Exam (elaborations) ECO MISC Misc quiz 1solved
1. Which of the following descriptions is most representative of the mix of revenues and expenditures of the federal government?
Revenue is predominantly from income taxes and payroll taxes.
Expenditures include income security and interest on the...
ECO MISC Misc
1. Which of the following descriptions is most
representative of the mix of revenues and expenditures of
the federal government?
Revenue is predominantly from income taxes and
payroll taxes.
Expenditures include income security and interest on the
national debt.
2. Which of the following transactions best represents
the government making a transfer payment to a
household or business?
The federal government’s Supplemental Nutritional
Assistance Program assists low-income families with
purchasing food.
Correct
3. One important reason why the United States government is
not likely to go bankrupt even with a large public debt is that
it has
the power to print money to finance the debt.
4. Which of the following is not a government activity
that is involved in public finance?
Regulating the activities of firms in the financial sector of the economy.
, ECO MISC Misc
5. The Social Security tax is regressive because
, ECO MISC Misc
no Social Security tax is collected for incomes in excess of a
"cap" income level.
6. Public finance is the subdiscipline of economics that
studies the various ways in which
governments raise and expend money.
7, Which one of the following is not an excise tax of the
federal government? General sales tax
8. Which of the following statements about payroll taxes is
false?
They are lump-sum taxes not based on wages/salaries.
9. A budget surplus means that
government revenues are greater than expenditures in a
given year.
10. The two largest sources of tax revenue for the U.S.
federal government are
personal income taxes and payroll taxes.
11. Which of the following is the largest expenditure
item of state governments?
Education
12. Many states in the U.S. acquire significant amounts of
funds from the following, except
property taxes.
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