Question 1

The National Labor Relations Act was designed to

Accepted Answer

A)  oversee union elections and collective bargaining between labor and industry. 
B)  prohibit workers from forming unions. 
C)  establish a national minimum hourly wage. 
D)  limit the amount of money labor unions and corporations could donate to political parties. 
E)  regulate contractual negotiations between private businesses competing in the same industry. 
A)  oversee union elections and collective bargaining between labor and industry. 
B)  prohibit workers from forming unions. 
C)  establish a national minimum hourly wage. 
D)  limit the amount of money labor unions and corporations could donate to political parties. 
E)  regulate contractual negotiations between private businesses competing in the same industry. A

Question 2

Which of the following is NOT a method used by government officials to promote business development?

Accepted Answer

A)  subsidies 
B)  tax breaks 
C)  loans 
D)  regulations 
E)  grants 
A)  subsidies 
B)  tax breaks 
C)  loans 
D)  regulations 
E)  grants D

Question 3

Which of the following statements about the Federal Reserve Board is FALSE?

Accepted Answer

A)  The Federal Reserve Board is part of the Department of the Treasury. 
B)  The Federal Reserve Board is the main organization for setting monetary policy. 
C)  The members of the Federal Reserve Board are selected by the president and confirmed by the Senate. 
D)  The president cannot remove the members of the Federal Reserve Board for political reasons. 
E)  The Federal Reserve Board sets the federal funds rate. 
A)  The Federal Reserve Board is part of the Department of the Treasury. 
B)  The Federal Reserve Board is the main organization for setting monetary policy. 
C)  The members of the Federal Reserve Board are selected by the president and confirmed by the Senate. 
D)  The president cannot remove the members of the Federal Reserve Board for political reasons. 
E)  The Federal Reserve Board sets the federal funds rate. A

Question 4

The Budget Control Act of 2011 purported to

Accepted Answer

A)  reduce the deficit by $1 trillion over 10 years. 
B)  balance the budget in the short term. 
C)  start paying off the total national debt. 
D)  dramatically reduce defense spending. 
E)  dramatically reduce social spending. 
A)  reduce the deficit by $1 trillion over 10 years. 
B)  balance the budget in the short term. 
C)  start paying off the total national debt. 
D)  dramatically reduce defense spending. 
E)  dramatically reduce social spending.

Question 5

Which of the following statements is true?

Accepted Answer

A)  The people do not support cutting specific government programs. 
B)  The people believe that government is too wasteful. 
C)  Republicans supported adding a prescription drug benefit to Medicare in 2003. 
D)  Neither Republicans nor Democrats wish to cut expensive, popular entitlement programs. 
E)  all of the above 
A)  The people do not support cutting specific government programs. 
B)  The people believe that government is too wasteful. 
C)  Republicans supported adding a prescription drug benefit to Medicare in 2003. 
D)  Neither Republicans nor Democrats wish to cut expensive, popular entitlement programs. 
E)  all of the above

Question 6

Economic policy is often very political. Assess some of the political dynamics at work in the drafting and implementation of economic policies. What have been some of the key American values promoted through economic policy? Explain.

Accepted Answer

Economic policy is indeed highly politic

Question 7

Public policy can be embodied in all of the following forms EXCEPT a(n) ________.

Accepted Answer

A)  law 
B)  administrative rule 
C)  order 
D)  regulation 
E)  petition 
A)  law 
B)  administrative rule 
C)  order 
D)  regulation 
E)  petition

Question 8

________ once said "Now I am a Keynesian."

Accepted Answer

A)  Herbert Hoover 
B)  Dwight Eisenhower 
C)  Richard Nixon 
D)  Ronald Reagan 
E)  George W. Bush 
A)  Herbert Hoover 
B)  Dwight Eisenhower 
C)  Richard Nixon 
D)  Ronald Reagan 
E)  George W. Bush

Question 9

What is the most important way that government officials affect personal and corporate investments?

Accepted Answer

A)  granting tax breaks for stock gains and losses 
B)  promoting investor confidence through policies enforcing stability and regard for the law 
C)  allowing Social Security pensions to be invested in the stock market 
D)  requiring that all stock and bond transfers remain confidential 
E)  bailing out corporations like GM that are considered "too big to fail" 
A)  granting tax breaks for stock gains and losses 
B)  promoting investor confidence through policies enforcing stability and regard for the law 
C)  allowing Social Security pensions to be invested in the stock market 
D)  requiring that all stock and bond transfers remain confidential 
E)  bailing out corporations like GM that are considered "too big to fail"

Question 10

Congress was granted the power to tax personal income in ________.

