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Legislation, Government & Economics Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. Government intervention in the economy is a topic known for:

Question 2 2. The economy has entered a recession with high unemployment. The government will use its fiscal policy toolkit to do what?

Question 3 3. What does the word 'fiscal' refer to when discussing fiscal policy?

Question 4 4. Which of the following is the best way to describe what the national debt is?

Question 5 5. Income taxes are paid using what method?

Page 2

Question 6 6. In which of the following ways does the government become involved in the economy?

Question 7 7. Which of the following statements is FALSE regarding the government's fiscal policy toolkit?

Question 8 8. Which of the following is a feature of the federal income tax in the United States?

Question 9 9. Why are product shortages normally a bad thing for economic markets?

Question 10 10. How did increased regulation impact the mortgage market after 2008?

Page 3

Question 11 11. Fiscal policy involves the use of _____ to influence _____.

Question 12 12. What theory seeks to explain that individuals who act in their own self-interest might deplete a common resource important to a whole group of people?

Question 13 13. Which of the following is considered an example of a government intervention?

Question 14 14. Why might a government decide to grant a monopoly in a heavily regulated industry?

Question 15 15. What economic problem occurred in 2008 that led to the passage of the Dodd-Frank Act?

Page 4

Question 16 16. For the majority of states, where does revenue originate for state level government?

Question 17 17. In which of the following situations might the government consider intervening in the economy?

Question 18 18. Which of the following best describes the politics of government intervention in the economy of the United States?

Question 19 19. Governments have sought to limit the supply of drugs with all of the following strategies, EXCEPT:

Question 20 20. What are subsidies?

Page 5

Question 21 21. Economic regulators are responsible for overseeing which of the following industries?

Question 22 22. Why would the government intervene in the case of a monopoly?

Question 23 23. Which level of government relies mainly on property taxes?

Question 24 24. What is a cartel?

Question 25 25. _____ fiscal policy addresses a _____ economy, while _____ fiscal policy addresses an _____ economy.

Page 6

Question 26 26. Which of the following is an example of the government protecting property rights?

Question 27 27. Which of the following statements is most accurate?

Question 28 28. Price gouging is a practice that is restricted by the government because of which of the following reasons?

Question 29 29. Why do diamonds cost so much?

Question 30 30. Which of the following is paid for using federal tax dollars?

Legislation, Government & Economics Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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