Chapter 15: Economic and Government Influences Quiz

1 point(s)

Which of the following is a method individuals can use to influence government policy?

Voting

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Avoiding taxes

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Ignoring public consultations

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Hoarding cash

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1 point(s)

How can small business owners lobby for favorable legislation?

By reducing their own operational costs

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By forming a coalition to advocate for tax reforms

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By avoiding public engagements

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By increasing product prices

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1 point(s)

What impact can a government decision to increase the minimum wage have on individual finances?

Decreased disposable income

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Increased disposable income

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Increased borrowing costs

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Reduced spending

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1 point(s)

Higher interest rates set by the central bank generally reduce the cost of borrowing for individuals.

True

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False

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1 point(s)

In a capitalist economy, private ownership and free markets create more opportunities for wealth creation through entrepreneurship and investment.

True

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False

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1 point(s)

Arrange these actions from most to least impactful in influencing government policy: Lobbying, Voting, Attending town hall meetings, Writing to elected officials.

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1 point(s)

Rank these economic systems by the level of government involvement in the economy from most to least: Socialism, Mixed economy, Capitalism.

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1 point(s)

How does understanding the economic system of your country help in personal wealth-building strategies?

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3 point(s)

Definition

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An economic system characterized by private ownership and free markets
An economic system where the government owns and controls major industries
An economic system combining private and public enterprises

Capitalism

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Socialism

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Mixed economy

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3 point(s)

Definition

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Boosts disposable income for workers
Increases borrowing costs for individuals
Reduces operational costs, improving profitability

Increasing minimum wage

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Raising interest rates

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Implementing tax cuts for small businesses

Correct Incorrect Correct answer

Chapter 15: Economic and Government Influences Quiz