Plato Economics Unit 2 Pretest: Government Exam With Complete Solution 2023/2024

Which of the following are the responsibility of OSHA? {Ans: -Provide consultation to small business -Protect the health of worker}The government of country X found that farmers earned little profit by selling wheat to wholesalers at the market price of $5.50 per bushel. To help farmers, the government decides to ___________ the price of wheat. This adjustment is an example of government intervention through a ____________. {Ans: -Increase -Price floor}The economic inflation rate is steadily growing. The government thinks it is because of excess money in the economy. It decides to implement a contractionary fiscal policy to control inflation. What action might the government take as part of its contractionary fiscal policy? {Ans: Increase government spending}Which type of unemployment is Sarah experiencing? Sarah lost her job at the bank because the economy is in a __________. This layoff is an example of _____________ unemployment. {Ans: -Recession -Cyclical}The state government offered Mike $300,000 for his family's property, which they plan to use for building a new development. The _____________ allows the state government to take the property as long as it is used ________________. Mike can still dispute the government's offer if the compensation _______________. {Ans: