Question 1

What type of tax takes a larger percentage of lower income earners' income and a smaller percentage of the income of those who earn more?

Accepted Answer

A)   progressive tax
B)   proportional tax
C)   regressive tax
D)   direct tax
E)   indirect taxF) A) and E)
G) D) and E)

Question 2

Which of the following features is/are part of the American dream?

Accepted Answer

A)   financial security
B)   personal happiness and health
C)   upward social mobility
D)   success through hard work and persistence
E)   All these answers are correct.F) None of the above
G) A) and E)

Question 3

Describe the features of business regulation and social regulation in the U.S. economy today.

Accepted Answer

In today's economy, the government regul...

Question 4

Which of the following years had the largest budget deficit?

Accepted Answer

A)   1984
B)   1994
C)   2004
D)   2009
E)   2012F) A) and E)
G) B) and D)

Question 5

What type of economy is the U.S. economy?

Accepted Answer

A)   pure capitalist economy
B)   regulated capitalist economy
C)   limited capitalist economy
D)   limited mercantilist economy
E)   regulated socialist economyF) All of the above
G) B) and C)

Question 6

Which of the following is income adjusted for inflation so that it can be compared across years?

Accepted Answer

A)   per capita income
B)   average income
C)   real income
D)   household income
E)   median household incomeF) B) and C)
G) A) and D)

Question 7

Sequestration first occurred in FY

Accepted Answer

A)   2009.
B)   2010.
C)   2011.
D)   2012.
E)   2013.F) B) and D)
G) A) and D)

Question 8

Outline the key features of Keynesian economic theory.

Accepted Answer

During the Depression, economist John Ma...

Question 9

What type of tax takes a larger percentage of wealthier taxpayers' income and a smaller percentage of the income of those who earn less?

Accepted Answer

A)   progressive tax
B)   proportional tax
C)   regressive tax
D)   direct tax
E)   indirect taxF) A) and D)
G) B) and C)

Question 10

Which of these terms describes the percentage of the population with income below the nationally designated poverty level?

Accepted Answer

A)   poverty level
B)   poverty rate
C)   poverty threshold
D)   poverty mark
E)   poverty medianF) B) and E)
G) A) and E)

Question 11

What date signals the beginning of the national government's fiscal year (FY) ?

Accepted Answer

A)   January 1
B)   April 1
C)   July 1
D)   August 1
E)   October 1F) A) and E)
G) A) and B)

Question 12

Which of the following is/are among the criteria used by the United Nations to comparatively assess global living standards in the Human Development Index (HDI) ?

Accepted Answer

A)   a long and healthy life, educational opportunities, and decent standard of living
B)   access to food, clothing, and shelter
C)   living, fuel, and transportation costs
D)   physical health, income levels, and educational access
E)   access to adequate medical care, food, and shelterF) None of the above
G) A) and C)

Question 13

How many appropriations bills must Congress approve by the end of June to fund the national government each fiscal year?

Accepted Answer

A)   6
B)   10
C)   12
D)   16
E)   26F) B) and E)
G) B) and D)

Question 14

What yearly inflation rate do monetarists argue ensures an adequate money supply for a healthy economy?

Accepted Answer

A)   less than 1 percent
B)   1-3 percent
C)   3-5 percent
D)   5-7 percent
E)   7-9 percentF) C) and D)
G) B) and E)

Question 15

Discuss the difference between a pure capitalist economy and a regulated capitalist economy.

Accepted Answer

Several differences exist between a pure...

Question 16

All of the following are tools used by the Fed for setting monetary policy EXCEPT

Accepted Answer

A)   lowering the reserve requirement.
B)   authorizing a government spending sequester.
C)   lowering the discount rate.
D)   selling Treasury Securities to decrease the money supply.
E)   increasing the reserve requirement and discount rate.F) A) and B)
G) A) and C)

Question 17

Economists cite all these factors as evidence of a healthy economy EXCEPT

Accepted Answer

A)   low unemployment.
B)   stable consumer goods' prices.
C)   improvements in individual productivity.
D)   increased overall economic productivity.
E)   a decrease in the national tax base.F) B) and D)
G) D) and E)

Question 18

Which year had the lowest unemployment rate?

Accepted Answer

A)   2008
B)   2009
C)   2010
D)   2011
E)   2012F) B) and E)
G) C) and E)

Question 19

When must both the House and Senate agree to the concurrent budget resolution each fiscal year?

Accepted Answer

A)   March 1
B)   March 15
C)   April 1
D)   April 15
E)   May 1F) D) and E)
G) A) and E)

Question 20

Which of these agencies monitors the implementation of the previous fiscal year's budget?

Accepted Answer

A)   Office of Management and Budget (OM
B)  
B)   House Budget Committee
C)   Senate Budget Committee
D)   Congressional Budget Office (CBO) 
E)   Government Accountability Office (GAO) F) B) and E)
G) B) and D)

Exam 16: Economic Policy

Economists cite all these factors as evidence of a healthy economy EXCEPT

Correct AnswerverifiedShow Answer

When must both the House and Senate agree to the concurrent budget resolution each fiscal year?

Correct AnswerverifiedShow Answer

What type of tax takes a larger percentage of wealthier taxpayers' income and a smaller percentage of the income of those who earn less?

Correct AnswerverifiedShow Answer

Which of the following is income adjusted for inflation so that it can be compared across years?

Correct AnswerverifiedShow Answer

Which of the following years had the largest budget deficit?

Correct AnswerverifiedShow Answer

Which year had the lowest unemployment rate?

Correct AnswerverifiedShow Answer

Discuss the difference between a pure capitalist economy and a regulated capitalist economy.

Correct AnswerverifiedSeveral differences exist between a pure...View AnswerShow Answer

Which of these terms describes the percentage of the population with income below the nationally designated poverty level?

Correct AnswerverifiedShow Answer

Outline the key features of Keynesian economic theory.

Correct AnswerverifiedDuring the Depression, economist John Ma...View AnswerShow Answer

Which of the following features is/are part of the American dream?

Correct AnswerverifiedShow Answer

Describe the features of business regulation and social regulation in the U.S. economy today.

Correct AnswerverifiedIn today's economy, the government regul...View AnswerShow Answer

How many appropriations bills must Congress approve by the end of June to fund the national government each fiscal year?

Correct AnswerverifiedShow Answer

What date signals the beginning of the national government's fiscal year (FY) ?

Correct AnswerverifiedShow Answer

Sequestration first occurred in FY

Correct AnswerverifiedShow Answer

What type of economy is the U.S. economy?

Correct AnswerverifiedShow Answer

What type of tax takes a larger percentage of lower income earners' income and a smaller percentage of the income of those who earn more?

Correct AnswerverifiedShow Answer

Which of the following is/are among the criteria used by the United Nations to comparatively assess global living standards in the Human Development Index (HDI) ?

Correct AnswerverifiedShow Answer

All of the following are tools used by the Fed for setting monetary policy EXCEPT

Correct AnswerverifiedShow Answer

Which of these agencies monitors the implementation of the previous fiscal year's budget?

Correct AnswerverifiedShow Answer

What yearly inflation rate do monetarists argue ensures an adequate money supply for a healthy economy?

Correct AnswerverifiedShow Answer

Correct Answer
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Several differences exist between a pure...
View Answer

Correct Answer
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Correct Answer
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During the Depression, economist John Ma...
View Answer

Correct Answer
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Correct Answer
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In today's economy, the government regul...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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