LAST QUIZ

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Question 1 (10 points)

 

Which institutions control fiscal policy?

Question 1 options:

Congress and the Fed

Congress and the president 

the Fed and regulatory agencies

the president and the cabinet agencies

Question 2 (10 points)

 

Supply side economic policy is based on

Question 2 options:

business regulation 

the Fed.

government spending programs

business tax cuts

Question 3 (10 points)

 

Which approach to stimulating the economy can be enacted/changed  most quickly?

Question 3 options:

interior policy.

regulatory policy

fiscal policy.

monetary policy 

Question 4 (10 points)

 

Which statement about poverty in America is true?

Question 4 options:

Men are more likely than women to live in poverty

The U.S. has less poverty than do most Western democracies

Poverty in the U.S. is highest among working-class whites.

The U.S. has a higher rate of child poverty than do most Western democracies.

Question 5 (10 points)

 

America’s social welfare system includes both social insurance programs and public assistance programs. Which statement about these programs is NOT true?

Question 5 options:

The American public has a more favorable opinion of social insurance programs than of public assistance programs.

Eligibility for social insurance benefits is based on payroll taxes that individuals pay during their working years

Eligibility for public assistance benefits is based on a means test (that is, individuals must prove their income is low enough to qualify for the benefit).

Democratic lawmakers and Republican lawmakers differ more in their support for social insurance programs than they do in their support for public assistance programs.

Question 6 (10 points)

 

After World War II and through the end of the 1960s, the income of the average American increased substantially. Which of the following is NOT among the reasons?

Question 6 options:

the strength of the U.S. manufacturing sector

changes in tax policy 

G.I. Bill

labor union membership

Question 7 (10 points)

 

Which statement best describes the pattern of income growth in the United States since the 1970s?

Question 7 options:

a sharp rise in income among those with top incomes and stagnant income among those with middle and lower incomes 

a sharp rise in income among those with top and middle incomes and stagnant income among those with lower incomes

slow income growth in all income categories

substantial income growth in all income categories

Question 8 (10 points)

 

The fiscal theory that favors  spending by the government as a way to increase economic activity is called 

Question 8 options:

laissez-faire economics 

Keynesian economics 

supply-side economics 

Reaganomics 

Question 9 (10 points)

 

All of the following are ways that the Fed can deal with economic downturns EXCEPT

Question 9 options:

The Fed can lower interest rates

The Fed can create jobs, which then leads to greater economic demand and thereby boosts productivity.

The Fed can buy and sell securities

The Fed can increase the amount of money in circulation by lowering the reserve rate

Question 10 (10 points)

 

Which political thinker believes the rich do not deserve all of their wealth because of the arbitrary distribution of wealth in society? 

Question 10 options:

John Rawls

Robert Nozick

Milton Friedman

John Maynard Keynes