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CE 11 Part 2
Test Description: Taxes, the Fed, and consumer rights
Instructions: Answer all questions to get your test result.
1) An increase in government spending often _____ the overall economy temporarily by increasing employment and production
A
boosts
B
doesn't affect
C
slows
2) An increase in government spending will most likely result in a(n) ____ in taxes sooner or later.
A
increase
B
decrease
C
none of these
3) The Federal Reserve (Fed) is the ____ bank of the U.S.
A
central
B
private
C
public
4) What is the discount rate?
A
interest rate that the Fed charges banks when they need to borrow money
B
interest rate charged by the government on late taxes
5) What does the reserve requirement require banks to do?
A
nothing
B
The government has to reserve a percentage of citizens' taxes for health care.
C
Banks have to keep a percentage of customers' deposits on reserve with the Fed instead of loaning it
6) If the Fed increases the reserve requirement, what would be the impact on the nation's money supply?
A
It would remain the same.
B
It would blow up.
C
It would decrease.
D
It would increase.
7) If the Fed purchases government securities (bonds) in large quantities, what would be the impact on the nation's money supply?
A
The government would go out of business.
B
It would decrease.
C
It would increase.
D
It would remain the same.
8) If the Fed wants to slow down the economy, what would it most likely do?
A
Decrease the money supply.
B
Increase the money supply.
C
Hire new lawyers.
9) Government agencies such as the Food and Drug Administration are designed mainly to
A
none of these
B
protect the rights of consumers
C
protect the rights of the government.
D
protect the rights of businesses
10) If a consumer is injured by a product sold by a business, does the law allow the consumer to sue the business in court?
A
Yes, duh.
B
IDK
C
No, duh.
*select an answer for all questions
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