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Econ Review

Total questions: 50

Worksheet time: 25mins

Name
Class
Date
1.

in order to win a presidential election a candidate must have how many electoral votes?

a)

269

b)

270

c)

274

d)

275

2.

the federal debt

a)

is the amount of money the U.S. government owes to its creditors

b)

is primarily owned to China

c)

is the money the government spends in excess of its revenues

d)

can be easily paid off

3.

According to the Constitution, the President must

a)

be at least 35 years of age before he runs

b)

have held one major public office before running for the presidency

c)

be a U.S. citizen who was born in the continental U.S.

d)

have lived in the U.S. 14 consecutive years before the election

4.

a major role of the President's cabinet is to

a)

fulfill the requirements of the Constitution

b)

uphold tradition

c)

give advice

d)

provide support for presidential offices

5.

orders issued by the President that carry the force of the law are

a)

Executive agreements

b)

Executive laws

c)

Executive orders

d)

Executive privileges

6.

international agreements made by a president that do not require Senate approval are

a)

Executive orders

b)

Executive agreements

c)

Executive privileges

d)

Executive laws

7.

claims by the President that they have the discretion to decide that the national interest will be better served if certain information is withheld from the public is an example of

a)

Executive law

b)

Executive agreement

c)

Executive privilege

d)

Executive order

8.

the members of the cabinet are appointed

a)

by the President

b)

by the Senate

c)

by the house of Representatives

9.

Vice President Gerald Ford became president after President Richard Nixon

a)

resigned

b)

was impeached

c)

died

10.

in order to bring charges against the President or Vice President for misconduct in office, the House of Representatives is given

a)

the power to impeach

b)

executive powers

c)

investigatory powers

11.

a budget deficit is

a)

the amount the government plans to spend each year

b)

the amount the government receives in taxes

c)

occurs when expenditures exceed revenues

12.

which of the following is an example of an executive order

a)

FDR's internment of Japanese-Americans during WWII

b)

President Bush's deployment of American troops in Afghanistan

c)

President Obama giving the State of the Union address

13.

which of the following is an example of the usage of Executive Privilege?

a)

President Ford's pardon of President Nixon

b)

Nixon's refusal to turn over the Watergate tapes to Congress

c)

Jefferson's purchase of the Louisiana territory from France

14.

the chief way the federal government raises revenue is from

a)

individual income taxes

b)

corporate taxes

c)

borrowing money

15.

people use these legal strategies to avoid paying higher taxes

a)

tax reforms

b)

tax credits

c)

tax loopholes

16.

these expenditures are benefits Congress has provided to individuals

a)

audits

b)

uncontrollables

c)

entitlements

17.

an example of an entitlement program is

a)

bail outs

b)

social security

c)

military sending

18.

because it is based on a tax payer's ability to pay, the federal income tax is called a

a)

progressive tax

b)

withholding tax

c)

regressive tax

19.

the highest ranking member of the U.S. Supreme Court is the

a)

Chief Supreme Justice

b)

Chief Justice

c)

Supreme Justice

20.

Approximately _______ cases are petitioned to the Supreme Court each year

a)

6,000

b)

8,000

c)

10,000

21.

how many cases does the Supreme Court actually hear each year ?

a)

the justices usually choose about 10 good cases

b)

about 10% of the cases they receive

c)

100

22.

most cases reach the court by

a)

writ of certiorari

b)

writ of attainment

c)

writ of habeas corpus

23.

the "rule of four" means

a)

only four justices are needed for a majority

b)

only four justices are needed to hear a case

c)

four justices agree to hear a case

24.

how many justices sit on the U.S. Supreme Court?

a)

7

b)

11

c)

9

25.

the U.S. Supreme Court's responsibilities are defined in ______ of the Constitiution

a)

artile II

b)

article III

c)

article IV

26.

the term of a U.S. Supreme Court Justice is

a)

lifetime with goodbehavior

b)

up to the President

c)

limited to three 5-year terms

27.

the U.S. Supreme Court Justice is appointed by _______and approved by ______

a)

the Senate/ President

b)

the President/ the House

c)

the President/ the Senate

28.

what are the constitutional qualifications of a U.S. Supreme Court Justice?

a)

a member of the same political party as the appointed president

b)

previous experience as a lawyer or judge

c)

born in the U.S.

d)

none of the above

29.

what is the first thing the Supreme Court will do before they discuss a case ?

a)

meet at Starbucks

b)

shake hands with one another

c)

sell all stocks appearing before them

d)

go online and check for new cases

30.

the power of Judicial review was established in

a)

Mardbury v. Madison

b)

McElroy v. Madison

c)

Marbury v. Jefferson

31.

which of the following is unconstitutional according to the first amendment ?

a)

students holding a Bible club after school

b)

students leading public prayer during graduation ceremony

c)

students praying silently on their own during a moment of silence

32.

guarantees of free speech and press are intended to

a)

give voice to the majority

b)

protect and expression of unpopular views

c)

protect the government from those who oppose it

33.

which of the following U.S. Supreme Court cases rules that "separate but equal" facilities for different races was acceptable ?

a)

Brown v. Board of Education

b)

Plessy v. Ferguson

c)

Allison v. Moran

34.

which of the following U.S. Supreme Court cases ruled that "separate but equal" facilities for different races are NOT acceptable in public schools ?

a)

Plessy v. Ferguson

b)

Brown v. Board of Education

c)

Allison v. Moran

35.

what did the 14th amendment grant African Americans ?

a)

citizenship

b)

the right to vote

c)

ended slavery

36.

what were laws that were designed to separate people based on race ?

a)

Jim Crow laws

b)

Bob Crow laws

c)

Black Man laws

37.

an incentive

a)

could be a reward but not a penalty

b)

could be a reward or penalty

c)

the opposite of a trade off

38.

the most fundemental econmic problem is

a)

scarcity

b)

health

c)

security

39.

the human capital is

a)

the capital owned by individuals or corporations, not by the government

b)

the skill and knowledge of the workers

c)

all capital owned by individuals, but not corporations for governments

40.

why do markets exist

a)

to allow exchange of goods and serves

b)

to allow people to earn money

c)

to increase profits for business owners

41.

who makes the most basic decisions in a centrally planned economy ?

a)

government

b)

investors

c)

consumers

42.

what according to Adam Smith, motivated the butcher and the baker to provide people with meat and bread ?

a)

the opportunity for profit

b)

the need to allocate food efficiently

c)

the wish to serve the greater good

43.

the government would likely block a merger if the merger would

a)

decrease prices too much

b)

lead to unfair market control

c)

generate greater efficiencies

44.

what do all types of monopolies have in common ?

a)

a single seller that controls and entire market

b)

a unique product to sell

c)

a government to ensure prices to not get too high

45.

what is an advantage of the general partners who own a partnership have that the owner of a sole proprietorship may not have ?

a)

better access to captial

b)

no need to hire employees

c)

no need to follow government regulations

46.

how are nonprofit organizations different from corporations ?

a)

nonprofits don'y make profit

b)

nonprofits are exempt of income taxes

c)

nonprofits are subject to government regulation

47.

nonprofits do not make any profits

a)

get a mortgage

b)

purchase a certificate if deposit

c)

open a checking account

48.

what is one reason for the high poverty rate in rural areas?

a)

not enough jobs

b)

most adults that live here are over 65

c)

too much competition

49.

according to the Constitution, for what purposes can government collect taxes?

a)

to establish a nations gross domestic product

b)

to pay a nations debt and provide for its self defense and welfare

c)

to discourage and promote imports

50.

what is the tax stricture of the federal income tax ?

a)

proportional

b)

progressive

c)

regressive