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SC VIRTUAL economics CP final exam Questions with Correct Solutions
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SC VIRTUAL economics CP final exam Questions with Correct Solutions
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SC VIRTUAL economics CP finalexam Questions with Correct
Solutions
According to Keynesian economics, which sector of the economy could offset a decline
in business spending?
a) consumer
b) business
c) government
d) foreign - ANSWER Correct Answer: C
Equilibrium is reached when what occurs?
a) quantity demanded equals quantity supplied
b) there is no change in the quantity supplied
c) price increases
d) prices are inelastic - ANSWER Correct Answer: A
Fiscal policy may involve _________
a) estimating the GDP
b) regulating labor unions
c) recognizing an economic problem
d) taxing corporations - ANSWER Correct Answer: D
In the economic term oligopoly, the word part "olig-" probably means __________
a) few
b) single
c) all
d) one - ANSWER Correct Answer: A
The Federal Income Tax system is
a) efficient
,b) simple
c) regressive
d) equitable (fair) - ANSWER Correct Answer: A
Which of the following groups does supply-side policy target through stimulation?
a) producers
b) consumers
c) workers
d) government - ANSWER Correct Answer: producers
President Reagan tried to reduce government spending by _____________
a) raising taxes
b) reducing the federal deficit
c) deregulating corporations
d) lowering taxes - ANSWER Correct Answer: D
The government does not try to eliminate all monopolies. Why?
a) it would be impossible
b) not all monopolies (such as natural monopolies) are bad
c) the government itself is a monopoly
d) there aren't any monopolies anymore - ANSWER Correct Answer: B
What level of government is most closely associated with zoning restrictions?
a) federal
b) interstate
c) state
d) local - ANSWER Correct Answer: D
Which of the following be identifies the incidence of the individual income tax?
a) frequency
b) workers
, c) corporation
d) wages - ANSWER Correct Answer: B
During the Civil War, Congress enacted the National Currency Act, which
a) created a National Banking System
b) raised money for the Union
c) created a national currency
d) all of these answers - ANSWER Correct Answer: D
In the early 1800s, currency in the United States was issued by
a) the fed
b) congress
c) banks
d) a central bank - ANSWER Correct Answer: C
Printed on a Federal Reserve note is this statement "THIS NOTE IS LEGAL TENDER
FOR ALL DEBTS, PUBLIC AND PRIVATE." This reflects money's function as
a) a medium of exchange
b) a measure of value
c) a store of value
d) any of these answers - ANSWER Correct Answer: A
Which agency manufactures U.S. paper money?
a) the Bureau of the Mint
b) the Comptroller of the Currency
c) the Federal Deposit Insurance Corporation
d) the U.S. Bureau of Engraving and Printing - ANSWER Correct Answer: D
Which of the following can cost you money in large interest payments?
a) a debit card
b) a credit card
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