Question 1

The Federal Reserve Board is composed of ________ members who are appointed to ________-year terms.

Accepted Answer

A) 7; 4 
B) 7; 14 
C) 9; 4 
D) 9; 14 
A) 7; 4 
B) 7; 14 
C) 9; 4 
D) 9; 14

Question 2

When an American corporation merges with a foreign firm in order to lower its taxation by paying foreign tax rates instead of American tax rates, it is called

Accepted Answer

A) corporate immersion. 
B) corporate inversion. 
C) venue shopping. 
D) tax migration. 
A) corporate immersion. 
B) corporate inversion. 
C) venue shopping. 
D) tax migration.

Question 3

In the 50 years that followed the Great Depression

Accepted Answer

A) Democrats generally expressed more concern about unemployment, while Republicans focused more on reducing budget deficits. 
B) Republicans generally expressed more concern about unemployment, while Democrats focused more on reducing budget deficits. 
C) both parties ignored unemployment and focused entirely on reducing budget deficits. 
D) both parties ignored unemployment and budget deficits. 
A) Democrats generally expressed more concern about unemployment, while Republicans focused more on reducing budget deficits. 
B) Republicans generally expressed more concern about unemployment, while Democrats focused more on reducing budget deficits. 
C) both parties ignored unemployment and focused entirely on reducing budget deficits. 
D) both parties ignored unemployment and budget deficits.

Question 4

Green technologies may prove to be a boon for the American economy because

Accepted Answer

A) the United States has already signed trade agreements with numerous countries to export green technologies. 
B) the United Nations has passed a resolution asserting that only the United States will be allowed to produce green technologies for the next 10 years. 
C) the profit margins on green technologies are much higher than those of more traditional products. 
D) America's highly skilled labor force provides it with a competitive advantage over many other countries. 
A) the United States has already signed trade agreements with numerous countries to export green technologies. 
B) the United Nations has passed a resolution asserting that only the United States will be allowed to produce green technologies for the next 10 years. 
C) the profit margins on green technologies are much higher than those of more traditional products. 
D) America's highly skilled labor force provides it with a competitive advantage over many other countries.

Question 5

Congress was granted the power to tax personal income in

Accepted Answer

A) 1789. 
B) 1846. 
C) 1913. 
D) 1943. 
A) 1789. 
B) 1846. 
C) 1913. 
D) 1943.

Question 6

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

Accepted Answer

A) environmental activist. 
B) consumer advocate. 
C) presidential candidate. 
D) member of Congress. 
A) environmental activist. 
B) consumer advocate. 
C) presidential candidate. 
D) member of Congress.

Question 7

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) bailing out corporations like General Motors 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) bailing out corporations like General Motors that are considered "too big to fail"

Question 8

The federal government

Accepted Answer

A) determines which classes will be taught in colleges and universities but provides no financial assistance for higher education. 
B) provides all of the funding for higher education, but state and local governments are placed in charge of operating colleges and universities. 
C) supports higher education through educational grants, tax breaks, and loans. 
D) is in charge of running the day-to-day operations of every public college and university around the country. 
A) determines which classes will be taught in colleges and universities but provides no financial assistance for higher education. 
B) provides all of the funding for higher education, but state and local governments are placed in charge of operating colleges and universities. 
C) supports higher education through educational grants, tax breaks, and loans. 
D) is in charge of running the day-to-day operations of every public college and university around the country.

Question 9

There is wide disagreement about the degree to which government should be involved in the economy.Detail the major assumptions of the following three competing economic theories: laissez-faire, Keynesian, and supply-side economics.Your essay should explain how each theory understands the proper/ideal role of government, as well as the practical problems associated with each theory.

Accepted Answer

There are three components to this quest

Question 10

The United States has about ________ percent of the world's population and is responsible for ________ percent of its greenhouse gas emissions.

Accepted Answer

A) 1; 5 
B) 4; 14 
C) 10; 45 
D) 20; 60 
A) 1; 5 
B) 4; 14 
C) 10; 45 
D) 20; 60

Question 11

Nondefense discretionary spending refers

Accepted Answer

A) only to what the government spends on Medicare. 
B) only to what the government spends on Social Security. 
C) to everything on which the government spends money outside of defense. 
D) to everything on which the government spends money outside of defense and mandatory programs such as Social Security and Medicare. 
A) only to what the government spends on Medicare. 
B) only to what the government spends on Social Security. 
C) to everything on which the government spends money outside of defense. 
D) to everything on which the government spends money outside of defense and mandatory programs such as Social Security and Medicare.

