1.Inflation is best understood as the rate at which __________.
a.gross domestic product expands
b.prices for goods and services decrease
c.prices for goods and services increase
d.the federal government increases taxes to raise revenue
e.the Federal Reserve Board expands the money supply
2.What do economists use gross domestic product to measure?
a.the rate of government spending in the economy
b.the rate of tariffs applied to goods imported into the United States
c.the total impact of import revenues on the domestic economy
d.the total value added by government expenditures in the economy
e.the total value of goods and services produced in the economy
3.The Affordable Care Act deals primarily with what policy area?
a.education
b.health care
c.welfare
d.economics
e.criminal justice
4.Laissez-faire economics holds which of the following to be true?
a.The government should actively intervene in the economy.
b.The government should not take an active role in the economy.
c.The government should do everything possible to reduce unemployment.
d.The government should lower interest rates during a recession.
e.The government should raise interest rates during a recession.
5.Which of the following is true with respect to Keynesian economic policy?
a.Keynesian economic policy relies on government taxes and adjustments to the money supply to control inflation and unemployment.
b.Keynesian economic policy relies on taxation and expenditures by government to control inflation and unemployment.
c.Keynesian economic policy uses the money supply to control inflation and unemployment.
d.Keynesian economic policy can only be used by the federal government.
e.Keynesian economic policy can only be used by state-level governments.
6.The size of the national debt is __________.
a.declining
b.rising
c.marginal
d.stagnating
e.unchanged
7.Which of the following is true about Social Security?
a.It is a form of accident insurance.
b.It is considered a means-tested program.
c.It is only available to the very wealthy.
d.It is entirely supported by property taxes.
e.It is a retirement benefit program for citizens.
8.What is the source for the money in the Social Security Trust Fund?
a.sales taxes
b.payroll taxes
c.progressive taxes
d.property taxes
e.income taxes
9.One of the biggest concerns surrounding the Social Security Trust Fund is that __________.
a.the benefits being paid out are too low
b.the FICA contribution is currently too high
c.there is not enough money to pay current retirees
d.there will not be enough money to pay future retirees
e.wealthy citizens are denied access to payments
10.Which of the following strategies does monetary policy dictate in inflationary periods?
a.Congress should balance the federal budget.
b.Congress should increase spending.
c.Congress should raise taxes on citizens.
d.The Federal Reserve should lower interest rates.
e.The Federal Reserve should raise interest rates.
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