supply became less liquid.
-Lending and credit stopped.
-It was difficult for banks to receive the loans needed to have cash required to function.
-Lending and credit stopped.
-It was difficult for banks to receive the loans needed to have cash required to function.
question
Identify the actions taken by the Fed to assist banks during the financial crisis of 2008. Check all that apply.
answer
-The Fed bought securities to increase the money supply.
-The Fed lowered interest rates, hoping to increase available credit.
-The Fed carried out open market operations to stimulate growth.
-The Fed lowered interest rates, hoping to increase available credit.
-The Fed carried out open market operations to stimulate growth.
question
A notable action taken by the Fed during the financial crisis of 2008 was carrying out open market operations, which was intended to lower the ______.
The actions taken by the Fed ______ have immediate positive results, despite the fact that the Federal Funds Rate reached nearly ______.
The actions taken by the Fed ______ have immediate positive results, despite the fact that the Federal Funds Rate reached nearly ______.
answer
-Federal Funds Rate
-did not
-0%
-did not
-0%
question
According to the video, did the Federal Reserve pursue an expansionary or a contractionary monetary policy?
Give at least two examples of actions that support your answer.
Give at least two examples of actions that support your answer.
answer
The Federal Reserve took an expansionary approach during the crisis. This was done by expanding the money supply and boosting liquidity. This can be seen in the Fed's actions of lending to banks, purchasing securities, and lowering the federal funds rate in order to lower overall interest rates. The Fed's goal was to increase consumer spending and overall liquidity within the system, and they pursued this by expanding the supply of liquid money.
question
Based on the video, which economic theories were most clearly applied by the Federal Reserve in response to the economic crisis?
Describe the connections between the Fed's actions and the theories of Smith, Keynes, Hayek, or Friedman.
Describe the connections between the Fed's actions and the theories of Smith, Keynes, Hayek, or Friedman.
answer
The Federal Reserve pursued policies that most closely followed the theories of Keynes and Friedman. Both economists argued that aggregate demand could be influenced through policies. They believed that this could help the economy recover or grow. The Fed seemed to follow Keynes's theories by taking action to intervene. It also seemed to follow Friedman's thinking by focusing on increasing the money supply through monetary policy.
question
Classical economics played an important role in helping the United States establish
answer
free enterprise
question
Why did Friedrich Hayek call expansionary spending dangerous?
answer
He felt it could lead to inflation and poor decisions by consumers.
question
How did Adam Smith's economic ideas help the United States establish a free enterprise system? Check all that apply.
answer
-They led to freedom of choice for consumers and producers.
-They led to open competition for consumers.
-They led to individual ownership of property.
-They led to open competition for consumers.
-They led to individual ownership of property.
question
Milton Friedman led a new economic school of thought called
answer
monetarism.
question
A government might enact expansionary spending when it is trying to
answer
increase aggregate demand for goods.
question
Which economist most likely would have agreed with the US government's intervention during an economic crisis in 2008?
answer
John Maynard Keynes
question
Friedrich Hayek believed that
answer
the economy is too complicated to apply aggregates.
question
The graph shows how individuals affect economic growth. Which best describes how individuals help the economy grow?
answer
They work to influence the money supply.
question
Which occurred during the Great Depression? Check all that apply.
answer
-new forms of money
-increasing prices
-plummeting growth
-increasing prices
-plummeting growth
question
Which best summarizes the philosophical difference between economists John Maynard Keynes and Adam Smith?
answer
Keynes said government was the key to solving economic issues, while Smith believed government should take a hands-off approach.
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