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This is a ten question multiple-choice quiz covering the material in this Unit. I hope you do well!
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Question 1 of 10
1. Question
10 pointsGovernments have two main policies to influence their countries’ economic activities. The policy dealing with changes in government spending and taxation is called __________, and the policy dealing with changes in the money supply and interest rates is called ____________.
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Question 2 of 10
2. Question
10 pointsClassical economists point out that there are three lags related the government’s implementation of fiscal policy. The time it takes for the government to collect enough information to determine that the economy is in a recession is called ___________. The time it takes from when a government knows that an economy is in a recession to the moment when it makes a decision (passes a bill) is called ___________. The time it takes for the money to be disbursed through the economy and for actual jobs to be created is called ____________.
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Question 3 of 10
3. Question
10 pointsAutomatic stabilizers, such as unemployment compensation, welfare programs and pre-approved subsidies to financially challenged groups do not suffer from the ________________ because they _______________ from Congress.
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Question 4 of 10
4. Question
10 pointsWhich of the following is correct?
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Question 5 of 10
5. Question
10 pointsAccording to the table on federal government expenditures in this unit, which is the single largest expense item?
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Question 6 of 10
6. Question
10 pointsAccording to this Unit’s table on federal government revenue, which of the following is the single largest source of government receipts?
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Question 7 of 10
7. Question
10 pointsA flat tax system is a system in which tax rates for all income groups __________ ; in addition, typically there are no ____________ (loopholes) and incomes below a certain amount (for example, below $25,000) are _____________.
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Question 8 of 10
8. Question
10 pointsWhich of the following is true about a consumption tax system that replaces a country’s income tax system?
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Question 9 of 10
9. Question
10 pointsThe Laffer Curve predicts that at very low tax rates, an increase in the rate ________________ government revenue, and at very high tax rates, an increase in the rate _______________ government revenue.
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Question 10 of 10
10. Question
10 pointsPublic Choice is a branch of economics that recognizes weaknesses of the existence of governments. Which of the following is a weakness that is described in our text?
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the text book said for the question about what is the single largest government expense as being defense spending. in the quiz it says it is social security.
Thanks for your post, Adam. I just reviewed section 3 of this unit and my version states that Social Security is listed as the single biggest item. Where did you read that Defense is listed as the top item?