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Unit #11 Review
Test Description: CE.11 14
Instructions: Answer all questions to get your test result.
1) The most important source of revenue for the government is -
A
interest
B
fees
C
taxes
D
tolls
2) Which amendment allows Congress to take our income?
A
5th
B
1st
C
16th
D
18th
3) Taxes are necessary because the government needs a way to raise money to -
A
promote monopolies
B
control the economic flow
C
provide incentives for government officials
D
carry out laws and regulations
4) Federal Reserve Notes, deposits accessed by debt cards, and coins are all types of -
A
revenue
B
money
C
resources
D
incentives
5) The government issues currency and coins to -
A
help make the exchange of goods and services easier
B
promote monopolies
C
control the exchange of goods and services
D
promote global trade
6) Items and actions provided by the government because individuals acting alone could not provide them efficiently are called -
A
incentives
B
revenue
C
public goods and services
D
opportunity cost
7) Schools, highways, and libraries are referred to as public services because they -
A
provide benefits to many people
B
are created by large corporations
C
are funded through individual investment
D
encourage cooperation between government branches
8) Fees are the money -
A
an individual or business earns
B
charged for the use of highways
C
banks issue for depositing money
D
charged for licenses
9) The government uses tax revenue, borrowed funds, and fees to pay for -
A
opportunity cost
B
public goods and services
C
incentives
D
the economic flow
10) If a business violates a consumer's rights, he/she may -
A
write a contrct
B
take legal action
C
write his/her congressperson
D
do nothing
11) The right of private property is protected by-
A
the Federal Reserve System
B
government securities
C
the First Amendment
D
negotiated contracts
12) To protect consumers, federal agencies -
A
ask the Supreme Court to research a business
B
approve all consumer contracts before they take effect
C
write contracts for consumers
D
establish guidelines for public health
13) What would lead to individuals and business having less money to spend?
A
Government tax increases
B
Decreased government spending
C
Increased government regulations
D
A decrease in the supply of a good
14) Which of the following would be the best way for the government to raise money?
A
Increase spending
B
Decrease borrowing
C
Increase taxes
D
Increase prices
15) If the government wanted to slow down the economy, it might increase borrowing because it will result in -
A
an increase of government spending
B
a reduction of demand, employment, and production
C
lower taxes
D
less money for individuals to borrow for spending
16) What government action would lead to an increase in demand, production, and production?
A
An increase in borrowing
B
An increase of the reserve amount
C
An increase in spending
D
An increase of the discount rate
17) If the government decreased its spending, what would be the result?
A
Higher prices
B
Higher reserve amount
C
Lower taxes
D
Lower discount rate
18) Who manages the amount of money in the economy and is our nation's central bank?
A
Federal Communications Commission
B
Federal Reserve System
C
Federal Trade Commission
D
Federal Bureau of Investigation
*select an answer for all questions
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