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Macroeconomics Practice
Test Description: This practice covers macroeconomics concepts.
Instructions: Answer all questions to get your test result.
1) What does contractionary fiscal policy do to economic growth?
A
decreases it
B
it depends
C
does not affect it
D
increases it
2) With regards to economic growth, what is the goal of an expansionary fiscal policy?
A
to increase trade deficits
B
to decrease economic growth
C
to maintain current economic levels
D
to increase economic growth
3) Which item is NOT a means to finance government spending?
A
money creation
B
capital gains taxes
C
personal income taxes
D
government subsidies
4) What is one way the government CANNOT influence income redistribution?
A
Public Pensions
B
Open Market Policy
C
Personal Income Taxes
D
Earned Income Tax Credit
5) How will a contractionary fiscal policy affect a budget deficit?
A
shrink the deficit
B
change monetary policy
C
grow the deficit
D
not affect it
6) Discretionary fiscal policy is defined as
A
the arbitrary fluctuation in tax laws and budget requirements.
B
the deliberate manipulation of the money supply to expand the total economy.
C
the automatic change in certain fiscal instruments when real GDP changes.
D
a deliberate change in tax laws and government spending to change equilibrium income.
7) Fiscal policy affects which two parts of aggregate demand directly?
A
Investment and net exports
B
Government spending and consumption
C
Consumption and investment
D
Taxes and consumption
8) One of the primary goals of stabilizing the economy is to
A
increase profits and spending.
B
maintain low unemployment.
C
raise the standard of living.
D
increase income levels.
9) Federal program that provides monthly payments (entitlements) to people who are retired or unable to work is called
A
Medicare.
B
Senior Citizen's program
C
Social Security.
D
Welfare.
10) Which pairs of operations BEST fit with fiscal policy?
A
government spending and taxation
B
taxation and open market operations
C
discount rate and government spending
D
open market operations and discount rate
*select an answer for all questions
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