Unit 6 Quiz

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Which of the following historical events did not negatively affect the American economy?

Congressional actions to instill confidence in corporate America (Sarbanes-Oxley Act). The Sarbanes-Oxley Act was designed to establish public confidence in corporate American financial reporting by holding the executives personally responsible for their reporting.

The three Rs of the New Deal were

Reform, Relief, Recovery

The most significant legacy of the New Deal was

an increase in the size of the Federal Government and expansion of government

Entry level economists typically must have a

bachelor's degree

President Ronald Reagan's new economic strategy, Reaganomics, included

cutting taxes and decreasing government spending This was a form of supply-side economics, that involved cutting taxes to stimulate business growth and decreasing government spending to control the federal deficit.

Economists are not hired by private businesses to

develop advertising campaigns

Labor movement refers to the

efforts of workers to improve their economic position

In order to become a paid economist for a profit seeking business in the USA, you need only a high school diploma.

false Entry-level economists must have a bachelor's degree; most have a Ph.D

Economic knowledge

is important in every job

The Agriculture Adjustment Act brought much criticism because

it offered farmers money to destroy crops and leave land uncultivated

During the Cold War, the United States government spent large amounts of money

on defense, including atomic warfare on the space program in order to outspend the Soviet Union and end the cold war.

The labor movement resulted in

outlawing child labor, eight-hour work days, and safer working conditions

During the Great Depression, the major reason for farmers receiving low prices for their crops was

overproduction There was too much production occurring with very little demand. This resulted in a surplus where more crops were being produced which lowered the demand price. This condition is known as overproduction.

The state of hostility that existed between the two world powers from World War II through the 1980s was called

the Cold War

The Federal Deposit Insurance Corporation (FDIC)

the government agency that insures customer deposits if a bank fails The purpose of the FDIC is to ensure that the savings of depositors in banks are protected.

The economic prosperity of the 1990s was due to

the new economy created by the Internet, the development of the computer industry, and the dot-com businesses which developed in the 1990s

During the Hundred Days

Congress passed many major bills to help relieve the Great Depression

A labor union is

An organization of workers that tries to improve working conditions, wages, and benefits for its members

In case of a bank failure, the funds of individual depositors are protected by the

The Federal Deposit Insurance Corporation insures deposits so that depositors don't lose money and are protected


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