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Government And The Economy 2
Test Description: Government and the Economy 2
Instructions: Answer all questions to get your test result.
1) What might the government do to pull the U.S. economy out of a recession (an economic slowdown)?
A
Increase government borrowing, which will reduce funds available for individuals and businesses.
B
Decrease government spending, which will reduce demand and slow the economy.
C
Increase government spending, which will increase demand and production.
D
Raise taxes so individuals and businesses have less money available to spend.
2) The tax collected on one’s earnings from a job is called the _______ tax.
A
income
B
sales
C
real estate
D
sapital gains
3) A tax increase tends to ___________ the overall economy, by reducing the amount of money available for spending by individuals and business.
A
increase
B
bring up
C
boost
D
slow
4) The Federal Reserve System is also known as
A
the FED.
B
the SRF.
C
the FRS.
D
the FDR.
5) The Federal Reserve System is mainly responsible for regulating the nation’s
A
money supply.
B
debt.
C
taxes.
D
budget.
6) Julia purchased a new outfit at a local department store, but the store never received the payment. Julia most likely paid with-
A
coins
B
a check
C
currency
D
A Federal Reserve note
7) United States currency is created by -
A
the government
B
banks
C
businesses
D
the Stock Market
8) Why does the government set guidelines for producing goods and services?
A
To decrease the prices of products
B
To protect the health and safety of consumers
C
To allow businesses to operate freely
D
To increase the prices of products
9) What is an agreement between two or more people called?
A
Discount
B
Contract
C
Security
D
Compromise
10) Private property is protected by what?
A
Enforceable Contracts
B
Federal Trade Commission
C
Federal Reserve
D
Security Exchange Commission
*select an answer for all questions
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