1. Question : (TCO 7) Radicals use the term “political economy” instead of “_____,” which is a hard sell these days.
Student Answer: Late capitalism
Marxism
Pure market system
Utilitarianism
Instructor Explanation: Chapter 16, page 261
Points Received: 3 of 3
Comments:
Question 2. Question : (TCO 7) How do Keynesian economic policies differ from the traditional laissez-faire policies developed by Adam Smith?
Student Answer: Laissez-faire policies advocate for “cutthroat” capitalism, and Keynesian policies seek to spread wealth equally among a nation’s citizens.
Keynesian economics advocates for increased government control of economics, and traditional laissez-faire argues for a hands-free approach.
Smithian policies advocate for increased spending and stimuli for government-run businesses, and Keynesian economics argues for a hands-free approach.
The more liberal Smithian economies distribute wealth more evenly among society, and Keynesian economics tends to distribute wealth among the top 1%.
Instructor Explanation: Chapter 16, pages 261–263
Points Received: 3 of 3
Comments:
Question 3. Question : (TCO 7) The 1973 Mideast war allowed members of the Organization of Petroleum Exporting Countries (OPEC) to _____.
Student Answer: sell to nations in Eastern Europe
export to Japan and China
quadruple oil prices
keep oil prices down
Instructor Explanation: Chapter 16, page 264
Points Received: 3 of 3
Comments:
Question 4. Question : (TCO 7) What event is largely considered responsible for deterring Johnson’s War on Poverty?
Student Answer: Great Society
Vietnam War
Middle-class entitlements
Tax expenditures
Instructor Explanation: Chapter 16, pages 272–273
Points Received: 3 of 3
Comments:
Question 5. Question : (TCO 7) Analyze recent changes to the Food Stamp program.
Student Answer: The distribution of cash grants allows the program to be easily misused.
The updated debit card system makes the program more difficult to misuse.
Many recipients sell Food Stamps for 50 cents on the dollar in order to purchase drugs and alcohol.
The program allocates surplus government dairy to the poor, ameliorating milk and cheese inflation.
Type: MC
Instructor Explanation: Chapter 16, page 274
Points Received: 0 of 3
Comments:
Question 6. Question : (TCO 7) Which of the following is an increasing financial concern of the Medicare program?
Student Answer: The proportion of older people in American society is increasing steadily.
Every American citizen obtains Medicare on reaching age 65, regardless of class.
Economic inequality renders Medicare more necessary for some than for others.
Wealthy Americans are taking advantage of the Medicare system.
Instructor Explanation: Chapter 16, page 274
Points Received: 0 of 3
Comments:
Question 7. Question : (TCO 7) Many Americans think the federal budget goes primarily toward welfare, which is _____.
Student Answer: absolutely true
somewhat exaggerated
not at all the case
slightly offensive
Instructor Explanation: Chapter 16, page 275
Points Received: 3 of 3
Comments:
Question 8. Question : (TCO 7) How might Americans’ reluctance toward entitlement programs benefit them in the long run?
Student Answer: Citizens will pay lower taxes, stimulating the economy via “trickle-down” economics.
Entitlement programs are complex and inefficient; our government will save time and money by proceeding with caution.
Americans can justify raising the debt ceiling through entitlement programs, so long as they are wary of the choices they make.
Government subsidies to businesses, rather than spending on welfare programs, will help the United States generate revenue and reduce overall spending.
Instructor Explanation: Chapter 16, pages 275–276
Points Received: 3 of 3
Comments:
Question 9. Question : (TCO 7) Most liberals feel that the poverty line is _____.
Student Answer: reasonable
disproportionate
too high
too low
Instructor Explanation: Chapter 16, pages 269–270
Points Received: 3 of 3
Comments:
Question 10. Question : (TCO 7) Investigate what historically happens to conservatives when firms are supposedly “too big to fail.”
Student Answer: Conservatives argue for expensive bail-out packages.
Most conservatives suggest letting the free market run its course.
Most argue against expensive stimulus packages.
They switch parties.
Instructor Explanation: Chapter 16, page 276
Points Received: 0 of 3
Comments: