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WorksheetsSemester 2 Review (Government/Economics)
Total questions: 58
Worksheet time: 30mins
What created the Supreme Court?
Congress
The Constitution
the President
the state legislatures
How many justices currently sit on the Supreme Court?
5
7
9
12
What percent of cases in the docket does the Supreme Court actually hear?
1%
5%
10%
25%
Which amendment provides the right to an attorney?
3rd
4th
5th
6th
What must a police officer have in order to search a person?
search warrant
probable cause/reasonable suspicion
Miranda warning
formal indictment by a grand jury
Sally and Johnny are both applicants to the Ira Fulton School of Engineering at Arizona State University. They have similar academic and extracurricular achievements. The dean of admissions decides to accept Sally over Johnny to add more gender diversity to the program. What is this an example of?
equality of opportunity
affirmative action
selective incorporation
sovereign immunity
A specific course of action that government takes to address a problem is called a/n
piece of legislation
public policy
executive order
federal mandate
Which of the following make up an iron triangle?
Congress, executive agency, and federal court
executive agency, federal court, and interest group
Congress, federal court, and interest group
Congress, executive agency, and interest group
What type of politics would welfare be classified as?
majoritarian
client
entrepreneurial
interest group
_____ is helping those who cannot help themselves. _____ is giving benefits to those who paid into a program and are therefore eligible to receive the rewards.
social insurance, public assistance
public assistance, social insurance
social insurance, social insurance
public assistance, public assistance
_____ is the belief that members of society are responsible for themselves. Is this indicative of American culture?
Individualism, Yes
Individualism, No
Collectivism, Yes
Collectivism, No
Which of the following is a concern about the military-industrial complex?
It wastes government monetary resources.
It does not provide enough profit to military based companies.
It could incentivize the U.S. to pursue peaceful foreign policy.
All of the above
______ power is the use of military and economic force in foreign policy, such as war and economic sanctions.
Hard
Soft
Martial
Diplomatic
All of the following are human resources EXCEPT
time
capital
labor
entrepreneurship
Private property rights, rational self-interest, and a complete ban of government regulation of the economy are characteristics of
montarism
pure market economy
mixed economy
command economy
The next best thing that you lose when making an economic choice is
scarcity
opportunity cost
tradeoff
advantage
Jenny can fold six towels in three minutes. Jack can fold five towels in three minutes. Who has the absolute advantage in towel folding?
Jenny
Jack
neither
What method of allocation is the most efficient?
market
first come, first served
government
random selection
__________ demand is one consumer's demand at each price level. __________ demand is the sum of all consumer demand at each price level.
individual, individual
market, market
market, individual
individual, market
Apple Computers puts out a new iPhone that many people are talking about on Twitter. Demand for the new phone is high. What determinant affects the demand for the phones?
income
price of substitutes
tastes
price of complements
The price of Colombian coffee has decreased. This increases the supply of Starbucks drinks. What determinant affects the supply of the beverages?
price of resources
number of suppliers
technology/productivity
price of complementary goods
What is the point where supply and demand intersect?
equilibrium
perfect demand
ideal market
disequilibrium
What type of market is characterized by a single firm controlling the price for a particular good or service?
monopoly
oligopoly
communism
competitive
Which of the following makes up the largest percentage of U.S. GDP?
consumption
investment
government spending
trade
What form of business makes up the least total number of companies, but earns the most profit in the U.S.?
sole proprietorships
partnerships
corporations
monopolies
The market value of all final goods and services produced in a year within a country is a nation's
consumption
gross domestic product
national income
net national product
When the USD appreciates against a foreign currency, demand for U.S. goods abroad _______.
decreases
increases
doesn't change
What part of the business cycle is characterized by an increase in real GDP?
expansion
peak
contraction
trough
Which of the following would be considered unemployed?
Stacy, a stay at home mother
Jack, a 14 year old student
Alice, a woman who was laid off
Kevin, a college graduate waiting for his first career job to start in a month
What type of unemployment is the product of short-term movement of workers between jobs?
seasonal
frictional
structural
cyclical
What is a sustained rise in price level?
inflation
deflation
appreciation
depreciation
Jack and Jill enter into a loan agreement. They expect an inflation rate of 3%. Jill wants to make at least 5% off her loan to Jack. What rate should she charge?
