Final test economy

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This progress test covers Unit 5 and Unit 6. Although the progress test is similar in style to the unit evaluations, the progress test is a closed-book, proctored test. You may not have access to notes or any of the course materials while you are taking the test. It is important that you do your own work. Select the response that best completes the statement or answers the question.

Course Name: Economics Student: Artjoms Lapiks Course ID: BUSH035061 ID: A47598020 Submittal: 59 Progress Test 3 This progress test covers Unit 5 and Unit 6. Although the progress test is similar in style to the unit evaluations, the progress test is a closed-book, proctored test. You may not have access to notes or any of the course materials while you are taking the test. It is important that you do your own work. Select the response that best completes the statement or answers the question. ____ 1. Which idea is central to classical economics? a. b. c. ____ 2. Suppose that Gretchen has a gross income of $90,000 and $10,000 in deductions. What is Gretchen’s taxable income? a. b. c. ____ 3. true false Under which kind of tax does the percentage of income paid rise as income increases? a. b. c. ____ 7. true false A trade war usually hurts all countries involved. a. b. ____ 6. allowed the United States government to tax exports to other countries. allowed the United States government to tax individual incomes. outlawed all sales taxes in the United States and its territories. Personal income is the tax base for a property tax. a. b. ____ 5. $80,000 $90,000 $90,000 x .80 = $72,000 The Sixteenth Amendment to the Constitution a. b. c. ____ 4. The government should regulate the economy. Printing more paper money will help the economy. The market should be allowed to regulate itself. progressive tax regressive tax proportional tax According to supply-side economic theory, lower taxes will encourage businesses to invest, which will create more jobs. a. b. true false ____ 8. What is an argument FOR free trade? a. b. c. ____ 9. It can raise the standard of living by making more goods available. It will create a greater demand for domestic products. It prevents competitor nations from finding comparative advantage. Subsistence agriculture means a. b. c. growing farm goods to sell for profit. growing food for your own family. importing agricultural goods. ____ 10. What is an argument in favor of multinational corporations? a. b. c. They introduce new technologies, services, and industries to LDC’s. They always pay high wages to workers in less developed countries. They make it easier to enact trade barriers between countries. ____ 11. __________ occur(s) when the government borrows money because it spends more than it collects in revenue. a. b. c. A budget surplus Excess reserves Deficit spending ____ 12. A nation that exports more than it imports has a a. b. trade surplus. trade deficit. ____ 13. The organization of an economy for manufacturing is industrialization. a. b. true false ____ 14. What is an argument FOR protectionism? a. b. c. encouraging international trade guaranteeing that goods will be less expensive reducing competition for domestic goods ____ 15. Suppose that an income tax is proportional. If people making $60,000 a year pay 15 percent of their incomes under this tax, what do people making over $250,000 a year pay? a. b. c. $60,000 15 percent of their incomes 35 percent of their incomes ____ 16. Open market operations are a tool the Federal Reserve uses to regulate the amount of money in the economy. This tool involves changing the interest rate on loans to financial institutions. a. b. true false ____ 17. What is an example of discretionary government spending? a. b. c. aid to state and local governments military pensions Social Security ____ 18. When the value of a currency increases, it is called a. b. currency appreciation. currency depreciation. ____ 19. A tariff is a tax on an imported good. a. b. true false ____ 20. A tax that consumers pay to restaurants, which send the money to the government later, is a(n) __________ tax. a. b. direct indirect ____ 21. The Federal Reserve uses an easy money policy when it wants to decrease the money supply. a. b. true false ____ 22. The national debt is a. b. c. the amount the government borrows in one fiscal year. the same thing as a deficit. the total amount of money the government owes. ____ 23. The belief that a country should concentrate on producing the goods it can produce most efficiently is a. b. c. the belief that lowering taxes can increase revenue. the outside lag. the law of comparative advantage. ____ 24. Free trade involves a. b. c. enacting tariffs and quotas. removing trade barriers between nations. placing an embargo on another nation. ____ 25. Which agency helps prepare the federal budget? a. b. c. Office of Management and Budget Federal Deposit Insurance Corporation United States Supreme Court ____ 26. Unequal distribution of resources among countries results in specialization and trade. a. b. true false ____ 27. The main purpose of the World Trade Organization is to a. b. c. restrict international trade. raise revenue by collecting taxes. make global trade more free. ____ 28. The actions the Federal Reserve takes to influence real GDP and the inflation rate are called monetary policy. a. b. true false ____ 29. How can specialization cause job loss in a country? a. b. c. Other countries will import fewer goods, and total demand will decrease. Fewer types of skills are in demand if a country only produces certain types of goods. New technologies will replace workers with automated machines. ____ 30. Using government spending and revenue collection to influence the economy is a. b. c. fiscal policy. tax assessment. balancing a budget. ____ 31. What is an example of ABSOLUTE advantage? a. b. c. A factory can make 100 frozen waffles in an hour but only 60 ice cream cones in an hour. A country can produce more lemonade than orange juice because it has more lemon trees. Factory A can make 100 ice cream cones per hour, but Factory B can only make 70 ice cream cones per hour. ____ 32. According to the Laffer Curve, lower taxes can actually result in more tax revenue for the government. a. b. true false ____ 33. The Affordable Care Act of 2010 required Americans a. b. c. without health insurance to buy it from private exchanges or the federal insurance marketplace. to invest in private health care retirement accounts and ended FICA taxes. to buy all medicines and health care-related equipment from American companies. ____ 34. Keynesian economics favors an active role for government in the economy so government can increase supply. a. b. true false ____ 35. Keynesian economics says government can reduce inflation by a. b. c. lowering taxes to put more money in circulation. placing the American currency back on the gold standard. reducing spending to decrease demand. ____ 36. In the Federal Reserve, the member banks oversee the board of governors. a. b. true false ____ 37. John Maynard Keynes believed that supply drives the economy. a. b. true false ____ 38. __________ was a regional trade agreement that included the United States, Canada, and Mexico. a. b. c. The Free Trade Area of the Americas (FTAA) The Central American Free Trade Agreement (CAFTA) The North American Free Trade Agreement (NAFTA) ____ 39. An important way in which banks make money is charging interest on loans. a. b. true false ____ 40. In the United States, state governments can collect revenue with taxes, but local governments cannot. a. b. true false ____ 41. Foreign direct investment occurs when a. b. c. foreign investors make purchases in another country’s financial markets. an investor establishes a business in another country. capital to start a business is derived from a country’s own citizens. ____ 42. Keynesian economics says government can avoid recession by a. b. c. increasing spending if the country’s total spending falls below what is needed. forcing state and local governments to lower property taxes and sales taxes. placing tariffs on imported goods to protect domestic manufacturing. ____ 43. What is an example of a tax incentive? a. b. c. placing a high tax on alcoholic drinks to discourage their use giving federal money to a state or local government for a specific purpose using revenue collected by a property tax to repair streets and utilities in a city or town ____ 44. An argument against multinational corporations is that they may create job loss by offshoring production to countries where labor costs are lower. a. b. true false ____ 45. If Country A can produce more lemonade than milk, the country has an absolute advantage. a. b. true false ____ 46. Which statement about the federal budget in the United States is TRUE? a. b. c. The president may approve a budget without the approval of Congress. Congress could never approve a budget without the president’s approval. Both houses of Congress must approve the budget. ____ 47. Privatization is a. b. c. giving control of private businesses to the government. transferring government-owned businesses to private individuals. giving government aid to private businesses to help them develop. ____ 48. The use of trade barriers to protect domestic industries is a. b. c. protectionism. free trade. a flexible exchange rate system. ____ 49. The increasing interconnectedness of economic systems around the world is a. b. c. globalization. offshoring. sustainable development. ____ 50. Which program is NOT funded by a FICA tax? a. b. c. Social Security Medicare unemployment insurance Carefully review your answers on this progress test and make any corrections you feel are necessary. When you are satisfied that you have answered the questions to the best of your ability, transfer your answers to the online test submission page in the presence of your proctor. The University of Nebraska is an equal opportunity educator and employer. ©2018, The Board of Regents of the University of Nebraska. All rights reserved.

