Macroeconomics: Policy and Its Effects (unit test) – Flashcards
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Many classical economists such as Adam Smith believed that government should
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intervene little in the economy.
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What circumstances during the early days of industrialization led to a need for reform? Check all that apply.
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There was little government regulation of workplaces. A typical work shift might be twelve to sixteen hours long. Factory equipment was dangerous to operate.
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To reduce pollution, the ----- legislates and enforces regulations that protect the air, water, and land.
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enviormental protection agency
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Which federal regulatory agency would most likely bring a civil suit against a business that broke securities laws?
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the SEC
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What is the job outlook for a US postal worker?
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The career is shrinking and will provide fewer opportunities over time.
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Successful entrepreneurs contribute to the economy by
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expanding markets.
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The EPA tries to balance protecting business interests with protecting
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air
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Among the changes that labor reformers wanted after the Industrial Revolution was
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a ban on child factory workers.
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Labor unions were certain to advocate for the best interests of workers because
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the labor unions were created by workers and made up of workers.
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A business owner would most likely create a cooperative instead of buying a franchise because
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cooperatives allow all owners to share profits, while franchises are required to share profits with a parent company.
