Can someone please check my answers? Thank you so much.
16. What is difference between a business cycle in the day-to-day ups and downs of the market?
a. The day-to-day ups and downs of the market can be much more extreme than a business cycle
b. The day-to-day fluctuations are more likely to have an impact on people’s finances
c. A business cycle is usually more restricted, whereas market fluctuations are worldwide
d. A business cycle is a major, prolonged fluctuation rather than a day-to-day movement
My answer: d
17. When did the U.S. government become more and more involved in economic matters of public interest?
a. 1870’s
b. 1900’s
c. 1960’s
d. 1990’s
My answer: b
19. How do you consumers make their desires known to both government and businesses most effectively?
a. Through buying and voting
b. By protesting and boycotting products
c. Through mail and phone surveys
d. By hiring lobbyists and joining consumer groups
My answer: a
20. What is one benefit provided by Social Security?
a. Medical care for the indigent
b. Cash transfers to workers injured on the job
c. Compensation for all who lose jobs
d. Retirement income for the elderly
My answer: d
16. To determine the difference between a business cycle and the day-to-day ups and downs of the market, you need to understand the concept of a business cycle and how it relates to the market. A business cycle refers to the recurring patterns of expansion (economic growth) and contraction (recession) in the overall economy. It involves long-term fluctuations in economic activity, such as changes in GDP, unemployment rates, and overall business conditions. On the other hand, the day-to-day ups and downs of the market refer to short-term price fluctuations in specific financial markets, such as the stock market.
Now, let's evaluate each option:
a. The day-to-day ups and downs of the market can be much more extreme than a business cycle: This option suggests that the day-to-day market fluctuations can be more extreme than the overall business cycle. While it's true that market volatility can sometimes be extreme, it is not necessarily always more extreme than a business cycle.
b. The day-to-day fluctuations are more likely to have an impact on people’s finances: This option implies that the day-to-day market fluctuations have a greater impact on people's finances compared to the overall business cycle. It is true that short-term market movements can affect individual investments and trading activities, but the overall business cycle also has a significant impact on people's finances.
c. A business cycle is usually more restricted, whereas market fluctuations are worldwide: This option suggests that business cycles are usually more restricted in their impact, while market fluctuations are global in nature. However, this is not true as business cycles can have widespread effects on economies and markets worldwide.
d. A business cycle is a major, prolonged fluctuation rather than a day-to-day movement: This option correctly describes the difference between a business cycle and day-to-day market movements. A business cycle is a major and prolonged fluctuation in the economy, while day-to-day market movements are short-term and more frequent.
Based on this analysis, option d is the most accurate answer as it correctly differentiates a business cycle from the day-to-day ups and downs of the market.
17. To determine when the U.S. government became more involved in economic matters of public interest, you need to consider the historical context and key events.
a. 1870’s
b. 1900’s
c. 1960’s
d. 1990’s
In this case, option b, the 1900's, is the most reasonable answer. In the early 1900s, the U.S. government started implementing various regulations and policies to address economic issues, such as antitrust laws, consumer protection laws, and the establishment of agencies like the Federal Trade Commission and the Federal Reserve System. These actions indicate an increasing government involvement in economic matters.
19. To understand how consumers can effectively make their desires known to both government and businesses, it's essential to consider how communication channels and actions can influence decision-makers.
a. Through buying and voting: This option is the most effective way for consumers to make their desires known to both government and businesses. By using their purchasing power, consumers can support or boycott products based on their preferences. Additionally, through voting in elections, consumers can elect representatives who align with their viewpoints and can influence government decisions.
b. By protesting and boycotting products: While protesting and boycotting products can be effective in raising awareness and influencing public opinion, it may not directly reach decision-makers or bring about the desired change without increased public pressure or broader advocacy efforts.
c. Through mail and phone surveys: While feedback provided through mail and phone surveys can offer insights to businesses, it may not have a direct impact on government decision-making processes unless organizations or advocacy groups effectively mobilize and present survey results to lawmakers.
d. By hiring lobbyists and joining consumer groups: Hiring lobbyists and joining consumer groups can be effective methods to directly engage with policymakers and industry representatives, but it may not be accessible or practical for all consumers to do so.
Based on these considerations, option a, through buying and voting, is the most effective way for consumers to make their desires known to both government and businesses.
20. To identify one benefit provided by Social Security, you need to understand the purpose and provisions of the Social Security program.
a. Medical care for the indigent: While some healthcare support programs exist for low-income individuals, Social Security specifically provides retirement, disability, and survivor benefits rather than direct medical care.
b. Cash transfers to workers injured on the job: Cash transfers for workers injured on the job are primarily addressed through workers' compensation programs, not Social Security.
c. Compensation for all who lose jobs: Social Security does not provide compensation for all individuals who lose their jobs. Unemployment insurance programs typically offer support in this context.
d. Retirement income for the elderly: This option accurately describes one of the main benefits of Social Security. The program provides retirement income for eligible individuals who have contributed through payroll taxes during their working years.
Therefore, option d, retirement income for the elderly, is the correct answer.