Fiscal Policy Review Pt 3: Question Preview (ID: 27196)

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What is it called when GDP is down for 2 consecutive quarters (6 months)?
a) stagflation b) expansion c) trough d) recession
Why is GDP important?
a) it measures inflation b) it measures economic growth c) it measures unemployment d) it measures retail sales
Which tax is levied on a specific product like gas?
a) estate tax b) excise tax c) corporate income tax d) payroll tax
Where do states get most of their intergovernmental revenue fund from?
a) other state governments b) local governments c) taxes d) the federal government
What do state governments spend the most on?
a) local governments b) the federal government c) welfare d) higher education
What is the main purpose of a sin tax?
a) revenue generation b) behavior adjustment c) income distribution d) resource allocation
Which of the following is the single largest source of federal revenue?
a) corporate income tax b) FICA taxes c) Individual income tax d) estate taxes
Which of the following groups does supply-side policy target through stimulation?
a) consumers b) workers c) government d) producers
What does incidence of tax mean?
a) tax b) spending c) burden d) balance
If a good is inelastic it easier to shift the incidence to the ___________________
a) employee b) stockholder c) consumer d) tax payer
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