Question 1

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

Accepted Answer

A)  1
B)  5
C)  8
D)  16E) A) and C)
F) B) and C)

Question 2

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.E) None of the above
F) A) and B)

Question 3

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; 60E) A) and C)
F) None of the above

Question 4

Congress was granted the power to tax personal income in

Accepted Answer

A)  1789.
B)  1846.
C)  1913.
D)  1943.E) B) and C)
F) None of the above

Question 5

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.E) C) and D)
F) All of the above

Question 6

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.E) None of the above
F) All of the above

Question 7

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.E) B) and C)
F) A) and D)

Question 8

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 percentE) A) and D)
F) B) and C)

Question 9

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.E) All of the above
F) B) and D)

Question 10

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) None of the above
F) C) and D)

Question 11

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.E) A) and D)
F) A) and C)

Question 12

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 tradeE) B) and C)
F) A) and C)

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.E) A) and C)
F) B) and C)

Question 14

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 15

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 investorsE) C) and D)
F) B) and C)

Question 16

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"E) All of the above
F) None of the above

Question 17

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.E) C) and D)
F) B) and D)

Question 18

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.E) C) and D)
F) None of the above

Question 19

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; 14E) C) and D)
F) None of the above

Exam 16: Government and the Economy

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

The Securities and Exchange Commission

Correct Answer
verified

Correct Answer
verified
There are three components to this quest...
View Answer

In the 50 years that followed the Great Depression

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

The federal government

Correct Answer
verified

Congress was granted the power to tax personal income in

Correct Answer
verified

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

Correct Answer
verified

The Fair Labor Standards Act was significant because it

Correct Answer
verified

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

Correct Answer
verified

Nondefense discretionary spending refers

Correct Answer
verified

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

Correct Answer
verified

Exam 16: Government and the Economy

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The Securities and Exchange Commission

Correct AnswerverifiedShow Answer

Correct AnswerverifiedThere are three components to this quest...View AnswerShow Answer

In the 50 years that followed the Great Depression

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The federal government

Correct AnswerverifiedShow Answer

Congress was granted the power to tax personal income in

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The Fair Labor Standards Act was significant because it

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Nondefense discretionary spending refers

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
There are three components to this quest...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified