Unit 6 Quiz
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
