Question 1

Real federal spending on Health Care functions has

Accepted Answer

A) risen constantly since 1960. 
B) remained constant since 1960. 
C) decreased markedly with small increases in early 1980's. 
D) bounced around with no apparent pattern. 
A) risen constantly since 1960. 
B) remained constant since 1960. 
C) decreased markedly with small increases in early 1980's. 
D) bounced around with no apparent pattern.

Question 2

Promises to quell logrolling for pet projects that were made by Democrats during the 2006 election

Accepted Answer

A) have been faithfully honored. 
B) have not been honored, so that pet projects could be used to induce support for other priorities. 
C) were thoroughly repudiated once the election was over. 
D) have been declared unconstitutional by the U.S. Supreme Court. 
A) have been faithfully honored. 
B) have not been honored, so that pet projects could be used to induce support for other priorities. 
C) were thoroughly repudiated once the election was over. 
D) have been declared unconstitutional by the U.S. Supreme Court.

Question 3

The opportunity cost of rebuilding the Gulf Coast after hurricanes Katrina and Rita could be the

Accepted Answer

A) delay in availability of up-armored vehicles for use by U.S. troops in Iraq. 
B) delay in rebuilding of highway bridges in Minnesota. 
C) decrease in available Federal Student Loan funds. 
D) all of the options are correct. 
A) delay in availability of up-armored vehicles for use by U.S. troops in Iraq. 
B) delay in rebuilding of highway bridges in Minnesota. 
C) decrease in available Federal Student Loan funds. 
D) all of the options are correct.

Question 4

In 2016, the largest item in the Federal Budget was

Accepted Answer

A) national defense & homeland security. 
B) Medicaid. 
C) welfare. 
D) international aid. 
A) national defense & homeland security. 
B) Medicaid. 
C) welfare. 
D) international aid.

Question 5

Compared to other industrialized nations around the globe, defense spending as a percentage of GDP is

Accepted Answer

A) substantially higher than that of the next highest nation. 
B) somewhat higher than France and the United Kingdom but much less than Germany and Japan. 
C) somewhat higher than France and the United Kingdom and much higher than Germany and Japan. 
D) lower than France, the United Kingdom, Germany or Japan. 
A) substantially higher than that of the next highest nation. 
B) somewhat higher than France and the United Kingdom but much less than Germany and Japan. 
C) somewhat higher than France and the United Kingdom and much higher than Germany and Japan. 
D) lower than France, the United Kingdom, Germany or Japan.

Question 6

Crowding out is an example of

Accepted Answer

A) opportunity cost. 
B) correlation is not necessarily causation. 
C) fallacy of composition. 
D) a lost cause. 
A) opportunity cost. 
B) correlation is not necessarily causation. 
C) fallacy of composition. 
D) a lost cause.

Question 7

The initial effect of the 2009 Obama Stimulus Plan upon the federal budget was to

Accepted Answer

A) eliminate all opportunities for "logrolling" in the Congress. 
B) eliminate the corporate income tax liabilities of major oil companies. 
C) increase the federal budget deficit by as much as $750 billion. 
D) all of the options are correct. 
A) eliminate all opportunities for "logrolling" in the Congress. 
B) eliminate the corporate income tax liabilities of major oil companies. 
C) increase the federal budget deficit by as much as $750 billion. 
D) all of the options are correct.

Question 8

Foreign aid represents

Accepted Answer

A) less than a billion dollars in spending. 
B) Just over 30 billion dollars. 
C) is more than we spend on education loans, grants and work study combined. 
D) no longer exists. 
A) less than a billion dollars in spending. 
B) Just over 30 billion dollars. 
C) is more than we spend on education loans, grants and work study combined. 
D) no longer exists.

Question 9

Spending on programs for which there is no existing legal obligation to continue is called

Accepted Answer

A) discretionary. 
B) entitlement spending. 
C) mandatory. 
D) non-obligatory. 
A) discretionary. 
B) entitlement spending. 
C) mandatory. 
D) non-obligatory.

Question 10

Spending on programs for which there is an existing legal obligation is labeled

Accepted Answer

A) discretionary. 
B) entitlement spending. 
C) mandatory. 
D) obligatory. 
A) discretionary. 
B) entitlement spending. 
C) mandatory. 
D) obligatory.

Question 11

In 2014, national defense spending as a proportion of GDP was highest in

Accepted Answer

A) Japan. 
B) the United Kingdom. 
C) the United States. 
D) Germany. 
A) Japan. 
B) the United Kingdom. 
C) the United States. 
D) Germany.

Question 12

The initial effect of the Troubled Asset Relief Program (TARP)upon the federal budget was to

Accepted Answer

A) allow federal spending to increase by as much as $750 billion. 
B) eliminate the corporate income tax liabilities of major oil companies. 
C) eliminate all opportunities for "logrolling" in the Congress. 
D) all of the options are correct. 
A) allow federal spending to increase by as much as $750 billion. 
B) eliminate the corporate income tax liabilities of major oil companies. 
C) eliminate all opportunities for "logrolling" in the Congress. 
D) all of the options are correct.

