PSCI 110 Final Study Exam Questions With
Correct Answers.
Laws that structure the conditions under which you can sell your property are called -
answer✔✔laws of exchange
Which term describes a good that, after it is provided, may be enjoyed by anyone and may not be
denied to anyone? - answer✔✔public goods
Universal compulsory education is an example of government efforts to - answer✔✔create a
labor force
Which term describes a company that provides all the goods and services for a particular market
such that competition is nonexistent? - answer✔✔monopoly
The most fundamental way that government affects investment is by - answer✔✔promoting
business, investor, and consumer confidence.
National tariff policies promote domestic markets by - answer✔✔restricting imported goods.
The government's use of taxing and spending powers to manipulate the economy is called -
answer✔✔fiscal policy
The income tax in the United States today is a _________ tax - answer✔✔progressive
A sales tax is deemed ___________ because everybody pays at the same rate, but the more you
make, the lower the percentage of your income that goes to buying items and paying sales tax. -
answer✔✔regressive
The amount by which government spending exceeds revenues in a fiscal year is called the -
answer✔✔budget deficit.
As a percentage of GDP, total government receipts in the United States are ______________
those of most other industrialized countries. - answer✔✔smaller than
Fiscal policy is made by - answer✔✔the President and Congress.
According to the text, state and local governments' revenues depend primarily on -
answer✔✔sales and property taxes.
The federal government raises most of its revenue from ______________. -
answer✔✔individual income taxes
Federal taxes on the sale of alcohol, tobacco, and gasoline are examples of ______________
taxes. - answer✔✔excise
Which of the following statements is true regarding capital gains? - answer✔✔Capital gains are
taxed at a lower rate than ordinary income.
In 2010, defense expenditures were approximately ______________ of all federal expenditures.
- answer✔✔20 percent
According to the text, the Federal Reserve is most responsive and accountable to -
answer✔✔bankers
The authority of the federal government to issue economic regulations stems primarily from
what the Constitution says about - answer✔✔interstate commerce
The power of the federal government to issue economic regulations was largely dormant until
approximately - answer✔✔1890.
The program that offers health insurance to the elderly is called ______________. -
answer✔✔medicare
Government protection of citizens' economic and social well-being through instruments of social
insurance and transfers to the needs broadly refers to - answer✔✔the welfare state
Means-tested programs are programs that are available to - answer✔✔citizens whose income or
wealth is below a level set by law.
Compared with people in most other industrial societies, people in the United States enjoy
______________ social rights. - answer✔✔less generous and fewer
The 40-hour work week and the first national minimum wage were established by
______________. - answer✔✔the Fair Labor Standards Act of 1938
According to the text, the War on Poverty - answer✔✔reduced the number of people in poverty.
Elementary and high school education in the United States is mostly financed by
______________. - answer✔✔local governments
As of 2006, compared with other industrialized democracies, the United States spent
______________ percent of its GDP on health. - answer✔✔a larger
According to the text, business has generally opposed extending the welfare state because -
answer✔✔the welfare state reduces the power that employers exercise over employees.
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