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Fiscal Policy
Test Description: Fiscal Policy
Instructions: Answer all questions to get your test result.
1) Which of the following describes a loose or expansionary economy?
A
Entitlements
B
Intergovernmental Revenue
C
When spending is higher than revenue (recesson)
D
Supply Side Economics
2) Which of the following describes a tight or contractionary economy?
A
Entitlements
B
Intergovernmental Revenue
C
When revenue is higher than spending
D
Supply Side Economics
3) Which of the follow are the top 3 taxes for the Federal level?
A
None of the above
B
Intergovernmental Revenue, Property tax, Other tax
C
Intergovernmental Revenue, Sales tax, state income (not in TX)
D
Income tax, FICA, Corporate tax
4) What is an example of Pure Competition?
A
None of the above
B
Pens
C
Cereal- Kellogg's,General Mills,Post, ect.
D
Fruits, veggies, grains, eggs
5) What is an example of Oligopoly?
A
Cereal- Kellogg's,General Mills,Post, ect.
B
Pens
C
None of the above
D
Fruits, veggies, grains, eggs
6) Which ammendment gives Congress the power to tax?
A
9th
B
16th
C
8th
D
4th
7) What does Supply Side Economics mean?
A
All of the above
B
Price Stability
C
Decreasing taxes and spending especially entitlements. Less Government
D
Limited resources, Unlimited wants
8) What is Intergovernmental Revenue?
A
Funds collected from one level of gov that are then distributed to another level
B
taxes influence whether producers and consumers spend or save
C
Governments policy of tax and spending to influence the business cycle
D
a phase in the business cycle
9) What is a sin tax?
A
Entitlements
B
Oligopoly
C
Transfer Payments
D
Change Behavior
10) What are the different market types?
A
laissez-faire
B
Pure Competition, Monopolistic Competition,Oligopoly, and Monopoly
C
Natural, Georaphic, Technological, and Government monopolies
D
Oligopoly
*select an answer for all questions
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