Flag this Question Question 1 1 pts

If an economy has high unemployment, slow growth, and low inflation rates, an appropriate fiscal policy consists of

higher taxes, no change in government spending.

 

lower taxes, lower government spending.

 

higher taxes, lower government spending.

 

higher taxes, higher government spending.

 

lower taxes, higher government spending.

 

 

 

Flag this Question Question 2 1 pts

When aggregate planned expenditure falls short of potential output, the economy experiences

inflation.

 

inadequate supply.

 

a recessionary gap.

 

an equilibrium state.

 

a government budget deficit.

 

 

 

Flag this Question Question 3 1 pts

Income security payments account for about what share of federal government spending in the United States?

one-eighth

 

one-fifth

 

one-fourth

 

one-third

 

one-half

 

 

 

Flag this Question Question 4 1 pts

According to Marshall's money demand theory, if there is an increase in the money supply, then the initial (short-run) effect will be

a decrease in aggregate demand.

 

an increase in aggregate demand.

 

an increase in aggregate supply.

 

a decrease in aggregate supply.

 

an increase in aggregate demand and a decrease in aggregate supply.

 

 

 

Flag this Question Question 5 1 pts

The Ford tax rebate was an example of

expansionary fiscal policy.

 

an automatic stabilizer.

 

a supply side policy.

 

a contractionary fiscal policy.

 

 

 

Flag this Question Question 6 1 pts

In the classical model, shifts in the AD curve

 

change both the price level and output.

 

change output only.

 

change the price level only.

 

have no effect on the price level and output.

 

have no effect in the short run but will increase output in the long run.

 

 

 

Flag this Question Question 7 1 pts

Which of the following is the largest source of funds for the federal government?

property taxes

 

borrowing

 

excise taxes

 

income taxes

 

tariffs

 

 

 

Flag this Question Question 8 1 pts

The length of time it takes to realize that there is an economic problem is called

the recognition lag.

 

the implementation lag.

 

the impact lag.

 

the policy lag.

 

the legislative lag.

 

 

 

Flag this Question Question 9 1 pts

The measure that shows how much of the deficit is due to a downturn in economic activity is

the structural deficit.

 

the real deficit.

 

the actual deficit.

 

the cyclical deficit.

 

the budget deficit excluding Social Security accounts.

 

 

 

Flag this Question Question 10 1 pts

In the Keynesian model, employment

is determined by output.

 

is determined by price level.

 

determines the level of output.

 

depends on aggregate supply.

 

is independent of output.

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