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


Continuation Of Fiscal Policy Pt 1 And 2. TEACHERS: click here for quick copy question ID numbers.

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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