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Running head: PROGRESS TEST 3

Progress Test 3

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PROGRESS TEST 3
Progress Test 3
1. Which idea is central to classical economics?
a. The government should regulate the economy.
b. Printing more paper money will help the economy.
c. The market should be allowed to regulate itself.

2.Suppose that Gretchen has a gross income of $90,000 and $10,000 in deductions. What is Gret
chen’s taxable income?
a. $80,000
b. $90,000
c. $90,000 x .80 = $72,000
3. The Sixteenth Amendment to the Constitution
a. allowed the United States government to tax exports to other countries.
b. allowed the United States government to tax individual incomes.
c. outlawed all sales taxes in the United States and its territories.
4. Personal income is the tax base for a property tax.
a. true
b. false
5. A trade war usually hurts all countries involved.
a. true
b. false
6. Under which kind of tax does the percentage of income paid rise as income increases?
a. progressive tax
b. regressive tax
c. proportional tax.

PROGRESS TEST 3
7. According to supplyside economic theory, lower taxes will encourage businesses to invest, which will
create more jobs.
a. true
b. false
8. What is an argument FOR free trade?
a. It can raise the standard of living by making more goods available.
b. It will create a greater demand for domestic products.
c. It prevents competitor nations from finding comparative advantage.
10. What is an argument in favor of multinational corporations?
a. They introduce new technologies, services, and industries to LDC’s.
b. They always pay high wages to workers in less developed count...

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Anonymous
Tutor went the extra mile to help me with this essay. Citations were a bit shaky but I appreciated how well he handled APA styles and how ok he was to change them even though I didnt specify. Got a B+ which is believable and acceptable.

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