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CE.13 C, D
Test Description: VA SOLs
Instructions: Answer all questions to get your test result.
1) What is one likely way that the government can support additional spending on public programs?
A
lower interest rates
B
lower taxes
C
raise interest rates
D
raise taxes
2) The government gets involved in taxing, spending, and borrowing to −
A
provide bureaucratic positions for citizens.
B
influence economic activity.
C
provide jobs.
D
ensure all citizens are paying the same amount of taxes.
3) Which of these is true when the United States government borrows money?
A
The government will not be allowed to borrow again for five years.
B
There will be less money available for businesses and individuals to borrow.
C
A special tax on investments will be used to repay the money borrowed.
D
The Federal Reserve takes control of the bank the money was borrowed from.
4) The United States has recently borrowed money in order to pay for new debt expenditures. What is most likely to occur?
A
The value of the stock market will increase.
B
Tax cuts will go into effect for citizens.
C
More funds will be available for individuals to borrow.
D
Fewer funds will be available for individuals to borrow.
5) Increased government spending increases demand, which may –
A
decrease taxes.
B
increase employment.
C
reduce production.
D
raise interest.
6) Which amendment authorizes Congress to tax citizens' incomes?
A
Seventh
B
Sixteenth
C
Second
D
Ninth
7) If the government reduces the taxes on its citizens, what effect will this have on business and private spending?
A
The economy will experience a slow down in growth
B
Funds available for growth will decrease
C
More funds will be available for private and business spending
D
Businesses will have more difficulty starting up
8) What would be the best title for: Maintains value of U.S. currency, Tries to keep inflation low and stable, and Acts as the federal government's bank?
A
Federal Reserve System
B
Private Sector System
C
Financial System
D
Economic System
9) The Federal Reserve System tries to keep inflation low and stable by −
A
receiving deposits and making loans.
B
paying for public goods and services.
C
managing the amount of money in the economy.
D
encouraging higher prices for goods and services.
10) All are roles of the Federal Reserve except −
A
control the amount of money in circulation
B
control the interest rates that banks borrow money at
C
regulate the interest rate for home mortgages
D
regulate how much money banks must keep on hand
11) One primary duty of the Federal Reserve System is to −
A
control foreign trade.
B
contribute to the global flow of capital.
C
maintain the value of our currency (dollar).
D
make decisions regarding the production of goods and services.
*select an answer for all questions
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