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Economic Policy Flashcards | StudBud
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Economic Policy
Economic Policy
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Flashcards
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1
This office is responsible for preparing the national budget.
IRS
IRA
NSC
OMB
2
A 12-month accounting period is called a
fiscal year
calendar year
monetary year
deficit year
3
Habit and custom dictate the rules for all economic activity in this system.
command
mixed
market
traditional
4
What is an opportunity cost?
amount of money that an item will cost
alternative decisions that could have been made
best decision possible to make
most desirable alternative given up
5
Taxes on transportation, and sale of goods (Sin) on the performance of services are called
excise tax
custom tax
corporate tax
tax loopholes
6
Resources made by humans and used to create other goods is called
Taxes
capital
factors of production
services
7
Which economic system that allows buyers and sellers to act in their own interest
mixed
market
traditional
command
8
Individual initiative, Private ownership, competition, and freedom of choice describes....
capitalism
oligopoly
communism
socialism
9
The opposite of competition, this exists when an industry includes only one seller.
command market economy
monopoly
entrepreneurship
oligopoly
10
Because it is based on a taxpayer's ability to pay, the federal income tax is called a
progressive tax
regressive tax
proportional tax
audit tax
11
Under this economic system, the government owns some factors of production.
capitalism
socialism
communism
naturalization
12
Employers subtract _______ from employees' wages to pay taxes
Loans
Taxes
Withholdings
income
13
The money and other valuables that belong to a corporation or partnership is called?
corporate taxes
assests
ownership
liens
14
An individual's total income, minus certain deductions and personal exemptions, is called the
excise tax
taxable income
social insurance tax
withholding
15
why were Soviet farms run so inefficiently
the soil was bad.
perestroika made farming difficult.
farmers had little incentive to work hard.
of severe droughts.
16
Traditional, market, and command are types of
government structures
government controls
free markets
economic systems
17
What are the resources used to make all goods and services
opportunity cost
factors of production
price floor
trade-offs
18
In the economic system of communism, the government
funds privately owned businesses.
owns and operates some productive resources.
owns and operates all productive resources.
does not own any productive resources.
19
When governments take control of industry
communism
capitalism
socialism
free enterprise system
20
This economic system has a central authority.
mixed
traditional
command
market
21
If the government chose to raise the reserve requirements on banks, what would likely occur?
Banks would borrow less money from the Fed.
Banks would borrow more money from the Fed.
Banks would lend less money.
Banks would lend more money.
22
What does it mean if a good is inelastic?
few substitutes for the good
demand goes down hen price goes up
customers are sensitive to price changes
people will buy the product regardless of price increases
23
Expenditures required by law or those from previous budgetary commitments are
social insurance taxes
audits
incrementalism
uncontrollables
24
The central banking system is supervised by
President
An appointed board of Governors
Congress
The Monopoly man
25
This task is a responsibility of the Federal Reserve System.
Collect Tax Revenue
set tax limits
Raise or lower the reserve requirement
Allocate Taxes
26
The power to raise revenue and pass appropriations is the power of
The Federal Reserve
The Supreme Court
Congress
the president
27
What kind of of economy does the USA have today?
command
market
mixed
traditional
28
Who is NOT a major trading partner of the USA?
Japan
Germany
Mexico
Canada
29
What does it mean to be underemployed?
person making too much money
person is working but poor
person has been laid off
person is overqualified for the job
30
3. What protects the customers money if the bank fails?
Gift Tax
Quota
Interest Rates
Federal Deposit Insurance Corporation
31
If there are enough workers to fill all jobs available then the pay is ___
too high
too low
at equilibrium
in high demand
32
2. How could the Federal Reserve encourage banks to lend out more of their reserves?
reduce the Discount Rate
raise Progressive Tax rates
reduce the Monetary Policy
raise the Required Reserve Requirement
