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Name/Student Number:
Economics Final Exam College Prep Program
Completion
Complete each statement.
1. The hope of reward that encourages a person to behave in a certain way is a(n) _______.
2. A bridge is an example of something that is usually provided as a _________.
3. To show how demand for a good will change at specific price points, economists use a ____.
4. People will buy more of a good when its price falls and less when its price rises, according
to the _______.
5. The rate the Federal Reserve charges banks for loaning them money is the
_____________________.
Fill in the Blank.
Identify the word(s) that best complete(s) the statement or answers the question.
6.
A __________ _________ __________ shows the relationship between the production of
any two categories of goods.
7. Open opportunity, private property, contracts, voluntary exchange are basic principles that
are fundamental to __________ _____________ ____________.
8. When government intervention causes the supply of a good to rise, the supply curve shifts to
the __________.
9. Elena is looking for an apartment. The fact that Elena misses two days of work at the
supermarket to visit several different apartments available for rent is an example of her
_________ costs.
10. GoodDeeds International is structured like many other major companies, but its goal is to
benefit society, not to make money. GoodDeeds is a __________ organization.
11. The __________________ arranges stock and bond trading of top U.S. and world
companies.
12. Scientific research affects ___________ growth by improving the way things are made.
13. The federal income tax is a _____________ tax because the higher the income a person has,
the higher the percentage that person pays in tax.
14. Funding for most ____________ universities comes from state sales taxes and state income
taxes.
15. Congress changed the structure of the ____________ in 1935 to allow district banks to work
together
Short Answer
Answer the following questions using complete sentences.
16. How do resources and technology affect a country’s production possibilities?
17. Consider the centrally planned economy of the Soviet Union or China. Choose one and
explain how its experience shows the problems with a centrally planned economy.
18. Why was the New Hampshire state legislature unable to take control of Dartmouth College?
Critical Thinking and Writing
Directions: Use complete sentences to answer the questions below.
19. A company has a monopoly on a glue used in TVs and phones. The company can make as
much of the glue as it wants. It chooses to make less glue than it is able. Why?
20. Describe how developed countries differ from developing countries in regard to city
population and infrastructure.
Name/Student Number:
American Government Final Exam College Prep Program
Fill in the Blank
Identify the word(s) that best complete(s) the statement or answers the question.
1.
When the will of the people is translated into public policy directly by the people
themselves, ____________ exists.
2.
Before _____________ came to the throne in England, the American colonies were
allowed a fairly wide amount of self-rule.
3.
One function of a political party is to make sure that its candidates are well qualified
and of good character, which is called the ______________________.
4.
This graph illustrates the fact that there is a ________________ turnout for general
elections than for primaries.
5.
A concern about direct response electronic voting machines (DREs) is that they may be
susceptible to __________.
6.
The purpose of an interest group is to influence ____________.
7.
The goal of the Framers of the Constitution when they created a _____________
Congress was that the two houses would check one another.
8.
The Office of the Director of National Intelligence was created to improve the
collection and sharing of security information after the ____________ terrorist attacks.
____9. In a ___________ state, the enemy is global capitalism.
____10. The ___________ __________ of judicial selection combines election and executive
appointment.
Short Answer
Answer the questions below using complete sentences.
11.
Explain the connections between democracy and the free enterprise system.
12.
Many people think that political parties make the will of the people known to
government. They also argue that political parties hold the government accountable to
the people. Think about what political parties do. Briefly describe how political parties
keep government responsible to the people.
13.
Political parties are a principal means by which the people’s will is made known to the
government and government is held accountable to the people. Briefly describe party
functions that achieve these goals.
“The need for collecting large campaign funds would vanish [go away] if
Congress provided an appropriation [federal money] for the proper . . .
expenses of each of the great national parties, an appropriation ample
[large] enough to meet the necessity [the needs of the political parties]. . . .
Then [the parties should agree that] no party receiving campaign funds
from the [federal] Treasury should accept more than a fixed amount from
any individual . . . and [detailed information about the money taken in
and spent] could without difficulty be provided.”
—President Theodore Roosevelt, Annual Message to Congress, December
3, 1907
14.
Would you support President Roosevelt’s proposal? Explain.
15.
How does this cartoon criticize interest groups? Do you agree or disagree with what the
cartoonist is saying? Why?
“There cannot be a great vice president. A great man may occupy the office, but there is
no way for him to become a great vice president because the office in itself is almost
wholly unimportant.”
—former Vice President John Nance Garner, Collier’s Magazine, March 20, 1948
16.
Explain what Garner meant by this remark. Use information from your reading to
explain how his point of view compares with the job description of the Vice President
described in the chapter.
17.
What is the difference between staff agencies and line agencies?
“[A] flat tax is simple, fair, and good for growth. Instead of the 893 forms required by
the current system, a flat tax would use only two postcard-sized forms. . . . Unlike the
current system, which discriminates [treats some people differently] based on the
source, use, and level of income, a flat tax treats all taxpayers equally, fulfilling the
‘equal justice under law’ principle. . . . And unlike the current system, which punishes
people for contributing to the nation’s wealth, a flat tax would lower . . . tax rates and
eliminate [get rid of] the tax bias [discouragement] against saving and investment, thus
ensuring better economic performance in a competitive global economy.”
—from “A Brief Guide to the Flat Tax,” The Heritage Foundation, July 7, 2005
18.
(a) What is the author of this excerpt proposing? (b) According to the excerpt, how is
the current progressive tax system unfair? (c) How would going to a flat tax system
from a progressive tax system change the way income taxes are collected?
19.
The Department of Homeland Security protects the United States against terrorism. (a)
List three of the five main services that it provides. (b) Why do you think the work of
this department is so complex?
20.
Would a Greek-style democratic system work in modern-day America? Explain your
answer.