A marginal tax rate is ____.

A tax on the additional income earned

The Phillips Curve expressed a relationship between which pair of the following variables?

The rate of inflation and the unemployment rate

Open market operations refer to which of the following?

Monetary policy of the Fed from buying and selling bonds

Which of the following is TRUE when considering productivity in the United States in 1960s?

Growth levels rose in the first half/fell in the latter half

Transfer payments refers to which of the following?

Tax revenue gathered/given to programs help lowIncome people

Which of the following is closely related to a change in aggregate demand?

A change in any of expenditure components of GDP

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Economics Test Academic Decathlon

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Academic Decathlon Economics Test Easy Questions 34-50

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Questions 17

Answers

1
What percentage surcharge on individual and corporate taxes did Congress approve(Vietnam War)?
Congress did not approve a surcharge tax
7%
13%
10%
2
The chairperson of the Fed during the 1960s was ___
William McChesney Martin Jr.
Janet Yellen
Ben Bernanke
Arthur Okun
3
An increase in long run aggregate supply occurs when which of the following takes place?
Decrease in the number of resources available to an economy
A decrease in tax rates by the gov’t
New lower price expectations in the economy
Technological progress
4
Which of the following is TRUE when considering an increase in money supply?
The average price level will rise
All of the above will occur
The interest rate in banks decreases
The value of money decreases
5
S=(Y-C-T) + (T-G) is the T-G is a negative number then the gov’t is said to be running a budget
surpil
balance
equity
deficit
6
Investment in economics means which of the following?
Newly purchased capital goods
Capital stock
New financial investment
Wealth
7
In financial accounting costs that would NOT occurred referred to as? (Vietnam War)
Conflict costs
Incremental costs
Marginal costs
War-time costs
8
A marginal tax rate is ____.
The percentage of the tax dispersed to various gov’t
A tax on the additional income earned
A tax applied to additional units of a product purchased
A tax on all income earned
9
Which of the following was TRUE when President Kennedy came to office?
The unemployment rate was approximately 4.5%
The highest tax rate was 91%
Each month 150,000 workers were added to roles of unemployed
The U.S. had just increased spending for the Vietnam War
10
The Phillips Curve expressed a relationship between which pair of the following variables?
Price and employment
The rate of inflation and the unemployment rate
Unemployment and the inflation rate
The inflation rate and the amount of employment
11
Open market operations refer to which of the following?
Monetary policy of the Fed from buying and selling bonds
Monetary policy of the Fed by lowering the marginal taxRates
Fiscal policy of Congress by altering the marginal tax rates
Monetary policy of the Fed from buying and selling stock
12
Which of the following is TRUE when considering productivity in the United States in 1960s?
Productivity growth increased throughout the decade
Growth was positive in first half/negative in latter half
Growth levels rose in the first half/fell in the latter half
Growth levels fell in the first half/rose in the latter half
13
Transfer payments refers to which of the following?
Tax revenue gathered/given to programs help lowIncome people
Monetary policy of Fed from transferring cash to Fed banks
Budgets of one gov’t agency being directed towards another
Monetary policy of the Fed exchanging cash for bonds
14
Which of the following is closely related to a change in aggregate demand?
A price level change
Wealth effects
A change in any of expenditure components of GDP
Foreign exchange effects
15
Gold and Silver are an examples of
Commodity money
Flat money
Service money
Substitution money
16
Which of the following programs was NOT part of Johnson’s “War on Poverty” ?
HUD
Social Security Act
Food Stamps
Medicare
17
Who set the monetary policy in the 1960s’?
Federal Reserve Board
The Fiscal Board
The House of Representatives
Congress

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