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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 economic growth
B
to decrease economic growth
C
to increase trade deficits
D
to maintain current economic levels
3) Which item is NOT a means to finance government spending?
A
government subsidies
B
capital gains taxes
C
money creation
D
personal income taxes
4) What is one way the government CANNOT influence income redistribution?
A
Personal Income Taxes
B
Open Market Policy
C
Public Pensions
D
Earned Income Tax Credit
5) How will a contractionary fiscal policy affect a budget deficit?
A
shrink the deficit
B
grow the deficit
C
not affect it
D
change monetary policy
6) Discretionary fiscal policy is defined as
A
the automatic change in certain fiscal instruments when real GDP changes.
B
the arbitrary fluctuation in tax laws and budget requirements.
C
the deliberate manipulation of the money supply to expand the total economy.
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
Government spending and consumption
B
Taxes and consumption
C
Investment and net exports
D
Consumption and investment
8) One of the primary goals of stabilizing the economy is to
A
increase income levels.
B
raise the standard of living.
C
maintain low unemployment.
D
increase profits and spending.
9) Federal program that provides monthly payments (entitlements) to people who are retired or unable to work is called
A
Welfare.
B
Medicare.
C
Senior Citizen's program
D
Social Security.
10) Which pairs of operations BEST fit with fiscal policy?
A
open market operations and discount rate
B
government spending and taxation
C
discount rate and government spending
D
taxation and open market operations
*select an answer for all questions
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