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Fiscal Policy Review Pt 1
Test Description: Questions and vocabulary
Instructions: Answer all questions to get your test result.
1) What amendment protects my private property?
A
16th Amendment
B
4th Amendment
C
18th Amendment
D
5th Amendment
2) What amendment gives Congress the right to tax?
A
16th Amendment
B
4th Amendment
C
5th Amendment
D
18th Amendment
3) Why is inflation bad?
A
Prices rise more quickly than people have money to pay for them
B
Prices are too stable and people need more money
C
Prices are elastic and people can't find enough substitutes
D
Prices are inelastic and people can't find enough substitutes
4) During an expansionary period, you would most likely find....
A
declining prices
B
fewer excise taxes
C
low unemployment
D
low inflation
5) What phase of the business cycle would you find high unemployment?
A
stagflation
B
recession
C
peak
D
expansion
6) All of these can lead to economic growth EXCEPT
A
New technology that leads to increased productivity
B
Free trade movements
C
More efficient use of resources by cutting costs
D
Increase the printing of money
7) Making sure that products are SAFE. Identify the role.
A
Regulation and Control
B
Direct Services
C
Stabilization and Growth
D
Direct Assistance
8) Which government agency ensures safe and healthy working conditions for American workers?
A
EPA
B
OSHA
C
FDA
D
SEC
9) Which government agency regulate the securities markets and protect investors.
A
OSHA
B
SEC
C
EPA
D
FDA
10) Which government agency is responsible for monitoring trading and safety standards in the food and drug industries.
A
OSHA
B
SEC
C
EPA
D
FDA
*select an answer for all questions
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