PSCI 110 Final Study Questions and Answers
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. - A...
PSCI 110 Final Study Questions
and Answers
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
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
As of 2006, compared with other industrialized democracies, the United States spent
______________ percent of its GDP on health. - Answer-a larger
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