Review - Part 15 The Economy

1. Review - Part 15 The Economy

2. 1) Traditionally, the Republican Party has been viewed as favoring which of the following groups? a. Big business b. The poor c. The middle class d. African-Americans e. Hispanics

3. 1) Traditionally, the Republican Party has been viewed as favoring which of the following groups? a. Big business b. The poor c. The middle class d. African-Americans e. Hispanics

4. 2) Traditionally, the Democratic Party has been known as a. Supporters of tax and spend philosophy b. Supply-siders c. Believers of trickle-down economics d. Advocates of anti-regulation of the economy e. Proponents of repeal of capital gains tax

5. 2) Traditionally, the Democratic Party has been known as a. Supporters of tax and spend philosophy b. Supply-siders c. Believers of trickle-down economics d. Advocates of anti-regulation of the economy e. Proponents of repeal of capital gains tax

6. 3) All the following items are measures of the nation’s economy EXCEPT a. The nation’s unemployment rate b. The rise or fall of the Consumer Price Index c. The amount of growth or decline in the Gross National Product d. The amount of taxes corporations pay to the federal government e. The rise or fall of the Gross Domestic Product

7. 3) All the following items are measures of the nation’s economy EXCEPT a. The nation’s unemployment rate b. The rise or fall of the Consumer Price Index c. The amount of growth or decline in the Gross National Product d. The amount of taxes corporations pay to the federal government e. The rise or fall of the Gross Domestic Product

8. 4) Which of the following economic policies reflects imposed government economic mandates? a. Distributive economic policy b. Regulatory economic policy c. Redistributive economic policy d. Supply-side economic policy e. Stimulus programs passed by Congress

9. 4) Which of the following economic policies reflects imposed government economic mandates? a. Distributive economic policy b. Regulatory economic policy c. Redistributive economic policy d. Supply-side economic policy e. Stimulus programs passed by Congress

10. 5) Which of the following strategies results in government giving benefits directly to the people? a. Distributive economic policy b. Regulatory economic policy c. Redistributive economic policy d. Increased government regulations e. Increasing the personal income tax

11. 5) Which of the following strategies results in government giving benefits directly to the people? a. Distributive economic policy b. Regulatory economic policy c. Redistributive economic policy d. Increased government regulations e. Increasing the personal income tax

12. 6) Which of the following strategies results in government taking money from one segment of the society and giving it back to a group in need? a. Distributive economic policy b. Regulatory economic policy c. Redistrubutive economic policy d. Increasing research and development opportunities for business e. Increasing price supports

13. 6) Which of the following strategies results in government taking money from one segment of the society and giving it back to a group in need? a. Distributive economic policy b. Regulatory economic policy c. Redistrubutive economic policy d. Increasing research and development opportunities for business e. Increasing price supports

14. 7) A primary way that the Federal Reserve regulates the money supply is when it a. Votes to increase taxes b. Votes to decrease taxes c. Adjusts the discount rate d. Adjusts the rate of inflation e. Votes to increase price supports

15. 7) A primary way that the Federal Reserve regulates the money supply is when it a. Votes to increase taxes b. Votes to decrease taxes c. Adjusts the discount rate d. Adjusts the rate of inflation e. Votes to increase price supports

16. 8) Supply-side economists urge a. Government stimulation of the economy b. Increased government spending for social programs c. Increased government borrowing of money d. Large tax cuts by the government e. An increase of the management of the economy by the government

17. 8) Supply-side economists urge a. Government stimulation of the economy b. Increased government spending for social programs c. Increased government borrowing of money d. Large tax cuts by the government e. An increase of the management of the economy by the government

18. 9) Which of the following presidents pursued a laissez-faire economic policy? a. Theodore Roosevelt b. Herbert Hoover c. Franklin Roosevelt d. Lyndon Johnson e. Bill Clinton

19. 9) Which of the following presidents pursued a laissez-faire economic policy? a. Theodore Roosevelt b. Herbert Hoover c. Franklin Roosevelt d. Lyndon Johnson e. Bill Clinton

20. 10) Which of the following laws was invoked in response to the air traffic controller strike in 1981? a. Fair Labor Standards Act b. Federal Labor Standards Act c. Wagner Act d. Norris-La Guardia Act e. Taft-Hartley Act

21. 10) Which of the following laws was invoked in response to the air traffic controller strike in 1981? a. Fair Labor Standards Act b. Federal Labor Standards Act c. Wagner Act d. Norris-La Guardia Act e. Taft-Hartley Act

22. Explanation The Fair Labor Standards Act set a maximum work week for employers engaged in interstate commerce. The Federal Labor Standards Act protected children from abuses in the workplace. The Wagner Act gave workers involved in interstate commerce the right to organize labor unions. The Taft-Hartley Act in addition to prohibiting federal employees the right to strike also outlawed the closed union shop and allowed state to adopt right to work laws.

23. 11) Which of the following industries had major economic problems as a result of government deregulation? a. The airline industry b. The telephone industry c. The savings and loan industry d. The railroad industry e. The cable television industry

24. 11) Which of the following industries had major economic problems as a result of government deregulation? a. The airline industry b. The telephone industry c. The savings and loan industry d. The railroad industry e. The cable television industry

25. The End