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Fiscal Policy Review Pt 2
Test Description: Continuation of first review-next 10 questions
Instructions: Answer all questions to get your test result.
1) Which government agency sets and enforces rules and standards that protect the environment and control pollution.
A
EPA
B
OSHA
C
SEC
D
FDA
2) Which type of tax is collected by TWO levels of government?
A
Sales Tax
B
Tariffs
C
Estate Taxes
D
Gift Tax
3) Select the answer that is BOTH a revenue sources and an expenditure.
A
Defense
B
Social Security
C
Net Interest
D
Income tax
4) During an expansion phase. the government could implement a contractionary policy in order to
A
promote spending
B
encourage investment
C
address any inflation issues.
D
create jobs
5) What tool would the government use to fight a recession?
A
increase government spending and lower taxes
B
decrease government spending and increase taxes
C
increase government spending and increase taxes
D
decrease government spending and lower taxes
6) A tax tends to regressive when it
A
takes a larger portion from lower incomes
B
imposes a higher rate on higher incomes
C
imposes consistent rates for all tax payers
D
is based on a person's ability to pay
7) Which 2 types of tax are sales tax?
A
progressive and proportional
B
federal and state
C
regressive and proportional
D
progressive and regressive
8) What is the largest spending category for most local governments?
A
Medicaid and welfare
B
hospitals
C
public education
D
police force
9) What is an expenditure?
A
money that is collected
B
taxes
C
spending
D
inflation
10) What is an example of revenue?
A
inflation
B
deflation
C
taxes
D
spending
*select an answer for all questions
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