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39. Taxing, Borrowing, And Spending
Test Description: SocialStudiesGames.net
Instructions: Answer all questions to get your test result.
1) MORE spending ► MORE production ► MORE workers ► More spending
A
False
B
True
2) LESS spending ► LESS production ► LESS workers ► Less spending
A
True
B
False
3) MORE spending ► MORE production ► LESS workers ► LESS spending
A
True
B
False
4) MORE spending ► MORE production ► MORE workers ► More spending..... which is NOT a possibility this scenario
A
Economy is growing
B
Deflation will not occur
C
Inflation could occur
D
Economy is shrinking
5) Which is NOT an example of how the government affects the economy?
A
Spending
B
Changing interest rates
C
Borrowing
D
Taxing
6) If taxes increase, consumer spending _____ and the economy ________
A
increases, grows
B
decreases, shrinks
C
increases, shrinks
D
decreases, grows
7) If taxes decrease, consumer spending _____ and the economy ________
A
decreases, shrinks
B
increases, shrinks
C
increases, grows
D
decreases, grows
8) If government spending increases, consumer spending _____ and the economy ________
A
increases, shrinks
B
increases, grows
C
decreases, grows
D
decreases, shrinks
9) If government spending decreases, consumer spending _____ and the economy ________
A
increases, grows
B
decreases, grows
C
decreases, shrinks
D
increases, shrinks
10) There are no solutions, only trade offs.
A
True
B
False
11) Government spending grows the economy, but government spending requires higher taxes which shrink the economy. This is an example of what quote by Economist Thomas Sowell.
A
If at first you do not succeed, try try again.
B
The only thing to fear is fear itself.
C
Today, we're all MMTers
D
There are no solutions, only trade offs.
12) If government borrowing decreases, consumer spending _____ and the economy ________
A
decreases, grows
B
decreases, shrinks
C
increases, grows
D
increases, shrinks
13) If government borrowing increases, consumer spending _____ and the economy ________
A
increases, grows
B
decreases, grows
C
increases, shrinks
D
decreases, shrinks
14) What image is used to help students understand how much money is in the economy?
A
a swimming pool full of money
B
a vault full of money
C
money in the desert
D
a mattress with money underneath it
*select an answer for all questions
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