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WorksheetsAP Gov Chapter 17 Economic Policy Making
Total questions: 36
Worksheet time: 19mins
Name
Class
Date
1.
The Idea of all stimulus packages is
a)
Redistribute wealth from the rich to the poor
b)
To give people some money to spend so that economic growth gets spurred
c)
Encourage the rich to spend money so that wealth can trickle down to the poor
d)
Tax windfall profits from corporations in order to give money to consumers
2.
Who was the first Secretary of the Treasury?
a)
Robert Rubin
b)
James Madison
c)
Alexander Hamilton
d)
John Adams
3.
A recession occurs when
a)
The stock market drops more than five hundred points in one day
b)
the president and congress declare the American economy is in recession
c)
Energy prices increase
d)
The economy experiences two consecutive quarters of negative growth
4.
A capitalist economic system is one which
a)
Individuals and corporations share ownership, and profits distributed equally
b)
Individuals and corporations own the principal means of production, through which they seek to earn profits
c)
A central government determines production and price levels
d)
Private individuals act according to market principles and enhance the general welfare, no gov involvment
5.
Capitalism is an economic system
a)
based on the Federal Reserve
b)
in which the government owns the means of production
c)
in which individuals and corporations own the principal means of production
d)
in which public agencies manage fundamental aspects of monetary policy
6.
Who is father of the American Economy?
a)
Alexander Hamilton
b)
John Adams
c)
Thomas Jefferson
d)
James Madison
7.
The Securities and Exchange Commission was created in order to
a)
Investigate stock fraud
b)
Regulate prices
c)
Promote free trade
d)
Investigate stock fraud
8.
The term "pocketbook voting" refers to
a)
Women's economic concerns
b)
Political corruption
c)
Voters who prioritize economic concerns
d)
Voters whose votes are easily purchased
9.
The issue most stressed by Republicans is
a)
Home ownership
b)
Free trade
c)
Inflation
d)
Employment
10.
Conservatives complain about
a)
High taxes
b)
Lower taxes
c)
no taxes
11.
Voters who stress the importance of employment are likely to
a)
Support Democratic candidates
b)
Vote against the incumbent
c)
Avoid voting
d)
Support Independent candidates
12.
Who measures how many and what types of workers are unemployed?
a)
Campus Living Wage Project
b)
The Bureau of Labor Statistics
c)
Federal Reserve System
d)
Securities and Exchange Commission
13.
The official unemployment rate underestimates unemployment because it leaves out
a)
Housewives
b)
The Homeless
c)
Students
d)
Discouraged workers
14.
Unemployed workers who have given up their search for a new job are known as
a)
Lazy
b)
Discouraged workers
c)
The underclass
d)
Welfare recipients
15.
The term "discouraged workers" refers to
a)
workers who's pay has not increased
b)
Unemployed workers who have given up on their search for a new job
c)
workers who can't compete in the global economy
d)
workers who hate their job
16.
Which group is more affected by unemployment?
a)
Republicans
b)
Young adults
c)
Older adults
d)
Hard working Whites
17.
Dropping out of high school increases the likelihood that one will
a)
enter the workforce as a young adult
b)
Earn more money than their peers
c)
More quickly enter the ranks of the unemployed
d)
be able to enter the workforce prior to their peers
18.
The unemployment rate for high school dropouts in 2006 was
a)
nearly 100%
b)
about 20%
c)
about 5%
d)
about 50%
19.
The coalition behind the Republican Party is most likely to be concerned with...
a)
Inflation
b)
Expanding government regulation
c)
Labor rights
d)
none of these
20.
Inflation refers to
a)
the decline in the price for consumer goods
b)
the rise in the price for consumer goods
c)
the number of jobs created in a year
d)
the availability of credit
21.
Our key measure of inflation is called the
a)
Laffer Curve
b)
Stock Market
c)
Gross National Product
d)
Consumer Price Index
22.
Laissez-faire refers to the economic
a)
principle that the state should not meddle with the economy
b)
principle that the state should regulate trade
c)
principle that the state should have a hand in steering the economy
d)
philosophy that the state should promote industrial development
23.
The manipulation of the supply of money and credit in private hands to promote economic health is known as
a)
Socialism
b)
Keynesianism
c)
Monetary Policy
d)
Supply-side economics
24.
Monetary policy is directly regulated by the
a)
President
b)
Federal Reserve System
c)
United States Mint
d)
Department of Commerce
25.
According to monetarists, too much money and credit leads to
a)
A budget surplus
b)
Recession
c)
Inflation
d)
Recession
26.
The main agency for making monetary policy is
a)
printing of money
b)
creation of jobs
c)
none of these
d)
Federal taxing, spending, and borrowing
27.
The icon for economic leadership among Democrats is
a)
Bill Clinton
b)
Franklin Roosevelt
c)
Ronald Reagan
d)
Rick Lantz
28.
The icon for economic Republicans is
a)
Andrew Jackson
b)
Ronald Reagan
c)
Bill Clinton
d)
Stanley Yelnats
29.
Among the key programs included in the New Deal were
a)
Aid for the poor
b)
Social Security
c)
both of these
30.
Keynesian economic theory argues for
a)
keeping the government's hands off the economy
b)
Stimulating the economy through government spending programs
c)
lower taxes to stimulate economy
31.
The economic theory encouraged by Arthur Laffer and supported by President Reagan is known as
a)
Voodoo economics
b)
deficit spending
c)
Tax and spend
d)
Supply-side economics
32.
The Sherman Act of 1890 is designed to
a)
Keep oil prices cheap
b)
Ensure competition and prevent corporate monopolies
c)
Raise tariffs on foreign goods
d)
promote international free trade
33.
America's first antitrust legislation passed in the late 19th century is
a)
Antimonopoly Act
b)
Wagner Act
c)
the Sherman Act
d)
Taft-Hartly Act
34.
A famous & recent antitrust case pursued by the Clinton administration involved
a)
Microsoft
b)
McDonalds
c)
Starbucks
d)
none of these
35.
What organization regulated international trade?
a)
Federal Trade Commission
b)
Federal Open Market Committee
c)
Securities and Echange Commission
d)
World Trade Organization
36.
An employer is forbidden to fire or discriminate against a worker who advocates the possibility of unionizing under a provision of
a)
First Amendment
b)
National Labor Relations Act
c)
None of these
d)
Both of these
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