Question 1

Consumption-based taxes,such as sales taxes,are generally considered to be ____________________ since lower income citizens are most heavily burdened by these taxes.

Accepted Answer

A)  regressive 
B)  inductive 
C)  plenary 
D)  plenipotentiary 
E)  progressive 
A)  regressive 
B)  inductive 
C)  plenary 
D)  plenipotentiary 
E)  progressive

Question 2

Which refers to the total amount of goods and services produced in a year within the borders of a country?

Accepted Answer

A)  total national output 
B)  net national product 
C)  gross domestic product 
D)  gross national product 
E)  total domestic product 
A)  total national output 
B)  net national product 
C)  gross domestic product 
D)  gross national product 
E)  total domestic product

Question 3

The city of Boston puts on a large fireworks display on the Charles River each Independence Day.The city does not charge admission to the event,and the promenade along the river is large enough to accommodate all of the spectators who arrive for the show.Boston's fireworks display is a ____________________.

Accepted Answer

A)  social good 
B)  club good 
C)  common good 
D)  public good 
E)  private good 
A)  social good 
B)  club good 
C)  common good 
D)  public good 
E)  private good

Question 4

Inheritance taxes are generally ____________________ because only wealthy people tend to have much to pass on to heirs.

Accepted Answer

A)  plenary 
B)  plenipotentiary 
C)  progressive 
D)  inductive 
E)  regressive 
A)  plenary 
B)  plenipotentiary 
C)  progressive 
D)  inductive 
E)  regressive

Question 5

Which is a government policy that provides benefits to a particular group or class of citizens and is paid for by another group or class of citizens?

Accepted Answer

A)  distributive policy 
B)  redistributive policy 
C)  regulatory policy 
D)  fiscal policy 
E)  monetary policy 
A)  distributive policy 
B)  redistributive policy 
C)  regulatory policy 
D)  fiscal policy 
E)  monetary policy

Question 6

The Holly Hills Country Club maintains a large swimming pool.Only dues-paying members may enter the pool,and the pool is large enough to accommodate all of the club's members at once if necessary.The Holly Hills Country Club pool is a ____________________.

Accepted Answer

A)  social good 
B)  club good 
C)  common good 
D)  public good 
E)  private good 
A)  social good 
B)  club good 
C)  common good 
D)  public good 
E)  private good

Question 7

Sugar farmers receive generous subsidies from the government and benefit from high tariffs on foreign imports.These are examples of ____________________.

Accepted Answer

A)  distributive policies 
B)  redistributive policies 
C)  regulatory policies 
D)  fiscal policies 
E)  monetary policies 
A)  distributive policies 
B)  redistributive policies 
C)  regulatory policies 
D)  fiscal policies 
E)  monetary policies

Question 8

Which of the following is an effect on others,whether good or bad,arising from a person's behavior?

Accepted Answer

A)  externality 
B)  equality 
C)  contaminant 
D)  contagion 
E)  overflow 
A)  externality 
B)  equality 
C)  contaminant 
D)  contagion 
E)  overflow

Question 9

The city of Brentwood maintains a small pavilion in its Central Park with a barbeque grill.Anyone may reserve the pavilion for an event,but the pavilion can only accommodate one event at a time.Brentwood's pavilion is a:

Accepted Answer

A)  social good 
B)  club good 
C)  common good 
D)  public good 
E)  private good 
A)  social good 
B)  club good 
C)  common good 
D)  public good 
E)  private good

Question 10

Which is a product or benefit that can only be enjoyed by those who pay for it,and consumption by one person does not prevent its consumption by others?

Accepted Answer

A)  social good 
B)  club good 
C)  common good 
D)  public good 
E)  private good 
A)  social good 
B)  club good 
C)  common good 
D)  public good 
E)  private good

Question 11

When you and your friends enjoy loud music at a party late at night,your neighbors also experience that noise and may not appreciate it.Your enjoyment of a benefit-music played loudly-affects others who consider it a cost.This spillover is an example of a/an ____________________.

Accepted Answer

A)  common good 
B)  externality 
C)  club good 
D)  contaminent 
E)  public good 
A)  common good 
B)  externality 
C)  club good 
D)  contaminent 
E)  public good

Question 12

The United States spends far more on ____________________ than any other country.

