Economics 2

Economics 2

12th Grade

27 Qs

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Economics 2

Economics 2

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

Created by

Danielle Sing

Used 4+ times

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27 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The distribution of personal income in a pure market economy is based on

  • income tax rates

The level of education and skills
The amount of wealth inherited

The amount of property owned

Income tax rates

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is an expansionary fiscal policy action?

Increasing taxes
Decreasing government spending

Increasing government spending

Decreasing taxes

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following are in the M1 measure of the money supply?

Currency in circulation, demand deposits, and other liquid assets

Currency in circulation, time deposits, and other liquid assets
Currency in circulation, demand deposits, and long-term bonds
Currency in circulation, time deposits, and long-term bonds

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Firms in imperfectly competitive markets engage in advertising to

differentiate their products and increase demand

Decrease their production costs
Increase the price of their products
Decrease competition

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following actions by the Federal Reserve Bank will decrease the federal funds rate?

Increasing the reserve requirement

Purchasing bonds on the open market

Selling government securities
Buying government securities

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The commercial banking system creates money when

it grants a loan
it collects taxes
it prints more currency
it increases interest rates

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following illustrates the short-run impacts of an increase in government purchases on the price level and real output?

It decreases the price level and increases real output
  • The aggregate demand curve shifts to the right, increasing the price level and real output.

It decreases both the price level and real output
It increases the price level and decreases real output

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