Accepted Answer

A)  1789 
B)  1846 
C)  1913 
D)  1943 
E)  1975 
A)  1789 
B)  1846 
C)  1913 
D)  1943 
E)  1975

Question 11

During the 1960s, Ralph Nader was influential as a(n) ________.

Accepted Answer

A)  environmental activist 
B)  consumer advocate 
C)  presidential candidate 
D)  corporate spokesman 
E)  member of Congress 
A)  environmental activist 
B)  consumer advocate 
C)  presidential candidate 
D)  corporate spokesman 
E)  member of Congress

Question 12

The idea that the government can stimulate a slow economy by increasing public spending or cutting taxes is called ________.

Accepted Answer

A)  laissez-faire economics 
B)  Keynesianism 
C)  social democracy 
D)  rational choice theory 
E)  monetarism 
A)  laissez-faire economics 
B)  Keynesianism 
C)  social democracy 
D)  rational choice theory 
E)  monetarism

Question 13

It would be nearly impossible for the marketplace to run efficiently without some government involvement. Describe some of the different roles that the government plays in the economy. Why is some level of governmental involvement always needed in the economy?

Accepted Answer

Government involvement in the economy is

Question 14

Which of the following is the best description of the changing expectations of government's role in the economy since the 1930s?

Accepted Answer

A)  People hold government officials responsible for a healthy economy. 
B)  People demand that government officials provide health insurance. 
C)  People expect that government officials will engage in deficit spending. 
D)  People expect government officials to print more money in times of inflation. 
E)  People expect government officials to stay completely out of the economy. 
A)  People hold government officials responsible for a healthy economy. 
B)  People demand that government officials provide health insurance. 
C)  People expect that government officials will engage in deficit spending. 
D)  People expect government officials to print more money in times of inflation. 
E)  People expect government officials to stay completely out of the economy.

Question 15

Before the 1930s, relations between labor and management in the United States were ________.

Accepted Answer

A)  defined by peaceful negotiations 
B)  heavily regulated by the national government 
C)  among the most violent in the world 
D)  dependent on labor unions for stability 
E)  stable 
A)  defined by peaceful negotiations 
B)  heavily regulated by the national government 
C)  among the most violent in the world 
D)  dependent on labor unions for stability 
E)  stable

Question 16

Which of the following is NOT a power of the Federal Reserve Board?

Accepted Answer

A)  the power to increase or decrease the interest rate it charges on the loans it extends to member banks 
B)  the power to control the reserve requirement 
C)  the power to buy and sell government securities in order to increase or decrease the supply of money in the economy 
D)  the power to manipulate the interest rate charge by one bank to another on loans in the federal funds market 
E)  the power to enforce the federal government's antitrust policies 
A)  the power to increase or decrease the interest rate it charges on the loans it extends to member banks 
B)  the power to control the reserve requirement 
C)  the power to buy and sell government securities in order to increase or decrease the supply of money in the economy 
D)  the power to manipulate the interest rate charge by one bank to another on loans in the federal funds market 
E)  the power to enforce the federal government's antitrust policies

Question 17

Which of the following are the three basic prerequisites for economic growth?

Accepted Answer

A)  public investment, economic regulation, and a productive workforce 
B)  domestic investment, foreign investment, and government regulation 
C)  foreign investment, productive workforce, and economic regulation 
D)  public investment, government investment, and financial stability 
E)  public investment, innovation, and a productive workforce 
A)  public investment, economic regulation, and a productive workforce 
B)  domestic investment, foreign investment, and government regulation 
C)  foreign investment, productive workforce, and economic regulation 
D)  public investment, government investment, and financial stability 
E)  public investment, innovation, and a productive workforce

Question 18

The most consistently powerful nongovernment actors in determining economic policy are ________.

Accepted Answer

A)  labor unions 
B)  environmental groups 
C)  business organizations 
D)  foreign nations 
E)  private citizens 
A)  labor unions 
B)  environmental groups 
C)  business organizations 
D)  foreign nations 
E)  private citizens

Question 19

________ was most responsible for the creation of the Bank of the United States.

Accepted Answer

A)  Thomas Jefferson 
B)  James Madison 
C)  John Adams 
D)  Alexander Hamilton 
E)  Benjamin Franklin 
A)  Thomas Jefferson 
B)  James Madison 
C)  John Adams 
D)  Alexander Hamilton 
E)  Benjamin Franklin

Question 20

Which statement is the key argument of John Maynard Keynes?

