Topic
Q:
Which economic activity is part of a country's fiscal policy?
A. Spending tax money
B. Printing more money
C. Making loans to businesses
D. Developing new technology
Q:
The national debt increases when:
A. the government increases imports from other countries.
B. the government forces banks to lower interest rates.
C. the government raises taxes while cutting spending.
D. the government borrows money to fund programs
Q:
What is mandatory spending in the federal budget?
A. Government spending that is required by law
B. Government spending that does not create a deficit
C. Government spending that can be changed by Congress
D. Government spending that comes from income taxes
Q:
What is the role of the Federal Reserve in the U.S. economy?
A. Managing monetary policy
B. Balancing the federal budget
C. Offering loans to poor citizens
D. Setting income tax rates
Q:
Which part of the Federal Reserve is made up of seven members who are
selected by the president and have control over discount rates?
A. The Federal Reserve Board of Governors
B. The Federal Office of Management and Budget
C. The Federal Reserve Banks
D. The Federal Open Market Committed
Q:
What is the main feature of an indirect tax?
A. Wealthy citizens can choose whether or not they want to pay it.
B. Businesses collect it from consumers and pass it on to the
government.
C. Its revenues are paid to private businesses rather than the
government.
Q:
Two people are trying to work out a trade. One person has apples and the
other has pineapples. They check a supermarket and see that apples sell for
\( \$ 1 \) each and pineapples sell for \$2 each. They agree to trade two apples for
every pineapple.
This situation best illustrates which function of money?
A. Medium of exchange
B. Store of value
C. Standard of deferred payment
D. Measure of value
Q:
A country's economy has been struggling. Many companies have gone out of
business, and many of their former workers are unemployed. Banks have
been unwilling to offer loans to people and businesses that want them. Even
worse, the country's largest companies are preparing to shut down some
major projects. Economists project that the economy will continue to struggle
for a long time.
Which phase of the business cycle best describes the country in this
scenario?
A. Peak
D. Cxpangh
D. Contraction
Q:
A person studying macroeconomics would be most interested in:
A. identifying the factors that help people become wealthy.
B. explaining why a country has had an economic crisis.
C. analyzing the spending habits of two different families.
D. understanding the effects of demand on the price of luxury goods.
Q:
In a single year, a government collects \( \$ 30 \) billion in taxes. In that same year,
the government spends \( \$ 50 \) billion on government services. This would
create which economic situation?
A. A \( \$ 50 \) billion surplus
B. A \( \$ 50 \) billion deficit
C. A \( \$ 20 \) billion deficit
D. A \( \$ 20 \) billion surnlus
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