Government and the Economy

government programs whose spending is fixed, must be paid for

• Mandatory Spending

• Optional Spending

• Federal Budget

• Discretionary Spending

what two economies combine to form a mixed economy?

• command and market
• traditional and market
• command and traditional 
• market and mixed

A monopoly is what?

• When a bank only has one loan.

• When one business/ corporation controls an entire market.

• A government that only has one central bank.

• When a handful of businesses/ corporations control a market.

The section of the graph in blue above most likely represents this element of fiscal policy:

• Budget surplus

• Budget deficit

• Inflation

• Recession

The section of the graph highlighted by the square above most likely represents this element of fiscal policy:

• Budget surplus

• Budget deficit

• Inflation

• Recession

Which one of them is direct tax?

• Income tax

• GST

• Escheat

• Special Assessment

Which one of them is an Indirect tax

• Special Assessment Tax

• Excise Duty

• Fees

• Corporation Tax

Revenue from sales tax and income tax

• Help people vote

• Help pay for public goods and services

• Must be returned to the consumer

• Is used to buy more resources

National Defense, Public Safety Officers, and the Postal Service are all examples of -

• goods and services provided by the government.

• private businesses that serve our communities.

• goods and services we pay for on an as needed basis.

• private businesses that are owned by individuals.

The United States has a __ economy.

• traditional
• mixed
• free market
• command