Accepted Answer

A)  social welfare policies 
B)  nationalized health care 
C)  public education 
D)  defense 
E)  food stamps 
A)  social welfare policies 
B)  nationalized health care 
C)  public education 
D)  defense 
E)  food stamps

Question 13

Workers at the Amalgamated Widget Corporation's factory use a machine to turn sheets of aluminum into widgets.Which element of production at the factory is capital?

Accepted Answer

A)  workers 
B)  corporation 
C)  press 
D)  the factory building 
E)  widgets 
A)  workers 
B)  corporation 
C)  press 
D)  the factory building 
E)  widgets

Question 14

When we drive a car (a private good),we pollute the air.Our benefit-driving the car-causes someone else to experience a cost-breathing polluted air and the possibility of related illness or discomfort.Polluted air is an example of a/an ____________________.

Accepted Answer

A)  public good 
B)  contaminent 
C)  club good 
D)  externality 
E)  common good 
A)  public good 
B)  contaminent 
C)  club good 
D)  externality 
E)  common good

Question 15

Joe buys and eats a candy bar.Joe's candy bar is a ____________________.

Accepted Answer

A)  social good 
B)  club good 
C)  common good 
D)  public good 
E)  private good 
A)  social good 
B)  club good 
C)  common good 
D)  public good 
E)  private good

Question 16

According to the University of Illinois's agricultural outreach service,the average wholesale price of corn rose from $1.03 in 1960 to $2.36 in 2006.The decline in the corn purchasing power of a dollar is an example of ____________________.

Accepted Answer

A)  inflation 
B)  stagnation 
C)  stagflation 
D)  conflation 
E)  deflation 
A)  inflation 
B)  stagnation 
C)  stagflation 
D)  conflation 
E)  deflation

Question 17

Describe the federal budgetary process.When and by whom is the annual budget first proposed? How and by whom is this initial proposal changed? How and by whom is a final budget crafted and enacted?

Accepted Answer

The answer of Describe the federal budgetary process.When and by...

Question 18

Which is an economic philosophy that promotes private ownership of capital and advocates minimal government regulation of economic activity?

Accepted Answer

A)  marketism 
B)  corporatism 
C)  socialism 
D)  capitalism 
E)  Marxism 
A)  marketism 
B)  corporatism 
C)  socialism 
D)  capitalism 
E)  Marxism

Question 19

Which is a network of banks chartered by the federal government that loans money to and regulates the activity of commercial banks?

Accepted Answer

A)  Department of the Treasury 
B)  Bank of the United States 
C)  U.S. Mint 
D)  Federal Reserve System 
E)  International Monetary Fund 
A)  Department of the Treasury 
B)  Bank of the United States 
C)  U.S. Mint 
D)  Federal Reserve System 
E)  International Monetary Fund

Question 20

Which of the following is a government policy intended to provide benefits to a large portion of the population?

Accepted Answer

A)  distributive policy 
B)  redistributive policy 
C)  regulatory policy 
D)  fiscal policy 
E)  monetary policy 
A)  distributive policy 
B)  redistributive policy 
C)  regulatory policy 
D)  fiscal policy 
E)  monetary policy

Consumption-based taxes,such as sales taxes,are generally considered to be ____________________ since lower income citizens are most heavily burdened by these taxes.

Which refers to the total amount of goods and services produced in a year within the borders of a country?

Inheritance taxes are generally ____________________ because only wealthy people tend to have much to pass on to heirs.

Which is a government policy that provides benefits to a particular group or class of citizens and is paid for by another group or class of citizens?

The Holly Hills Country Club maintains a large swimming pool.Only dues-paying members may enter the pool,and the pool is large enough to accommodate all of the club's members at once if necessary.The Holly Hills Country Club pool is a ____________________.

Sugar farmers receive generous subsidies from the government and benefit from high tariffs on foreign imports.These are examples of ____________________.

Which of the following is an effect on others,whether good or bad,arising from a person's behavior?

The city of Brentwood maintains a small pavilion in its Central Park with a barbeque grill.Anyone may reserve the pavilion for an event,but the pavilion can only accommodate one event at a time.Brentwood's pavilion is a:

Which is a product or benefit that can only be enjoyed by those who pay for it,and consumption by one person does not prevent its consumption by others?

