stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Chapters 22 and 23 Flashcards | StudBud
Explore
/
Chapters 22 and 23
Chapters 22 and 23
47 terms
·
StudBud Administration
·
562 plays
Government Budget
Flashcards
47 cards
F
Practice quiz
P
Host live
L
Questions
47
Answers
1
Two parts of finished budget
expenditures and balanced budget
Revenue and expenditures
balanced budget and revenue
revenue and debt
2
The two biggest expenditures for the federal government are
welfare programs and education
military defense and welfare programs
military defense and social security
social security and welfare programs
3
Which of the following is not a characteristic of a command economy?
grow more slowly
inefficiency
privatization
lower GDP per capita
4
An economic feature working to increase income without governmental services
automatic stabilizer
subsidiary
mandatory spending
fiscal policy
5
To increase growth the government will
spend more and tax less
spend more and tax more
spend less and tax less
spend less and tax more
6
An ongoing trade deficit can lead to the devalue of a currency.
True
False
7
Democracy is the basis for most communist countries
True
False
8
To increase growth in the economy the government will
increase spending and reduce taxes
reduce spending and increase taxes
sell bonds and increase the interest rate
reduce spending and increase the sale of bonds
9
Profit motive can lead to negative externalities like pollution.
True
False
10
The value of one currency in terms of another.
exchange rate
trade surplus
trade deficit
tarrif
11
To sell goods to another country is to
subsidy
have a comparative advantage
export
import
12
How the government uses taxes and spending to reach the economic goals
fiscal policy
progressive policy
automatic stabilizer
Monetary Policy
13
States can borrow money when they
fund regular programs
short-term projects
any government projects
invest in long term projects
14
A short-term bond is called
appropriations
Treasury programs
Treasury Bill
Treasury Bond
15
Two most important automatic stabilizers are
progressive taxes and unemployment insurance
loan stabilizers and unemployment insurance
unemployment insurance and social security
unemployment insurance and congressional mandates
16
Property Taxes are the largest source of revenue for local governments
True
False
17
A country's ability to produce a good more efficiently is called
protectionism
comparative advantage
quota
subsidy
18
Money borrowed and not paid back yet
Debt
deficit
expenditure
loans
19
Which of the following is NOT an economic goal of Congress to keep a healthy economy?
keep people paying taxes
keep producing products
keep people working
keep consumers buying products and services
20
A country's ability to produce a good more efficiently than other countries
export
tariff
comparative advantage
protectionism
21
Most government bonds are repaid within
with 10-15 years
5-10 years
with 10-30 years
within one year
22
The effects of fiscal policy are not predictable.
True
False
23
Which of the following is NOT true of a single resource economy?
specializes in a single export
has a comparative advantage
cause the economy to be vulnerable
has a less advanced economy
24
Mandatory spending is
is mandated by the president
requires a balanced budget
may increase or decrease
set by law
25
A payment or other benefit given by the government to help domestic producers.
Positive Balance of Trade
subsidy
protectionism
quota
26
What cause growth in the federal debt?
budget surpluses
increase in federal taxes
federal borrowing
payment of federal bonds
27
The U.S. economy is a mixed market economy, but is more market oriented.
False
True
28
Monetary policy is implemented by
the treasury department
the federal reserve
the president
congress
29
The largest source of revenue for the federal government is
individual income taxes
sales taxes
corporate taxes
property taxes
30
Protectionism is to sell goods to another country.
False
True
31
Boosting spending in the government is which type of policy spending?
fiscal
deficit
mandatory
intergovernmental
32
A tariff limits the amount of foreign goods imported into a country.
False
True
33
A limit on the amount of foreign goods imported to a country.
quota
import
subsidy
tariff
34
The event that increased government intervention in the economy was
The Banking crisis of 1913
The Great Depression
The Great Recession of 2007
The Sales and Loan crisis of 1980s
35
The difference between the value of a nation's imports and its exports is called
trade deficit
positive balance of trade.
balanace of trade
trade surplus
36
Trade barriers protect domestic business from being hurt by cheaper, foreign products.
False
True
37
Cutting taxes is a way to give people more money to spend in the economy
False
True
38
Protectionism can cause prices of goods to go up.
False
True
39
Which of the following is NOT a tool of protectionism?
import quotas
comparative advantage
tariff
subsidy
40
State governments can borrow money to help balance the federal budget
False
True
41
Economic stimulus plans are often delayed because
leaders cannot agree on how to spend the money
Funds cannot be raised quickly
The Federal Reserve has to print the money
The president has to review the request
42
When a nation's imports are larger than their exports, this is a Negative Balance of Trade.
False
True
43
An agreement between two or more countries where they agree on terms related to trade is
NAFTA
Comparative Trade Agreement
Free Trade Agreement
APEC
44
Money that goes from one level of government to another
selling of bonds
government expenditures
intergovernmental revenue
sales taxes
45
when revenue and spending are equal to each other in one year
balanced budget
budget surplus
debt
budget deficit
46
Federal budgets are impacted by natural disasters.
False
True
47
The federal government is required by law to have a balanced budget
True
False
