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