Economics Help 1) Which of the following redistribution programs provide medical assistance to those who are
disadvantaged or unemployed?
Medicare
Medicaid
Temporary Assistance for Needy Families
Social Security 2) Which of the following redistribution programs can significantly increase the level of output
of a nation by improving the human capital and efficiency of the workforce?
Social Security
Temporary Assistance for Needy Families
In-Kind Benefits
Education
3) Which of the following is a characteristic of a public good?
You must pay each time you use it.
It is typically maintained for private use.
The cost to build it is the same, regardless of how many people use it. You can apply for one if you plan to share it with the public.
4) Which of the following is NOT an example of a public good?
private college
interstate highway
public park
free public health clinic 5) Charles Edgar Duryea and his brother are credited with creating which of the following
products?
light bulb
assembly line
steam engine
gasoline-powered automobile 6) Which of the following entrepreneurs is credited with fabricating a revolutionary invention
that made it possible for businesses to make decisions much more quickly?
Duryea
Bell
Edison
Yang 7) Which of the following is NOT a principle of the American Free Enterprise System?
Profit Motive
Self-Interest
Competition
Federal Regulation
8) Which of the following principles of the American Free Enterprise System means that
consumers have a wide variety of choices when purchasing goods and services?
Competition
Profit Motive
Voluntary Exchange
Private Property Rights
9) Which of the following benefits of the American Free Enterprise System requires a great deal
of government involvement?
Variety of Goods
Freedom
Protection
Responsive Prices
10) Which of the following benefits of the American Free Enterprise System allows producers to
be very flexible?
Variety of Goods Freedom
Protection
Responsive Prices
11) The government promotes entrepreneurship because new products will stimulate the
economy and create new jobs.
True
False
12) When an inventor gets a patent for his work, it means that the government will buy a
specific amount of the new invention.
True
False
13) The government funds research to expand technological capabilities, which positively affects
the economy.
True
False
14) Congress is responsible for creating the federal budget.
True
False
15) If the President vetoes the national budget bills, the process starts again from the beginning.
True
False
16) The Federal Reserve is governed by a seven-member panel known as the Board of
Governors.
True False
17) The Federal Advisory Council of the Federal Reserve decides if any changes to the money
supply are needed.
True
False
18) The Federal Reserve notifies Congress of the need for bank examinations when it becomes
aware of poorly performing banks.
True
False
19) The Federal Reserve conducts check-clearing services for all banks in the country.
True
False
20) The Federal Reserve issues tax refund payments to citizens.
True
False
21) In an essay of at least two well-developed paragraphs, explain how the theories of Adam
Smith and John Maynard Keynes are seen in our present American Free Enterprise System. 22) In an essay of at least three well-developed paragraphs, explain the methods used by the
government to protect the economic rights of those living in the American Free Enterprise
System.
23) In an essay of at least two well-developed paragraphs, explain U.S. monetary policy
functions and the tools the government uses to put these policies into action. 24) Why are taxes collected, and what role does the government play? Your answer should
include a discussion of how taxes are used and should be at least two well-developed
paragraphs in length.
25) In an essay of at least two well-developed paragraphs, explain how the national debt affects
the economy and explain if these are positive or negative in nature.
26) In an essay of at least two well-developed paragraphs, explain how mandatory and
discretionary spending are similar and how they are different.
27) In an essay of at least three well-developed paragraphs, explain how U.S. fiscal policies
affect the economy and explain the differences between expansionary and contractionary fiscal
policies.

 

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