US free enterprise and Government involvent, Economics Homework Help

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QUESTION 1

  1. Which of the following people was a classical economist and believed that the economy would regulate itself?

2 points  

QUESTION 2

  1. State governments use taxes to pay state employees.

2 points  

QUESTION 3

  1. Which of the following government actions has a direct impact on the protection of consumers?

2 points  

QUESTION 4

  1. Taxes do not help pay for which of the following:

2 points  

QUESTION 5

  1. A patent gives a person the ability to earn large amounts of money by selling the item for whatever price the government wants.

2 points  

QUESTION 6

  1. The portion of deposits that banks are required to keep on hand is called the Required Reserve Ratio (RRR).

2 points  

QUESTION 7

  1. Federal taxes vary from state to state.

2 points  

QUESTION 8

  1. There are laws that require taxes to be collected based on what you earn, what you own, and what you buy.

2 points  

QUESTION 9

  1. Social security was created during the Great Depression of the 1930s.

2 points  

QUESTION 10

  1. Can State governments use taxes to pay state employees?

2 points  

QUESTION 11

  1. Thomas Edison was:

2 points  

QUESTION 12

  1. The United States has no government involvement in its economy.

2 points  

QUESTION 13

  1. Welfare programs help the economically needy.

2 points  

QUESTION 14

  1. The government funds research to expand technological capabilities, which positively affects the economy.

2 points  

QUESTION 15

  1. The American Free Enterprise System allows the government to protect producers.

2 points  

QUESTION 16

  1. Dams are an example of a public good.

2 points  

QUESTION 17

  1. The Duryea brothers invented:

2 points  

QUESTION 18

  1. Which benefit of the American Free Enterprise System is best described in the statement “Individuals are free to invest in companies and products they feel will benefit them”?

2 points  

QUESTION 19

  1. Local governments use taxes to hire police officers.

2 points  

QUESTION 20

  1. Taxes pay for the daily operations of the government.

2 points  

QUESTION 21

  1. Social Security gives money to those who are retired or disabled.

2 points  

QUESTION 22

  1. The first constitutional power granted to Congress is the power to tax.

2 points  

QUESTION 23

  1. Increases in government spending can help end a recession.

2 points  

QUESTION 24

  1. The government uses the tax income to provide assistance to the needy.

2 points  

QUESTION 25

  1. The Fed was established by Congress in 1913 to give people confidence in the nation’s banking system.

2 points  

QUESTION 26

  1. Which principle of the American Free Enterprise System is described in the statement “It is in a company’s best interest to produce more and better products than other companies who produce the same product.”?

2 points  

QUESTION 27

  1. Monetary Policies adjusts the amount of money in circulation.

2 points  

QUESTION 28

  1. The Federal Reserve tries to stabilize the economy by closely monitoring the amount of money in circulation.

2 points  

QUESTION 29

  1. An externality is an intangible effect of production and purchases.

2 points  

QUESTION 30

  1. The U.S. Constitution gives the power of taxation to the government.

2 points  

QUESTION 31

  1. Which benefit of the American Free Enterprise System is best described in the statement “Prices will rise and fall according to the competition and the prices consumers will pay for products”?

2 points  

QUESTION 32

  1. State governments use taxes to operate nature preserves.

2 points  

QUESTION 33

  1. The Office of Management and Budget (OMB) works with the President to develop an initial budget.

2 points  

QUESTION 34

  1. When a country’s supply of money is high, interest rates will be lower.

2 points  

QUESTION 35

  1. Henry Ford invented which of the following?

2 points  

QUESTION 36

  1. Social Security is a form of mandatory spending.

2 points  

QUESTION 37

  1. The Federal Reserve is the “mother of all banks.”

2 points  

QUESTION 38

  1. Contractionary fiscal policies are designed to:

2 points  

QUESTION 39

  1. Expansionary fiscal policies are used to:

2 points  

QUESTION 40

  1. A deficit is the amount of money that a government overspends (and owes).

2 points  

QUESTION 41

  1. Which of the following is a tool used by the Federal Reserve to implement monetary policy?

2 points  

QUESTION 42

  1. To protect the economic rights of its citizens, the US government tries to correct externalities.

2 points  

QUESTION 43

  1. When the government decreases taxes:

2 points  

QUESTION 44

  1. Which of the following redistribution programs can significantly increase the level of output of a nation by improving the human capital and efficiency of the workforce?

2 points  

QUESTION 45

  1. When there is a national debt, there is less confidence in the economy.

2 points  

QUESTION 46

  1. Which of the following is not an In-kind benefit?

2 points  

QUESTION 47

  1. The statement “American consumers are kept from purchasing products that could cause them serious injury or illness.” Best represents which benefit of the American Free Enterprise System?

2 points  

QUESTION 48

  1. Local governments use taxes to fund local school districts.

2 points  

QUESTION 49

  1. Non-profit organizations are tax exempt.

2 points  

QUESTION 50

  1. John Maynard Keynes believed that the economy could be turned around by doing which of the following?

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