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Unit #11 Review
Test Description: CE.11 14
Instructions: Answer all questions to get your test result.
1) The most important source of revenue for the government is -
A
tolls
B
interest
C
taxes
D
fees
2) Which amendment allows Congress to take our income?
A
18th
B
16th
C
5th
D
1st
3) Taxes are necessary because the government needs a way to raise money to -
A
promote monopolies
B
control the economic flow
C
provide incentives for government officials
D
carry out laws and regulations
4) Federal Reserve Notes, deposits accessed by debt cards, and coins are all types of -
A
revenue
B
money
C
incentives
D
resources
5) The government issues currency and coins to -
A
help make the exchange of goods and services easier
B
promote monopolies
C
promote global trade
D
control the exchange of goods and services
6) Items and actions provided by the government because individuals acting alone could not provide them efficiently are called -
A
public goods and services
B
opportunity cost
C
incentives
D
revenue
7) Schools, highways, and libraries are referred to as public services because they -
A
are funded through individual investment
B
encourage cooperation between government branches
C
are created by large corporations
D
provide benefits to many people
8) Fees are the money -
A
charged for licenses
B
banks issue for depositing money
C
charged for the use of highways
D
an individual or business earns
9) The government uses tax revenue, borrowed funds, and fees to pay for -
A
opportunity cost
B
incentives
C
the economic flow
D
public goods and services
10) If a business violates a consumer's rights, he/she may -
A
take legal action
B
write a contrct
C
do nothing
D
write his/her congressperson
11) The right of private property is protected by-
A
the First Amendment
B
negotiated contracts
C
government securities
D
the Federal Reserve System
12) To protect consumers, federal agencies -
A
write contracts for consumers
B
approve all consumer contracts before they take effect
C
establish guidelines for public health
D
ask the Supreme Court to research a business
13) What would lead to individuals and business having less money to spend?
A
Decreased government spending
B
A decrease in the supply of a good
C
Government tax increases
D
Increased government regulations
14) Which of the following would be the best way for the government to raise money?
A
Increase prices
B
Increase taxes
C
Increase spending
D
Decrease borrowing
15) If the government wanted to slow down the economy, it might increase borrowing because it will result in -
A
an increase of government spending
B
less money for individuals to borrow for spending
C
a reduction of demand, employment, and production
D
lower taxes
16) What government action would lead to an increase in demand, production, and production?
A
An increase of the discount rate
B
An increase in spending
C
An increase in borrowing
D
An increase of the reserve amount
17) If the government decreased its spending, what would be the result?
A
Higher prices
B
Lower taxes
C
Higher reserve amount
D
Lower discount rate
18) Who manages the amount of money in the economy and is our nation's central bank?
A
Federal Trade Commission
B
Federal Bureau of Investigation
C
Federal Communications Commission
D
Federal Reserve System
*select an answer for all questions
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