Question 12

The Fair Labor Standards Act was significant because it

Accepted Answer

A) created the National Labor Relations Board (NLR
B)  to oversee union elections and collective bargaining between labor and industry. 
B) created the minimum wage. 
C) made changes in the American financial regulatory environment that affect all federal financial regulatory agencies and almost every part of the nation's financial services industry. 
D) outlawed the so-called closed shop, but it permitted the "union shop" in those states that had right-to-work laws. 
A) created the National Labor Relations Board (NLR
B)  to oversee union elections and collective bargaining between labor and industry. 
B) created the minimum wage. 
C) made changes in the American financial regulatory environment that affect all federal financial regulatory agencies and almost every part of the nation's financial services industry. 
D) outlawed the so-called closed shop, but it permitted the "union shop" in those states that had right-to-work laws.

Question 13

In order to have reliable information about the costs and effects of economic policies, Congress created the

Accepted Answer

A) Federal Reserve Board. 
B) Office of Management and Budget. 
C) Congressional Budget Office. 
D) Congressional Oversight Commission. 
A) Federal Reserve Board. 
B) Office of Management and Budget. 
C) Congressional Budget Office. 
D) Congressional Oversight Commission.

Question 14

Which of the following was a driving force for economic growth during the late nineteenth century?

Accepted Answer

A) agriculture 
B) manufacturing industries 
C) government work projects 
D) international trade 
A) agriculture 
B) manufacturing industries 
C) government work projects 
D) international trade

Question 15

The recession of 2008 led to the loss of ________ million American jobs.

Accepted Answer

A) 1 
B) 5 
C) 8 
D) 16 
A) 1 
B) 5 
C) 8 
D) 16

Question 16

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. 
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.

Question 17

What was the principal cause of the economic recession of 2008?

Accepted Answer

A) too much government spending on social welfare programs 
B) not enough government spending on social welfare programs 
C) the high prices Americans pay for health care and health insurance 
D) excessive risk-taking by investors 
A) too much government spending on social welfare programs 
B) not enough government spending on social welfare programs 
C) the high prices Americans pay for health care and health insurance 
D) excessive risk-taking by investors

Question 18

The Securities and Exchange Commission

Accepted Answer

A) manages the federal government's antiterrorism strategy, provides border security, and oversees immigration and customs enforcement. 
B) requires companies to disclose information about the stocks and bonds they are selling, inform buyers of investment risks, and protect investors against fraud. 
C) facilitates exchanges of credit, regulates national banks, and uses monetary policies to fight inflation and deflation. 
D) provides independent analyses of budgetary and economic issues to support the congressional budget process. 
A) manages the federal government's antiterrorism strategy, provides border security, and oversees immigration and customs enforcement. 
B) requires companies to disclose information about the stocks and bonds they are selling, inform buyers of investment risks, and protect investors against fraud. 
C) facilitates exchanges of credit, regulates national banks, and uses monetary policies to fight inflation and deflation. 
D) provides independent analyses of budgetary and economic issues to support the congressional budget process.

Question 19

Before World War II, ________ of federal revenue was generated from individual income taxes.

Accepted Answer

A) less than 15 percent 
B) a quarter 
C) half 
D) 80 percent 
A) less than 15 percent 
B) a quarter 
C) half 
D) 80 percent

The Federal Reserve Board is composed of members who are appointed to -year terms.

When an American corporation merges with a foreign firm in order to lower its taxation by paying foreign tax rates instead of American tax rates, it is called

In the 50 years that followed the Great Depression

Green technologies may prove to be a boon for the American economy because

Congress was granted the power to tax personal income in

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

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

The federal government

The United States has about percent of the world's population and is responsible for percent of its greenhouse gas emissions.

Nondefense discretionary spending refers

The Fair Labor Standards Act was significant because it

In order to have reliable information about the costs and effects of economic policies, Congress created the

Which of the following was a driving force for economic growth during the late nineteenth century?

The recession of 2008 led to the loss of ________ million American jobs.

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

What was the principal cause of the economic recession of 2008?

The Securities and Exchange Commission

Before World War II, ________ of federal revenue was generated from individual income taxes.

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 Federal Reserve Board is composed of ________ members who are appointed to ________-year terms.

When an American corporation merges with a foreign firm in order to lower its taxation by paying foreign tax rates instead of American tax rates, it is called

In the 50 years that followed the Great Depression

Green technologies may prove to be a boon for the American economy because

Congress was granted the power to tax personal income in

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

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

The federal government

The United States has about ________ percent of the world's population and is responsible for ________ percent of its greenhouse gas emissions.

Nondefense discretionary spending refers

The Fair Labor Standards Act was significant because it

In order to have reliable information about the costs and effects of economic policies, Congress created the

Which of the following was a driving force for economic growth during the late nineteenth century?

The recession of 2008 led to the loss of ________ million American jobs.

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

What was the principal cause of the economic recession of 2008?

The Securities and Exchange Commission

Before World War II, ________ of federal revenue was generated from individual income taxes.

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

The Federal Reserve Board is composed of members who are appointed to -year terms.

The United States has about percent of the world's population and is responsible for percent of its greenhouse gas emissions.