Economic Concepts Quiz

The minimum wage was established at national and state levels as the lowest legal wage that can be paid to the majority of workers.

• True

• False

U.S. economic and social goals are likely to remain unchanged in the future.

• True

• False

Social Security is one example of how Americans have modified their free enterprise economy.

• True

• False

In general, people do not want their economic system to create as many jobs as possible.

• True

• False

Economic growth is necessary as a nation’s population increases.

• True

• False

What is the name of the federal health insurance program for senior citizens?

• Social Security

• Medicare

• Medicaid

• Social Care

Inflation causes people to _______.

• work more to pay for basic necessities

• take more time off work

• work the same hours for the same pay

• spend less for the same amount of goods and services

Which of the following is currently considered one of the seven major economic and social goals in the United States?

• conservation

• preserving endangered species

• clean environment

• price stability

What is one of the benefits related to economic equity?

• conserving resources

• living on a fixed income

• receiving equal pay for equal work

• unemployment compensation programs

Protection from layoffs, illnesses, injuries, or disabilities falls under the goal of _______.

• economic equity

• economic efficiency

• economic growth

• economic security