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Fiscal Policy Review Pt 3
Test Description: Continuation of Fiscal Policy pt 1 and 2
Instructions: Answer all questions to get your test result.
1) What is it called when GDP is down for 2 consecutive quarters (6 months)?
A
trough
B
recession
C
expansion
D
stagflation
2) Why is GDP important?
A
it measures unemployment
B
it measures retail sales
C
it measures inflation
D
it measures economic growth
3) Which tax is levied on a specific product like gas?
A
payroll tax
B
corporate income tax
C
excise tax
D
estate tax
4) Where do states get most of their intergovernmental revenue fund from?
A
the federal government
B
taxes
C
other state governments
D
local governments
5) What do state governments spend the most on?
A
welfare
B
local governments
C
the federal government
D
higher education
6) What is the main purpose of a sin tax?
A
behavior adjustment
B
revenue generation
C
resource allocation
D
income distribution
7) Which of the following is the single largest source of federal revenue?
A
corporate income tax
B
estate taxes
C
FICA taxes
D
Individual income tax
8) Which of the following groups does supply-side policy target through stimulation?
A
government
B
producers
C
consumers
D
workers
9) What does incidence of tax mean?
A
balance
B
burden
C
tax
D
spending
10) If a good is inelastic it easier to shift the incidence to the ___________________
A
stockholder
B
employee
C
tax payer
D
consumer
*select an answer for all questions
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