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39. Taxing, Borrowing, And Spending
Test Description: SocialStudiesGames.net
Instructions: Answer all questions to get your test result.
1) MORE spending ► MORE production ► MORE workers ► More spending
A
True
B
False
2) LESS spending ► LESS production ► LESS workers ► Less spending
A
False
B
True
3) MORE spending ► MORE production ► LESS workers ► LESS spending
A
False
B
True
4) MORE spending ► MORE production ► MORE workers ► More spending..... which is NOT a possibility this scenario
A
Economy is shrinking
B
Economy is growing
C
Inflation could occur
D
Deflation will not occur
5) Which is NOT an example of how the government affects the economy?
A
Borrowing
B
Changing interest rates
C
Taxing
D
Spending
6) If taxes increase, consumer spending _____ and the economy ________
A
increases, grows
B
increases, shrinks
C
decreases, shrinks
D
decreases, grows
7) If taxes decrease, consumer spending _____ and the economy ________
A
decreases, grows
B
decreases, shrinks
C
increases, grows
D
increases, shrinks
8) If government spending increases, consumer spending _____ and the economy ________
A
decreases, shrinks
B
increases, grows
C
increases, shrinks
D
decreases, grows
9) If government spending decreases, consumer spending _____ and the economy ________
A
increases, grows
B
decreases, grows
C
decreases, shrinks
D
increases, shrinks
10) There are no solutions, only trade offs.
A
False
B
True
11) Government spending grows the economy, but government spending requires higher taxes which shrink the economy. This is an example of what quote by Economist Thomas Sowell.
A
The only thing to fear is fear itself.
B
If at first you do not succeed, try try again.
C
There are no solutions, only trade offs.
D
Today, we're all MMTers
12) If government borrowing decreases, consumer spending _____ and the economy ________
A
decreases, grows
B
increases, shrinks
C
decreases, shrinks
D
increases, grows
13) If government borrowing increases, consumer spending _____ and the economy ________
A
decreases, grows
B
increases, grows
C
decreases, shrinks
D
increases, shrinks
14) What image is used to help students understand how much money is in the economy?
A
a swimming pool full of money
B
a mattress with money underneath it
C
a vault full of money
D
money in the desert
*select an answer for all questions
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