3%
5%
8%
2%
All of the following are criticisms of raising the minimum wage EXCEPT
People would have less money in the short run.
Businesses may have to lay off workers.
Prices of consumer goods may increase.
Comparative purchasing power of higher earners will decrease.
What type of spending constitutes the largest portion of the federal budget?
discretionary
mandatory
consumption
investment
What type of tax hits lower and middle income individuals and families harder than higher income individuals and families?
progressive
regressive
seigniorage
proportional
If a bank has a reserve requirement of 10% and gets $10,000 in new deposits, how much of the $10,000 could be given out in new loans?
$1,000
$100
$9,000
$900
If a bank has a reserve requirement of 10%, total deposits of $1,000,000, cash of $300,000 and loans of $700,000, what is the bank's required reserves?
$300,000
$100,000
$0
$200,000
If a bank has a reserve requirement of 10%, total deposits of $1,000,000, cash of $300,000 and loans of $700,000, what is the bank's total reserves?
$300,000
$100,000
$0
$200,000
If the goal is to decrease the money supply, what would the Federal Reserve do to the federal funds and discount rates?
increase them
decrease them
increase FFR, decrease DR
decrease FFR, increase DR
Which of the following is an example of government regulation of the economy?
national minimum wage laws
recall process for unsafe goods
OSHA requirements for workplace safety
all of the above
What is the primary check of the federal courts on the acts of the President and Congress?
impeachment
removal from office
judicial review
power of the purse
Which of the following is a reason why judges are NOT accountable to anything but the Constitution?
They are not elected.
They serve for a lifetime.
Their salaries are guaranteed.
All of the above
Which of the following is matched with its correct definition?
majority opinion: final decision of the Supreme Court written by one justice
dissenting opinion: an opinion that agrees with the majority but uses different reasoning
concurring opinion: a brief, unsigned opinion
per curiam opinion: an opinion that disagrees with the final decision of the Court
Which amendment provides the right to silence?
3rd
4th
5th
6th
Civil __________ protect all people from abuses of power by the government. Civil __________ protect certain marginalized groups from discrimination.
liberties, liberties
liberties, rights
rights, rights
rights, liberties
When everybody pays into a policy and also benefits from said policy, what type of politics is occurring?
majoritarian
client
entrepreneurial
interest group
How does the United States compare to Europe when it comes to environmental policy?
U.S. policy is more adversarial.
European policy is carried out by the national government.
U.S. policy is carried out inconsistently by the individual states.
All of the above.
[1 peso=.07USD] Using the exchange rate provided, calculate how much a $20 USD shirt would cost in Mexican pesos.
1.40 pesos
285.71 pesos
28.57 pesos
14 pesos
Indicators that come before changes in real output are
lagging
preceding
coincident
leading
Which of the following would qualify for unemployment insurance?
Susan, who was laid off
Parker, who quit his job
Janice, who retired
Larry, who was fired
Which demographic listed below is likely to have the highest rate of unemployment?
whites
women
teens
men
The type of policy that deals with government spending and taxation is __________. The policy that deals with controlling money supply and interest rates is __________.
monetary, fiscal
fiscal, fiscal
fiscal, monetary
monetary, monetary
Which branch has the power to levy and collect taxes at the federal level?
legislative
executive
judicial
Which of the following functions of money is correctly matched with its definition?
medium of exchange: ability to trade money for goods and services
unit of account: money can be broken into different measures
store of value: use money value to write out debt
standard of deferred payment: money retains value over time
If a bank has a reserve requirement of 10%, total deposits of $1,000,000, cash of $300,000 and loans of $700,000, what is the bank's excess reserves?
$300,000
$100,000
$0
$200,000
If a bank has a reserve requirement of 20%, what would the deposit expansion multiplier be for a new deposit?
10
1
5
20
If the goal is to increase the money supply, what would the Federal Reserve do concerning bonds on the open market?
sell bonds
buy bonds
buy and sell bonds
do nothing (this is not a job of the Federal Reserve)
All of the following are member countries of NAFTA EXCEPT
U.S.
Mexico
Canada
China