Accepted Answer

A)  Government can pull an economy out of a recession by stimulating demand and creating a cycle of increased production and jobs. 
B)  Government regulations during economic depressions must be lifted because they destroy the already slim profit margin. 
C)  The economy of size shows that monopolies are the most efficient way to distribute goods throughout a national marketplace. 
D)  A well-functioning economy need never experience an economic downturn. 
E)  Government can rectify a falling economy by regulating the money supply. 
A)  Government can pull an economy out of a recession by stimulating demand and creating a cycle of increased production and jobs. 
B)  Government regulations during economic depressions must be lifted because they destroy the already slim profit margin. 
C)  The economy of size shows that monopolies are the most efficient way to distribute goods throughout a national marketplace. 
D)  A well-functioning economy need never experience an economic downturn. 
E)  Government can rectify a falling economy by regulating the money supply.

The National Labor Relations Act was designed to

Which of the following is NOT a method used by government officials to promote business development?

Which of the following statements about the Federal Reserve Board is FALSE?

The Budget Control Act of 2011 purported to

Which of the following statements is true?

Economic policy is often very political. Assess some of the political dynamics at work in the drafting and implementation of economic policies. What have been some of the key American values promoted through economic policy? Explain.

Public policy can be embodied in all of the following forms EXCEPT a(n) ________.

________ once said "Now I am a Keynesian."

What is the most important way that government officials affect personal and corporate investments?

Congress was granted the power to tax personal income in ________.

During the 1960s, Ralph Nader was influential as a(n) ________.

The idea that the government can stimulate a slow economy by increasing public spending or cutting taxes is called ________.

It would be nearly impossible for the marketplace to run efficiently without some government involvement. Describe some of the different roles that the government plays in the economy. Why is some level of governmental involvement always needed in the economy?

Which of the following is the best description of the changing expectations of government's role in the economy since the 1930s?

Before the 1930s, relations between labor and management in the United States were ________.

Which of the following is NOT a power of the Federal Reserve Board?

Which of the following are the three basic prerequisites for economic growth?

The most consistently powerful nongovernment actors in determining economic policy are ________.

________ was most responsible for the creation of the Bank of the United States.

Which statement is the key argument of John Maynard Keynes?

American Political Culture

The Founding and the Constitution

Federalism

Civil Liberties

Civil Rights

Public Opinion

The Media

Political Participation and Voting

Political Parties

Campaigns and Elections

Groups and Interests

Congress

The Presidency

Bureaucracy in a Democracy

The Federal Courts

Social Policy

Foreign Policy and Democracy

Filters

Exam 16: Government and the Economy

The National Labor Relations Act was designed to

Which of the following is NOT a method used by government officials to promote business development?

Which of the following statements about the Federal Reserve Board is FALSE?

The Budget Control Act of 2011 purported to

Which of the following statements is true?

Economic policy is often very political. Assess some of the political dynamics at work in the drafting and implementation of economic policies. What have been some of the key American values promoted through economic policy? Explain.

Public policy can be embodied in all of the following forms EXCEPT a(n) ________.

________ once said "Now I am a Keynesian."

What is the most important way that government officials affect personal and corporate investments?

Congress was granted the power to tax personal income in ________.

During the 1960s, Ralph Nader was influential as a(n) ________.

The idea that the government can stimulate a slow economy by increasing public spending or cutting taxes is called ________.

It would be nearly impossible for the marketplace to run efficiently without some government involvement. Describe some of the different roles that the government plays in the economy. Why is some level of governmental involvement always needed in the economy?

Which of the following is the best description of the changing expectations of government's role in the economy since the 1930s?

Before the 1930s, relations between labor and management in the United States were ________.

Which of the following is NOT a power of the Federal Reserve Board?

Which of the following are the three basic prerequisites for economic growth?

The most consistently powerful nongovernment actors in determining economic policy are ________.

________ was most responsible for the creation of the Bank of the United States.

Which statement is the key argument of John Maynard Keynes?

American Political Culture

The Founding and the Constitution

Federalism

Civil Liberties

Civil Rights

Public Opinion

The Media

Political Participation and Voting

Political Parties

Campaigns and Elections

Groups and Interests

Congress

The Presidency

Bureaucracy in a Democracy

The Federal Courts

Social Policy

Foreign Policy and Democracy

Filters