Question 13

The portion of Federal Spending devoted to national defense has

Accepted Answer

A) risen constantly since 1960. 
B) remained constant since 1960. 
C) decreased markedly with small increases during Vietnam, the early 1980's and 2001. 
D) bounced around with no apparent pattern. 
A) risen constantly since 1960. 
B) remained constant since 1960. 
C) decreased markedly with small increases during Vietnam, the early 1980's and 2001. 
D) bounced around with no apparent pattern.

Question 14

A continuing resolution allows

Accepted Answer

A) spending to continue as it has been for a specified period of time. 
B) spending on Presidential priorities without Congressional approval. 
C) Congress to spend money directly without Presidential signature. 
D) spending to continue a program forever. 
A) spending to continue as it has been for a specified period of time. 
B) spending on Presidential priorities without Congressional approval. 
C) Congress to spend money directly without Presidential signature. 
D) spending to continue a program forever.

Question 15

Using marginal analysis, an economist would judge the proper size of government by comparing

Accepted Answer

A) whether the last dollar spent on one program would have been better spent on another. 
B) whether the last dollar spent would have been better left in private hands. 
C) whether the last dollar spent garnered any value to society. 
D) the amount spent with the amount spent in the previous year. 
A) whether the last dollar spent on one program would have been better spent on another. 
B) whether the last dollar spent would have been better left in private hands. 
C) whether the last dollar spent garnered any value to society. 
D) the amount spent with the amount spent in the previous year.

Question 16

After the September 11, 2001 terrorist attacks, non-defense, non-homeland security government spending

Accepted Answer

A) was cut. 
B) increased, but at a rate much slower than it had before the attacks. 
C) increased, but at a rate almost exactly the same as it had before the attacks. 
D) increased at a rate much faster than it had before the attacks. 
A) was cut. 
B) increased, but at a rate much slower than it had before the attacks. 
C) increased, but at a rate almost exactly the same as it had before the attacks. 
D) increased at a rate much faster than it had before the attacks.

Exam 11: Federal Spending

Real federal spending on Health Care functions has

Promises to quell logrolling for pet projects that were made by Democrats during the 2006 election

The opportunity cost of rebuilding the Gulf Coast after hurricanes Katrina and Rita could be the

In 2016, the largest item in the Federal Budget was

Compared to other industrialized nations around the globe, defense spending as a percentage of GDP is

Crowding out is an example of

The initial effect of the 2009 Obama Stimulus Plan upon the federal budget was to

Foreign aid represents

Spending on programs for which there is no existing legal obligation to continue is called

Spending on programs for which there is an existing legal obligation is labeled

In 2014, national defense spending as a proportion of GDP was highest in

The initial effect of the Troubled Asset Relief Program (TARP)upon the federal budget was to

The portion of Federal Spending devoted to national defense has

A continuing resolution allows

Using marginal analysis, an economist would judge the proper size of government by comparing

After the September 11, 2001 terrorist attacks, non-defense, non-homeland security government spending

Economics: the Study of Opportunity Cost

Supply and Demand

The Concept of Elasticity and Consumer and Producer Surplus

Firm Production, Cost, and Revenue

Perfect Competition, Monopoly, and Economic Versus Normal Profit

Every Macroeconomic Word You Ever Heard: Gross Domestic Product, Inflation, Unemployment, Recession, Depression

Interest Rates and Present Value

Aggregate Demand and Aggregate Supply

Fiscal Policy

Monetary Policy

Federal Deficits, Surpluses, and the National Debt

The Housing Bubble

The Recession of 2007-2009: Causes and Policy Responses

Is Economic Stagnation the New Normal

Is the Fiscalsky Falling: An Examination of Unfunded Social Security, Medicare, and State and Local Pension Liabilities

International Trade: Does It Jeopardize American Jobs

International Finance and Exchange Rates

The European Debt Crisis

Economic Growth and Development

Nafta, Gatt, Wto: Are Trade Agreements Good for Us

The Line Between Legal and Illegal Goods

Natural Resources, the Environment, and Climate Change

Health Care

Government-Provided Health Insurance: Medicaid, Medicare, and the Child Health Insurance Program

The Economics of Prescription Drugs

So You Want to Be a Lawyer: Economics and the Law

The Economics of Crime

Antitrust

The Economics of Race and Discrimination

Income and Wealth Inequality

Farm Policy

Minimum Wage

Ticket Brokers and Ticket Scalping

Rent Control

Economics of K-12 Education

Economics of College and University Education

Poverty and Welfare

Head Start

Social Security

Personal Income Taxes

Energy Prices

If We Build It, Will They Come and Other Sports Questions

The Stock Market Crashes

Unions

Walmart: Always Low Prices and Low Wages- Always

The Economic Impact of Casino Gambling

The Economics of Terrorism

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