UNIT 9-BUDGETING, MONETARY AND FISCAL POLICY REVIEW

The Federal Reserve Bank is the central bank of the United States.

• True

• False

The Federal Reserve Bank uses fiscal policy to try and stabilize the economy.

• True

• False

Inflation is the decrease in the amount of money and credit.

• True

• False

What are payments of money you’re required to give to the government?

• Deductions

• Taxes

• Cash prizes

• Donations

What is the market value of all goods and services produced in a country for a single year?

• Gross Domestic Product

• Gross National Product

• Tax Burden

• Net National Product

The primary source of revenue for general spending by the federal government is:

• Property taxes

• Income taxes

• Inheritance taxes

• Corporate income taxes

What does the Gross Domestic Product measure?

• Inflation

• Unemployment

• Changes in the economy

• Size of economy

Congress and the president impact our economy by using:

• Fiscal policy

• Monetary policy

• Checks and balances

• Inflation

The Federal Reserve impacts our economy by using:

• Fiscal policy

• Monetary policy

• Checks and balances

• Inflation

If GDP is getting smaller, the economy is...

• Expanding

• Contracting

• At the peak

• At the trough