Question 1

Usually, inflation increases when unemployment drops.

Accepted Answer

A) True 
 B)False

Question 2

An example of a practice that this act outlawed is charging different prices to different buyers in order to destroy a weaker competitor.

Accepted Answer

A) Sherman Act 
B) Clayton Act 
C) Wagner Act 
D) Walsh-Healey Act 
E) Fair business Act 
A) Sherman Act 
B) Clayton Act 
C) Wagner Act 
D) Walsh-Healey Act 
E) Fair business Act

Question 3

The Walsh-Healey Act of 1936, the Fair Labor Standards Act of 1938, and the Occupational Safety and Health Act of 1936 are all examples of

Accepted Answer

A) federal regulations to protect workers. 
B) antitrust legislation. 
C) labor injunctions. 
D) trade agreements. 
E) deregulation. 
A) federal regulations to protect workers. 
B) antitrust legislation. 
C) labor injunctions. 
D) trade agreements. 
E) deregulation.

Question 4

The fiscal year for the federal government begins on April 15.

Accepted Answer

A) True 
 B)False

Question 5

Government policy that attempts to manage the economy by controlling taxing and spending is known as

Accepted Answer

A) public policy. 
B) monetary policy. 
C) budgetary policy. 
D) regulatory policy. 
E) fiscal policy. 
A) public policy. 
B) monetary policy. 
C) budgetary policy. 
D) regulatory policy. 
E) fiscal policy.

Question 6

The value of all goods and services produced by an economy during a specific period of time such as a year is called the

Accepted Answer

A) budget production. 
B) growth rate. 
C) economic output. 
D) gross domestic product. 
E) consumer price index. 
A) budget production. 
B) growth rate. 
C) economic output. 
D) gross domestic product. 
E) consumer price index.

Question 7

Over the past century business regulation has

Accepted Answer

A) been handled by the Federal Reserve System. 
B) increased in three major waves. 
C) not occurred. 
D) been primarily the responsibility of the president and his closest advisors. 
E) been ruled by the Supreme Court to be unconstitutional under most circumstances. 
A) been handled by the Federal Reserve System. 
B) increased in three major waves. 
C) not occurred. 
D) been primarily the responsibility of the president and his closest advisors. 
E) been ruled by the Supreme Court to be unconstitutional under most circumstances.

Question 8

Which of the following is true regarding the North American Free Trade Agreement?

Accepted Answer

A) Its signatories are the United States, Argentina, and Brazil. 
B) It was passed by Congress over the veto of President Clinton. 
C) It has had virtually no impact on the economies of the participating countries. 
D) It created the largest geographical free trade zone in the world. 
E) It was negotiated and signed by Ronald Reagan. 
A) Its signatories are the United States, Argentina, and Brazil. 
B) It was passed by Congress over the veto of President Clinton. 
C) It has had virtually no impact on the economies of the participating countries. 
D) It created the largest geographical free trade zone in the world. 
E) It was negotiated and signed by Ronald Reagan.

Question 9

The right to organize unions and bargain collectively was guaranteed by the Wagner Act.

Accepted Answer

A) True 
 B)False

Question 10

Fiscal policy depends on government spending and taxation to slow or speed up the economy.

Accepted Answer

A) True 
 B)False

Question 11

According to the Constitution, the authority to regulate commerce between states and with foreign nations is held by

Accepted Answer

A) the president. 
B) the secretary of state. 
C) the International Court of Trade Agreements. 
D) the Office of the U.S.Trade Representative. 
E) Congress. 
A) the president. 
B) the secretary of state. 
C) the International Court of Trade Agreements. 
D) the Office of the U.S.Trade Representative. 
E) Congress.

Question 12

A general tax on sales transactions, sometimes exempting such items as food and drugs, is called a(n) __________ tax.

Accepted Answer

A) sin 
B) expenditure 
C) sales 
D) income 
E) value-added 
A) sin 
B) expenditure 
C) sales 
D) income 
E) value-added

Question 13

The task of setting America's monetary policy falls to the

Accepted Answer

A) Federal Reserve Board. 
B) Office of Management and Budget. 
C) Congressional Budget Office. 
D) President's Council of Economic Advisors. 
E) Government Accountability Office. 
A) Federal Reserve Board. 
B) Office of Management and Budget. 
C) Congressional Budget Office. 
D) President's Council of Economic Advisors. 
E) Government Accountability Office.

Exam 18: Making Economic Policy

Usually, inflation increases when unemployment drops.

An example of a practice that this act outlawed is charging different prices to different buyers in order to destroy a weaker competitor.

The Walsh-Healey Act of 1936, the Fair Labor Standards Act of 1938, and the Occupational Safety and Health Act of 1936 are all examples of

The fiscal year for the federal government begins on April 15.

Government policy that attempts to manage the economy by controlling taxing and spending is known as

The value of all goods and services produced by an economy during a specific period of time such as a year is called the

Over the past century business regulation has

Which of the following is true regarding the North American Free Trade Agreement?

The right to organize unions and bargain collectively was guaranteed by the Wagner Act.

Fiscal policy depends on government spending and taxation to slow or speed up the economy.

According to the Constitution, the authority to regulate commerce between states and with foreign nations is held by

A general tax on sales transactions, sometimes exempting such items as food and drugs, is called a(n) __________ tax.

The task of setting America's monetary policy falls to the

Constitutional Democracy

Constitutional Foundations

American Federalism

Political Culture and Ideology

The US political Landscape

Political Parties

Public Opinion, Participation, and Voting

Campaigns and Elections

The Media and US politics

Congress

The Presidency

The Federal Bureaucracy

The Judiciary

Civil Liberties

Civil Rights

Public Policy

Making Social Policy

Making Foreign Defense Policy

State and Local Politics

State Constitutions

Parties and Elections in the States

State Legislatures

State Governors

Judges and Justice in the States

Local Governments and Metropolitics

Making State and Local Policy

Staffing and Financing State and Local Governments

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