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Semester 2 Review (Government/Economics)

Total questions: 58

Worksheet time: 30mins

Name
Class
Date
1.

What created the Supreme Court?

a)

Congress

b)

The Constitution

c)

the President

d)

the state legislatures

2.

How many justices currently sit on the Supreme Court?

a)

5

b)

7

c)

9

d)

12

3.

What percent of cases in the docket does the Supreme Court actually hear?

a)

1%

b)

5%

c)

10%

d)

25%

4.

Which amendment provides the right to an attorney?

a)

3rd

b)

4th

c)

5th

d)

6th

5.

What must a police officer have in order to search a person?

a)

search warrant

b)

probable cause/reasonable suspicion

c)

Miranda warning

d)

formal indictment by a grand jury

6.

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?

a)

equality of opportunity

b)

affirmative action

c)

selective incorporation

d)

sovereign immunity

7.

A specific course of action that government takes to address a problem is called a/n

a)

piece of legislation

b)

public policy

c)

executive order

d)

federal mandate

8.

Which of the following make up an iron triangle?

a)

Congress, executive agency, and federal court

b)

executive agency, federal court, and interest group

c)

Congress, federal court, and interest group

d)

Congress, executive agency, and interest group

9.

What type of politics would welfare be classified as?

a)

majoritarian

b)

client

c)

entrepreneurial

d)

interest group

10.

_____ 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.

a)

social insurance, public assistance

b)

public assistance, social insurance

c)

social insurance, social insurance

d)

public assistance, public assistance

11.

_____ is the belief that members of society are responsible for themselves. Is this indicative of American culture?

a)

Individualism, Yes

b)

Individualism, No

c)

Collectivism, Yes

d)

Collectivism, No

12.

Which of the following is a concern about the military-industrial complex?

a)

It wastes government monetary resources.

b)

It does not provide enough profit to military based companies.

c)

It could incentivize the U.S. to pursue peaceful foreign policy.

d)

All of the above

13.

______ power is the use of military and economic force in foreign policy, such as war and economic sanctions.

a)

Hard

b)

Soft

c)

Martial

d)

Diplomatic

14.

All of the following are human resources EXCEPT

a)

time

b)

capital

c)

labor

d)

entrepreneurship

15.

Private property rights, rational self-interest, and a complete ban of government regulation of the economy are characteristics of

a)

montarism

b)

pure market economy

c)

mixed economy

d)

command economy

16.

The next best thing that you lose when making an economic choice is

a)

scarcity

b)

opportunity cost

c)

tradeoff

d)

advantage

17.

Jenny can fold six towels in three minutes. Jack can fold five towels in three minutes. Who has the absolute advantage in towel folding?

a)

Jenny

b)

Jack

c)

neither

18.

What method of allocation is the most efficient?

a)

market

b)

first come, first served

c)

government

d)

random selection

19.

__________ demand is one consumer's demand at each price level. __________ demand is the sum of all consumer demand at each price level.

a)

individual, individual

b)

market, market

c)

market, individual

d)

individual, market

20.

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?

a)

income

b)

price of substitutes

c)

tastes

d)

price of complements

21.

The price of Colombian coffee has decreased. This increases the supply of Starbucks drinks. What determinant affects the supply of the beverages?

a)

price of resources

b)

number of suppliers

c)

technology/productivity

d)

price of complementary goods

22.

What is the point where supply and demand intersect?

a)

equilibrium

b)

perfect demand

c)

ideal market

d)

disequilibrium

23.

What type of market is characterized by a single firm controlling the price for a particular good or service?

a)

monopoly

b)

oligopoly

c)

communism

d)

competitive

24.

Which of the following makes up the largest percentage of U.S. GDP?

a)

consumption

b)

investment

c)

government spending

d)

trade

25.

What form of business makes up the least total number of companies, but earns the most profit in the U.S.?

a)

sole proprietorships

b)

partnerships

c)

corporations

d)

monopolies

26.

The market value of all final goods and services produced in a year within a country is a nation's

a)

consumption

b)

gross domestic product

c)

national income

d)

net national product

27.

When the USD appreciates against a foreign currency, demand for U.S. goods abroad _______.

a)

decreases

b)

increases

c)

doesn't change

28.

What part of the business cycle is characterized by an increase in real GDP?

a)

expansion

b)

peak

c)

contraction

d)

trough

29.

Which of the following would be considered unemployed?

a)

Stacy, a stay at home mother

b)

Jack, a 14 year old student

c)

Alice, a woman who was laid off

d)

Kevin, a college graduate waiting for his first career job to start in a month

30.

What type of unemployment is the product of short-term movement of workers between jobs?

a)

seasonal

b)

frictional

c)

structural

d)

cyclical

31.

