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ECONOMICS TOPIC 9 TEST REVIEW

Authored by Richard Orton

Social Studies

12th Grade

Used 42+ times

ECONOMICS TOPIC 9 TEST REVIEW
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20 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Which of the following conclusions is supported by the data in this illustration?

The growth in defense spending is responsible for most spending growth since 1970.

Spending growth would be flat if not for large defense expenditures

The United States is failing to pay the annual cost of borrowing

Human resources represents by far the largest category of spending in 2012

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

This photograph likely shows the result of which of the following?

collapse of open market operations

failure to establish a federal budget

Keynesian economics

an inside lag

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the first step in creating the federal budget?

The House Budget Committee and the Senate Budget Committee combine their work into a single budget proposal

The Office of Budget and Management works with the President’s staff to create an overall spending plan

Congress breaks into small committees and works with the Congressional Budget Office

Each federal agency writes an estimate of how much it expects to spend in the coming fiscal year

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

This photograph shows the implementation of which of the following?

a contractionary fiscal policy

application of the Laffer curve

a tight-money monetary policy

an expansionary fiscal policy

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Keynesian economics differed from classical economics in which of the following ways?

It encouraged a laissez-faire approach to the economy

It relied on adjustments in monetary policy to impact the economy

It paid little attention to impact of policies in the short term

It relied on government to maximize economic output in some cases

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Analyze this political cartoon, which shows President Roosevelt in a rowboat and Uncle Sam in the water

the depression was a threat to the nation and required Roosevelt’s bold response.

Keynesian policies threatened to swamp the United States in debt

the New Deal was an overreaction that was harmful to the country

Roosevelt’s actions to rescue the nation from disaster were insufficient

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

“[W]e cannot afford $1 trillion worth of tax cuts for every millionaire and billionaire in our society. We can't afford it.”

—President Barack Obama, April 13, 2011


This statement is most clearly opposed to which of the following?

an easy money monetary policy

supply-side economics

Keynesian economic theory

Expansionary fiscal policy

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