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Fiscal Policy Review Pt 3
Test Description: Continuation of Fiscal Policy pt 1 and 2
Instructions: Answer all questions to get your test result.
1) What is it called when GDP is down for 2 consecutive quarters (6 months)?
A
stagflation
B
expansion
C
recession
D
trough
2) Why is GDP important?
A
it measures economic growth
B
it measures inflation
C
it measures retail sales
D
it measures unemployment
3) Which tax is levied on a specific product like gas?
A
payroll tax
B
corporate income tax
C
excise tax
D
estate tax
4) Where do states get most of their intergovernmental revenue fund from?
A
the federal government
B
taxes
C
other state governments
D
local governments
5) What do state governments spend the most on?
A
local governments
B
welfare
C
higher education
D
the federal government
6) What is the main purpose of a sin tax?
A
revenue generation
B
income distribution
C
behavior adjustment
D
resource allocation
7) Which of the following is the single largest source of federal revenue?
A
corporate income tax
B
Individual income tax
C
estate taxes
D
FICA taxes
8) Which of the following groups does supply-side policy target through stimulation?
A
consumers
B
producers
C
workers
D
government
9) What does incidence of tax mean?
A
burden
B
tax
C
balance
D
spending
10) If a good is inelastic it easier to shift the incidence to the ___________________
A
employee
B
consumer
C
tax payer
D
stockholder
*select an answer for all questions
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