Evaluating Economic Performance

What is the inflation?

• The rate at which the general level of prices for goods and services is falling
• The rate at which the general level of prices for goods and services is staying constant
• The rate at which the general level of prices for goods and services is unpredictable
• The rate at which the general level of prices for goods and services is rising

What is the importance of social security?

• Social security is not important and should be abolished.
• Social security only benefits the wealthy and not the average person.
• Social security is a burden on the economy and should be reduced or eliminated.
• The importance of social security is to provide financial support and protection to individuals and families in times of retirement, disability, or death.

which option is an economic goal?

• Increasing poverty
• Decreasing GDP
• Reducing inflation
• Increasing employment

Why price stability is important?

• Price stability helps maintain the purchasing power of money and promotes economic growth and stability.
• Price stability is only important for businesses, not individuals.
• Price stability leads to inflation and economic instability.
• Price stability has no impact on the economy.

Medicare is

• a private health insurance program
• a type of medication
• a government assistance program
• a federal health insurance program

Economic equity is important because

• It hinders economic growth and development.
• It creates a sense of entitlement and dependency.
• It leads to income inequality and social unrest.
• It promotes fairness and equal opportunities for all individuals.

In a free enterprise economy

• Individuals and businesses have limited control over their property and resources.
• There is no private ownership of property and resources.
• Individuals and businesses have the freedom to own and control their own property and resources.
• The government owns and controls all property and resources.

Economic security and predictability means

• Having a stable and reliable income, job security, and an unpredictable economic environment.
• Having a high income, job flexibility, and an unpredictable economic environment.
• Having an unstable and unreliable income, job insecurity, and an unpredictable economic environment.
• Having a stable and reliable income, job security, and a predictable economic environment.

Economic efficiency leads to

• increased productivity and resource allocation
• higher costs and lower output
• inefficient resource utilization
• decreased productivity and resource allocation

Setting minimum wage will

• Lead to unemployment
• Increase poverty rates
• Discourage job creation
• Ensure fair and livable wages