Government And The Economy: Question Preview (ID: 18237)

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Identify the relationship between government spending and taxes.
a) Increased government spending may result in higher taxes.
b) Increased government spending may result in lower taxes.
c) Decreased government spending may result in higher taxes.
d) Decreased government spending may result in more government jobs.

Which of the following actions might the government take to slow down the economy?
a) Print more money
b) Decrease government spending
c) Lower taxes
d) Increase government spending

What is the most likely result of increased government spending on nearly every citizen?
a) Decrease in taxes
b) Increase in the number of government employees
c) Increase in taxes
d) Reduction in government services

The amendment which authorizes personal and business income tax is the -
a) 14th amendment
b) 16th amendment
c) 17th amendment
d) 18th amendment

During the presidential campaign, candidate Andrew Dolan uses Lower Taxes Now as a campaign theme. When Dolan becomes president, Congress passes a two percent personal income tax reduction. The most likely result of this tax reduction is that -
a) people will work longer hours
b) businesses will lay-off workers
c) businesses will limit production
d) people will spend more money

Which government agency would most likely advocate for people who purchase goods?
a) Environmental Protection Agency
b) Federal Communications Commission
c) Federal Trade Commission
d) Federal Reserve System

Which government agency regulates radio and television in the United States?
a) Food and Drug Administration (FDA)
b) Environmental Protection Agency (EPA)
c) Federal Communications Commission (FCC)
d) Federal Trade Commission (FTC)

The United States government encourages marketplace competition by -
a) supporting new businesses
b) developing monopolies
c) taxing imports
d) limiting economic growth

The Environmental Protection Agency fines a car manufacturer when it discovers that the company is not meeting emission standards for new cars, which can result in dangerous levels of air pollution. This is an example of a government agency -
a) enforcing anti-trust legislation
b) regulating certain business practices
c) supporting business start-ups
d) taking complete control of business operations

The United States supports business start-ups to
a) control the marketplace
b) promote monopolies
c) promote competition
d) control which businesses are successful

Calling a special session of Congress is an example of a check by the Executive branch over the
a) Legislative Branch
b) Judicial Branch
c) President
d) Supreme Court

One way the legislative branch checks the executive branch is to -
a) call Congress into special session.
b) declare laws unconstitutional.
c) impeach the President.
d) write laws.

Which is an example of checks and balances as listed in the Constitution of the United States?
a) The Cabinet of the United States assists the executive branch in carrying out laws.
b) The Congress of the United States passes a law to regulate airline flights.
c) The Supreme Court of the United States hears a case involving a violation of the First Amendment.
d) The President of the United States vetoes a bill passed by the United States Congress.

One way the President influences the policy making process is by -
a) introducing bills on the Senate floor.
b) giving the State of the Union Address.
c) removing federal judges.
d) declaring bills unconstitutional.

In the United States, who has the responsibility for declaring war?
a) President
b) Congress
c) State legislatures
d) Supreme Court

Enforcing laws, appointing cabinet members, and preparing budgets are the responsibilities of which branch of government?
a) Executive
b) State
c) Legislative
d) Judicial

When the Federal Reserve System wants to slow the economy, it does all these actions EXCEPT -
a) sell government securities
b) raise income taxes
c) increase reserve rates
d) raise the discount rate

The central bank for the United States is the -
a) Department of the Treasury
b) Federal Reserve System
c) Federal Deposit Insurance Corporation
d) Bank of America

To protect consumers, federal agencies -
a) write contracts for consumers
b) establish guidelines for public health and safety
c) ask the Supreme Court to research businesses
d) approve all consumer contracts before they take effect

In order to slow down the economy, the Federal Reserve would do which of the following?
a) Increase the money supply
b) Reduce interest rates
c) Restrict the money supply
d) Raise taxes

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