Question 1 (1 point)

Question

What is fiscal policy?
Question 1 options:

The way a government creates new banks

The way a government collects money and spends it on goods and services

The way a government determines the supply of money

The way Congress votes to approve new laws
Question 2 (1 point)
Why does the government need to collect taxes?
Question 2 options:

enable federal bureaucrats to plan the economy

control the money supply and manage economic growth

pay for goods that won't be provided by the free market

prevent foreign producers from destroying infant industries
Question 3 (1 point)
Money spent by the government is called ______________
Question 3 options:

public revenue

merit goods

pork barrel spending

public expenditure
Question 4 (1 point)
Spending controlled by through the annual legislative process is called _________.
Question 4 options:

discretionary spending

mandatory spending

appropriation

none of the above
Question 5 (1 point)
The __________ regulates food, cosmetics and dietary supplements.
Question 5 options:

Federal Trade Commission (FTC)

Food and Drug Administration (FDA)

Consumer Product Safety Commission (CPSC)

Office of Fair Trading
Question 6 (1 point)
The ______________ is the central bank of the United States, responsible for regulating the country's financial and monetary system.
Question 6 options:

Federal Trade Commission

Federal Reserve System

Social Security Administration

Federal Bureau of Investigation
Question 7 (1 point)
When there is too much money or credit in the economy, the economy usually enters a period of _____________.
Question 7 options:

recession

depression

inflation

none of the above
Question 8 (1 point)
A period when there isn't enough money or credit in the economy, and the economy is shrinking instead of growing, is often called a ____________
Question 8 options:

depression

recession

inflation

none of the above
Question 9 (1 point)
Which is traded in a currency exchange market?
Question 9 options:

one set of goods are bartered for a different set of goods

goods or services are exchanged for money from a foreign country

bonds are purchased with stocks or stocks are purchased with bonds

money from one country is bought using money from another country
Question 10 (1 point)
Which result of globalization has led to wage cuts for workers in the United States?
Question 10 options:

protectionism

outsourcing

specialization

unionization

Answer 1

Here are the answers to the questions based on economics and fiscal policy knowledge:

Question 1: What is fiscal policy?
Answer: The way a government collects money and spends it on goods and services

Question 2: Why does the government need to collect taxes?
Answer: pay for goods that won't be provided by the free market

Question 3: Money spent by the government is called ______________
Answer: public expenditure

Question 4: Spending controlled through the annual legislative process is called _________.
Answer: discretionary spending

Question 5: The __________ regulates food, cosmetics and dietary supplements.
Answer: Food and Drug Administration (FDA)

Question 6: The ______________ is the central bank of the United States, responsible for regulating the country's financial and monetary system.
Answer: Federal Reserve System

Question 7: When there is too much money or credit in the economy, the economy usually enters a period of _____________.
Answer: inflation

Question 8: A period when there isn't enough money or credit in the economy, and the economy is shrinking instead of growing, is often called a ____________
Answer: recession

Question 9: Which is traded in a currency exchange market?
Answer: money from one country is bought using money from another country

Question 10: Which result of globalization has led to wage cuts for workers in the United States?
Answer: outsourcing

Feel free to ask if you have more questions or need further assistance!