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The US Economic System Flashcards | StudBud
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The US Economic System
The US Economic System
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StudBud Administration
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An economics quiz about the American system.
Flashcards
17 cards
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Questions
17
Answers
1
A key measure of the health of the stock market is the
NLRB
Treasury Department
GDP
Dow Jones Industrial Average
2
The US government deficit this year is projected to be about
10 trillion dollars
The government is expected to have a surplus this year
1 trillion dollars
1 billion dollars
3
Which of the following is NOT a federal tax?
Income tax
Estate tax
Sales tax
Gasoline tax
4
When the government makes rules about business, it is called
Laissez-faire
Domination
Libertarianism
Regulation
5
The Austrian School of economics believes
The government should NOT do a stimulus during a recession
FDR's "New Deal" was a huge success
The government is required to regulate the business cycle
Supply should never exceed demand
6
In banking terms, what is a CD?
An account that pays a higher interest rate than savings
A gift given when a customer opens an new account
A car loan
A penalty paid when someone writes a check they cannot cover
7
The organization that controls key interest rates is called
The FDA
The FDIC
The Consumer Product Safety Commission
The Fed
8
A plan for spending and revenue is called a
Surplus
Deficit
Budget
Five-Year Plan
9
If money is losing value, it is called
Recession
Deflation
Inflation
Stagnation
10
Where does the government spend most of its money?
Medicare, medicaid, and social security
Infrastructure
Foreign aid
Defense
11
One of the causes of the Great Depression was
High interest rates
World War Two
Runaway government spending
A rapid drop in grain prices, followed by the Dust Bowl
12
Which of the following is a key difference between banks and credit unions?
Banks are for profit; credit unions are non profit
Only banks are federally insured
Only credit unions pay interest on savings accounts
Only banks offer auto loans and mortgages
13
The tax on inheritances is called the
Estate tax
Tariff
Excise tax
Capital gains tax
14
The federal government gets most of its revenue from which of the following sources?
Estate taxes
Personal income tax
Excise taxes
Tariffs
15
When revenues exceed spending, it is called a
Debt
Deficit
Bonus
Surplus
16
If a tax affects rich people at a higher rate than poor people, it is said to be a
Flat tax
Sin tax
Regressive tax
Progressive tax
17
Which of the following is an "economic stimulus"?
Cutting government spending
Increasing interest rates
Raising taxes in order to reduce consumption of tobacco
Increasing spending on highway construction to create jobs
