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WorksheetsUS Government and the Economy
Total questions: 15
Worksheet time: 49mins
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.
What does the government often do when inflation gets too high?
It prints more money.
It raises taxes.
It raises interest rates.
It increases government spending.
Which of the following is a function of money?
It's a standard of value.
It's a store of value.
It's a medium of exchange.
All of the above.
Our money has value because it is
It's easily destroyed.
It's made of gold and silver.
It's generally acceptable.
All of the above.
How many Federal Reserve districts are there?
12
50
116
3
Economic growth takes place when the GDP increases without increases in
Employment
Inflation
Wages
GDP
What is the largest entitlement program provided by the United States government?
Military defense
Welfare
Interest debt
Social security
A group of businesses with a large market share, who agree to charge high prices for profit is called a _______.
Trust
Monopoly
Cooperative
Corporation
What describes a situation in which everyone who wants a job can find one?
Full employment
Unemployment
Interest
Credit counseling
A bank that offers a __________ to a customer will expect it to be repaid with interest
Interest
Loan
Debt
Withdrawl
A general rise in the prices of goods and services is called what?
Interest
Loan
Inflation
Deficit budget
The __________________ grows when the government borrows money to pay for spending programs it cannot afford.
Budget deficit
Budget surplus
debt
Interest
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
The Smith family earns a yearly income of $150,000 and pays $35,000 in income tax. The Harris family earns a yearly income of $75,000 and pays $15,000 in income tax. The Johnson family earns a $40,000 yearly income and pays $6,000 in tax.
According to the chart above, what type of tax is in effect?
Proportional
Progressive
Regressive
