Plato Economics
10) Costs and Benefits of Government - ANS-
2) Economic Systems - ANS-
three) Market Economics - ANS-
4) Supply and Demand - ANS-
9) The Role of Government - ANS-
A communist us of a makes a decision to provide its humans extra monetary freedom in an try
to improve its failing economic system. What final results is the authorities maximum probable
worried approximately in this case? - ANS-People will want greater political freedom.
A small network uses farm animals as money. A guy from the community traded 5 cows for a
plot of farmland. Which feature of his cash allowed him to make this transaction? -
ANS-Acceptability
A survey conducted these days in China showed that inside the final years, investments in
organizations extended by nearly 75%. The same survey also concluded that humans became
rich via investing in agencies, and this prompted other human beings to invest extra of their
respective organizations. What maximum likely precipitated this increase in investment? -
ANS-Incentives
According to ______, self-interest and competition act as an ________, guiding corporations in
a market-primarily based financial system. - ANS-Adam Smith, invisible hand
All of a rustic's citizens pay the ______ an earnings tax that is 7% in their annual earnings. This
tax is a(n) _______ tax. - ANS-Government, A proportional
Ally simply sold a plane price tag. She notices that the fare consists of a 11th of September
Security Fee. What is the government's reason for enforcing this rate? - ANS-to pay for
protection at airports
Arange the financial structures from least to most government involvement. - ANS-1)Market
Economy
2)Mixed Economy
three)Socialist Economy
four)Communist Economy
Cassandra is eighty years vintage. Last month, she broke her leg while biking together with her
grandchildren. She changed into admitted to a medical institution for surgery. Which card ought
to she show them to get blessings? - ANS-a Medicare coverage card
Classify every action as contractionary or expansionary monetary policy. - ANS-Expansionary -
Reducing federal funds fee, lowering the specified reserve ratio.
Contractionary - Selling authorities securities, growing the cut price fee.
Companies under _________ marketplace systems are interdependent.
________ is a secret agreement among organizations which could end result from this
interdependence. - ANS-oligopolistic, Collusion
, During wartime, a small usa issued certificates to the general public to raise money. Each
certificates promised to pay the holder a positive amount in silver. After the war changed into
over, the populace continued changing those certificates as opposed to converting them to
silver. What sort of cash did this economy use? - ANS-representative
Economic stability is a situation in which the financial system studies regular ____ and coffee
_____. - ANS-Growth, Inflation
Glen found 3 manufacturers of earbuds that have the specs he needs. The three pairs of
earbuds seemed a bit one of a kind from each other, but Glen knew they would carry out
similarly. Still, every employer supplied its earbuds at a exclusive fee. What economic concept
does this situation constitute? - ANS-product differentiation
Henry lives in a rustic wherein the government gives many incentives to supply navy items and
few incentives to supply client items. Henry knows a more green manner to finish his venture at
work and appears like sharing it along with his boss. However, he has no incentive to proportion
it. Which form of economy does Henry maximum likely stay in? - ANS-Command Economy.
How does the price of a proportional tax exchange with earnings? - ANS-The charge remains
the same, despite the fact that earnings increases or decreases.
How many bushels of wheat are wholesalers willing to buy at $18 in line with bushel? -
ANS-wholesalers are inclined to buy forty two thousand bushels. See screenshot
How many workers might producers be inclined to rent at a wage of $forty in keeping with hour?
- ANS-eight employees. See screenshot
Identify if the following are Discretionary spending or Mandatory spending.
1) The federal authorities purchases new protection device
2) Gloria is a 70 yr antique retired girl. She will pay her expenses with the income she receives
from the government.
3) Nick gets a weekly amount from the authorities due to the fact he became unemployed while
his corporation reduce expenses by way of laying off employees.
4) The federal authorities funds a brand new research venture.
Five) The government is planning to construct extra highways.
6) Jill gets inpatient health facility services even though she cannot manage to pay for them. -
ANS-1) Discretionary Spending
2) Mandatory Spending
three) Mandatory Spending
4) Discretionary Spending
5) Discretionary Spending
6) Mandatory Spending
Identify the sort of cash used for each transaction.
1) Karen offered a bike by means of exchanging it for her silver reciept.
2) Luke paid six apples for 2 dozen eggs.
Three) Chris bought a bagel with cash issued through the government. - ANS-1) Representative
cash
2) Commodity money
3) Fiat cash
Identify whether each acquisition is allowable underneath eminent domain.