When you and your friends enjoy loud music at a party late at night,your neighbors also experience that noise and may not appreciate it.Your enjoyment of a benefit-music played loudly-affects others who consider it a cost.This spillover is an example of a/an ____________________.

The United States spends far more on ____________________ than any other country.

Workers at the Amalgamated Widget Corporation's factory use a machine to turn sheets of aluminum into widgets.Which element of production at the factory is capital?

When we drive a car (a private good),we pollute the air.Our benefit-driving the car-causes someone else to experience a cost-breathing polluted air and the possibility of related illness or discomfort.Polluted air is an example of a/an ____________________.

Joe buys and eats a candy bar.Joe's candy bar is a ____________________.

According to the University of Illinois's agricultural outreach service,the average wholesale price of corn rose from $1.03 in 1960 to $2.36 in 2006.The decline in the corn purchasing power of a dollar is an example of ____________________.

Describe the federal budgetary process.When and by whom is the annual budget first proposed? How and by whom is this initial proposal changed? How and by whom is a final budget crafted and enacted?

Which is an economic philosophy that promotes private ownership of capital and advocates minimal government regulation of economic activity?

Which is a network of banks chartered by the federal government that loans money to and regulates the activity of commercial banks?

Which of the following is a government policy intended to provide benefits to a large portion of the population?

Introduction

the Constitution

Federalism

Civil Rights and Liberties

Congress

the Presidency

the Bureaucracy

the Judiciary

Public Opinion

Political Participation

Interest Groups and Social Movements

Political Parties

Elections and Campaigns

Mass Media and the Press

Social Policy

Foreign Policy

Filters

Exam 15: Economic Policy

Consumption-based taxes,such as sales taxes,are generally considered to be ____________________ since lower income citizens are most heavily burdened by these taxes.

Which refers to the total amount of goods and services produced in a year within the borders of a country?

Inheritance taxes are generally ____________________ because only wealthy people tend to have much to pass on to heirs.

Which is a government policy that provides benefits to a particular group or class of citizens and is paid for by another group or class of citizens?

The Holly Hills Country Club maintains a large swimming pool.Only dues-paying members may enter the pool,and the pool is large enough to accommodate all of the club's members at once if necessary.The Holly Hills Country Club pool is a ____________________.

Sugar farmers receive generous subsidies from the government and benefit from high tariffs on foreign imports.These are examples of ____________________.

Which of the following is an effect on others,whether good or bad,arising from a person's behavior?

The city of Brentwood maintains a small pavilion in its Central Park with a barbeque grill.Anyone may reserve the pavilion for an event,but the pavilion can only accommodate one event at a time.Brentwood's pavilion is a:

Which is a product or benefit that can only be enjoyed by those who pay for it,and consumption by one person does not prevent its consumption by others?

When you and your friends enjoy loud music at a party late at night,your neighbors also experience that noise and may not appreciate it.Your enjoyment of a benefit-music played loudly-affects others who consider it a cost.This spillover is an example of a/an ____________________.

The United States spends far more on ____________________ than any other country.

Workers at the Amalgamated Widget Corporation's factory use a machine to turn sheets of aluminum into widgets.Which element of production at the factory is capital?

When we drive a car (a private good),we pollute the air.Our benefit-driving the car-causes someone else to experience a cost-breathing polluted air and the possibility of related illness or discomfort.Polluted air is an example of a/an ____________________.

Joe buys and eats a candy bar.Joe's candy bar is a ____________________.

According to the University of Illinois's agricultural outreach service,the average wholesale price of corn rose from $1.03 in 1960 to $2.36 in 2006.The decline in the corn purchasing power of a dollar is an example of ____________________.

Describe the federal budgetary process.When and by whom is the annual budget first proposed? How and by whom is this initial proposal changed? How and by whom is a final budget crafted and enacted?

Which is an economic philosophy that promotes private ownership of capital and advocates minimal government regulation of economic activity?

Which is a network of banks chartered by the federal government that loans money to and regulates the activity of commercial banks?

Which of the following is a government policy intended to provide benefits to a large portion of the population?

Introduction

the Constitution

Federalism

Civil Rights and Liberties

Congress

the Presidency

the Bureaucracy

the Judiciary

Public Opinion

Political Participation

Interest Groups and Social Movements

Political Parties

Elections and Campaigns

Mass Media and the Press

Social Policy

Foreign Policy

Filters