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WorksheetsUnit 5 Honors - Govt & Economy
Total questions: 20
Worksheet time: 20mins
This is levied on specific goods when they are produced, but is usually passed on to the consumer. Also known as a "sin tax"
estate tax
income tax
excise tax
flat tax
Imagine that the Fed announces they're raising interest rates from 1% to 3.5%. This tells us that inflation is probably ____ and they want the economy to ____.
low, slow
low, grow
high, slow
high, grow
Which of these is NOT a role of the Federal Reserve?
The regulator of all US banks
Agency that collects all tax revenue
Central bank of the US
Bank for the government and other banks
True or False: The federal government ONLY collects revenue via taxes.
True
False
True or False: Sales tax is the same in all 50 states.
True
False
True or False: Income tax is different from state to state.
True
False
GDP is the total value of _______ in a specific period of time.
All imports the US receives
All incomes of a country's residents, minus all debts owed
All goods exported by the US
All goods made & services provided in a country
Lindsay is 15 and not looking for a job because she's busy with school & sports, plus she cannot drive. She is ...
employed
unemployed
not in the labor force
Jon was working at Twitter, but was laid off earlier this month. However he found a new job at Meta and started yesterday. He is...
employed
unemployed
not in the labor force
Andrew was working at Jersey Mike's. However he was fired because he was consistently late, or didn't show up to work at all. He is ...
employed
unemployed
not in the labor force
Beth worked at Duke for 30 years and retired in August. She might start working part time, but for now is enjoying the freedom and flexibility of retirement. Beth is...
employed
unemployed
not in the labor force
A recession is ...
a short-term (<3 months) increase in inflation
a short-term (<3 months) period of GDP growth
a prolonged period (>6 months) of economic downturn
a prolonged period (>6 months) of economic growth
The Department of the Treasury offered high interest rates on bonds this year because they wanted people to ...
purchase bonds and put more $ in circulation
buy goods to create a recession
buy goods to decrease inflation
purchase bonds and get $ out of circulation
When the Fed raises interest rates, it makes borrowing money _______
easier
more difficult
it does not affect people's ability to borrow
True or False: The U.S. government is often in a budget deficit (spending more $ than it has)
True
False
What strategy/strategies can the U.S. government use to DECREASE a deficit? Check ALL that apply!
Encourage inflation
Collect more taxes
Decrease government spending
Increase government spending
The U.S. federal income tax is _______ meaning the tax rate is higher for those who earn more income.
excise
progressive
regressive
flat
Sales tax is a _________ because poorer people pay a higher share of their income on the tax than the wealthy.
progressive tax
regressive tax
excise tax
income tax
The _____________ is used to measure the weighted average of various goods Americans purchase. When this increases, it's a sign of inflation.
Gross Domestic Product
Federal Reserve
Internal Revenue Service
Consumer Price Index
What topic did you find MOST interesting this unit?
Different ways of measuring the economy
Different types & levels of taxes
The Federal Reserve, monetary policy & interest rates
Examples of fiscal policy (i.e. Reaganomics, child tax credit, etc.)