10) Costs and Benefits of Government - ANS-
2) Economic Systems - ANS-
three) Market Economics - ANS-
4) Supply and Demand - ANS-
9) The Role of Government - ANS-
A communist us of a makes a decision to provide its humans extra monetary freedom in an try
to improve its failing economic system. What final results is the authorities maximum probable
worried approximately in this case? - ANS-People will want greater political freedom.
A small network uses farm animals as money. A guy from the community traded 5 cows for a
plot of farmland. Which feature of his cash allowed him to make this transaction? -
ANS-Acceptability
A survey conducted these days in China showed that inside the final years, investments in
organizations extended by nearly 75%. The same survey also concluded that humans became
rich via investing in agencies, and this prompted other human beings to invest extra of their
respective organizations. What maximum likely precipitated this increase in investment? -
ANS-Incentives
According to ______, self-interest and competition act as an ________, guiding corporations in
a market-primarily based financial system. - ANS-Adam Smith, invisible hand
All of a rustic's citizens pay the ______ an earnings tax that is 7% in their annual earnings. This
tax is a(n) _______ tax. - ANS-Government, A proportional
Ally simply sold a plane price tag. She notices that the fare consists of a 11th of September
Security Fee. What is the government's reason for enforcing this rate? - ANS-to pay for
protection at airports
Arange the financial structures from least to most government involvement. - ANS-1)Market
Economy
2)Mixed Economy
three)Socialist Economy
four)Communist Economy
Cassandra is eighty years vintage. Last month, she broke her leg while biking together with her
grandchildren. She changed into admitted to a medical institution for surgery. Which card ought
to she show them to get blessings? - ANS-a Medicare coverage card
Classify every action as contractionary or expansionary monetary policy. - ANS-Expansionary -
Reducing federal funds fee, lowering the specified reserve ratio.
Contractionary - Selling authorities securities, growing the cut price fee.
Companies under _________ marketplace systems are interdependent.
________ is a secret agreement among organizations which could end result from this
interdependence. - ANS-oligopolistic, Collusion
, During wartime, a small usa issued certificates to the general public to raise money. Each
certificates promised to pay the holder a positive amount in silver. After the war changed into
over, the populace continued changing those certificates as opposed to converting them to
silver. What sort of cash did this economy use? - ANS-representative
Economic stability is a situation in which the financial system studies regular ____ and coffee
_____. - ANS-Growth, Inflation
Glen found 3 manufacturers of earbuds that have the specs he needs. The three pairs of
earbuds seemed a bit one of a kind from each other, but Glen knew they would carry out
similarly. Still, every employer supplied its earbuds at a exclusive fee. What economic concept
does this situation constitute? - ANS-product differentiation
Henry lives in a rustic wherein the government gives many incentives to supply navy items and
few incentives to supply client items. Henry knows a more green manner to finish his venture at
work and appears like sharing it along with his boss. However, he has no incentive to proportion
it. Which form of economy does Henry maximum likely stay in? - ANS-Command Economy.
How does the price of a proportional tax exchange with earnings? - ANS-The charge remains
the same, despite the fact that earnings increases or decreases.
How many bushels of wheat are wholesalers willing to buy at $18 in line with bushel? -
ANS-wholesalers are inclined to buy forty two thousand bushels. See screenshot
How many workers might producers be inclined to rent at a wage of $forty in keeping with hour?
- ANS-eight employees. See screenshot
Identify if the following are Discretionary spending or Mandatory spending.
1) The federal authorities purchases new protection device
2) Gloria is a 70 yr antique retired girl. She will pay her expenses with the income she receives
from the government.
3) Nick gets a weekly amount from the authorities due to the fact he became unemployed while
his corporation reduce expenses by way of laying off employees.
4) The federal authorities funds a brand new research venture.
Five) The government is planning to construct extra highways.
6) Jill gets inpatient health facility services even though she cannot manage to pay for them. -
ANS-1) Discretionary Spending
2) Mandatory Spending
three) Mandatory Spending
4) Discretionary Spending
5) Discretionary Spending
6) Mandatory Spending
Identify the sort of cash used for each transaction.
1) Karen offered a bike by means of exchanging it for her silver reciept.
2) Luke paid six apples for 2 dozen eggs.
Three) Chris bought a bagel with cash issued through the government. - ANS-1) Representative
cash
2) Commodity money
3) Fiat cash
Identify whether each acquisition is allowable underneath eminent domain.