What is a sustained rise in price level?

a)

inflation

b)

deflation

c)

appreciation

d)

depreciation

32.

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?

a)

3%

b)

5%

c)

8%

d)

2%

33.

All of the following are criticisms of raising the minimum wage EXCEPT

a)

People would have less money in the short run.

b)

Businesses may have to lay off workers.

c)

Prices of consumer goods may increase.

d)

Comparative purchasing power of higher earners will decrease.

34.

What type of spending constitutes the largest portion of the federal budget?

a)

discretionary

b)

mandatory

c)

consumption

d)

investment

35.

What type of tax hits lower and middle income individuals and families harder than higher income individuals and families?

a)

progressive

b)

regressive

c)

seigniorage

d)

proportional

36.

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?

a)

$1,000

b)

$100

c)

$9,000

d)

$900

37.

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?

a)

$300,000

b)

$100,000

c)

$0

d)

$200,000

38.

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?

a)

$300,000

b)

$100,000

c)

$0

d)

$200,000

39.

If the goal is to decrease the money supply, what would the Federal Reserve do to the federal funds and discount rates?

a)

increase them

b)

decrease them

c)

increase FFR, decrease DR

d)

decrease FFR, increase DR

40.

Which of the following is an example of government regulation of the economy?

a)

national minimum wage laws

b)

recall process for unsafe goods

c)

OSHA requirements for workplace safety

d)

all of the above

41.

What is the primary check of the federal courts on the acts of the President and Congress?

a)

impeachment

b)

removal from office

c)

judicial review

d)

power of the purse

42.

Which of the following is a reason why judges are NOT accountable to anything but the Constitution?

a)

They are not elected.

b)

They serve for a lifetime.

c)

Their salaries are guaranteed.

d)

All of the above

43.

Which of the following is matched with its correct definition?

a)

majority opinion: final decision of the Supreme Court written by one justice

b)

dissenting opinion: an opinion that agrees with the majority but uses different reasoning

c)

concurring opinion: a brief, unsigned opinion

d)

per curiam opinion: an opinion that disagrees with the final decision of the Court

44.

Which amendment provides the right to silence?

a)

3rd

b)

4th

c)

5th

d)

6th

45.

Civil __________ protect all people from abuses of power by the government. Civil __________ protect certain marginalized groups from discrimination.

a)

liberties, liberties

b)

liberties, rights

c)

rights, rights

d)

rights, liberties

46.

When everybody pays into a policy and also benefits from said policy, what type of politics is occurring?

a)

majoritarian

b)

client

c)

entrepreneurial

d)

interest group

47.

How does the United States compare to Europe when it comes to environmental policy?

a)

U.S. policy is more adversarial.

b)

European policy is carried out by the national government.

c)

U.S. policy is carried out inconsistently by the individual states.

d)

All of the above.

48.

[1 peso=.07USD] Using the exchange rate provided, calculate how much a $20 USD shirt would cost in Mexican pesos.

a)

1.40 pesos

b)

285.71 pesos

c)

28.57 pesos

d)

14 pesos

49.

Indicators that come before changes in real output are

a)

lagging

b)

preceding

c)

coincident

d)

leading

50.

Which of the following would qualify for unemployment insurance?

a)

Susan, who was laid off

b)

Parker, who quit his job

c)

Janice, who retired

d)

Larry, who was fired

51.

Which demographic listed below is likely to have the highest rate of unemployment?

a)

whites

b)

women

c)

teens

d)

men

52.

The type of policy that deals with government spending and taxation is __________. The policy that deals with controlling money supply and interest rates is __________.

a)

monetary, fiscal

b)

fiscal, fiscal

c)

fiscal, monetary

d)

monetary, monetary

53.

Which branch has the power to levy and collect taxes at the federal level?

a)

legislative

b)

executive

c)

judicial

54.

Which of the following functions of money is correctly matched with its definition?

a)

medium of exchange: ability to trade money for goods and services

b)

unit of account: money can be broken into different measures

c)

store of value: use money value to write out debt

d)

standard of deferred payment: money retains value over time

55.

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?

a)

$300,000

b)

$100,000

c)

$0

d)

$200,000

56.

If a bank has a reserve requirement of 20%, what would the deposit expansion multiplier be for a new deposit?

a)

10

b)

1

c)

5

d)

20

57.

If the goal is to increase the money supply, what would the Federal Reserve do concerning bonds on the open market?

a)

sell bonds

b)

buy bonds

c)

buy and sell bonds

d)

do nothing (this is not a job of the Federal Reserve)

58.

All of the following are member countries of NAFTA EXCEPT

a)

U.S.

b)

Mexico

c)

Canada

d)

China