AnswersVT-GA-EOC-Personal Finance Economics A ULHSTechnology and Economics

Monetary Policy: The Federal Reserve Answers

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1
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How is an excise tax different from a sales tax?

A
An excise tax is not deductible.
B
An excise tax applies to specific products.
C
An excise tax applies only to imported goods.
D
An excise tax is an indirect tax.
2
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Which of these is most likely the US government’s aim in taxing imported goods?

A
to protect domestic businesses
B
to decrease international trade
C
to end reliance on foreign goods
D
to make US markets less desirable
3

sales taxtariffexcise tax

A
sales tax
B
tariff
C
excise tax
4

Which of these best describes income tax?

A
regressive tax
B
indirect tax
C
direct tax
D
proportional tax
5

A sales tax is a type of

A
progressive tax.
B
indirect tax.
C
proportional tax.
D
direct tax.
6

Which best describes how expansionary policies can facilitate economic growth?

A
They prompt decreased demand.
B
They inspire consumer confidence.
C
They increase disposable income.
D
They help reduce consumer debt.
7

Governments collect taxes to ensure that

A
there is sufficient money to fund private businesses.
B
citizens contribute to meeting society's needs.
C
politicians get paid in a timely manner.
D
a government program exists for every need that arises.
8

If expansionary taxation policies encourage growth, are they always appropriate to implement?

A
No, government services could encourage growth but other practices could be more effective based on the economic situation.
B
Yes, the private sector can easily and affordably replace all services and facilities cut by the government.
C
No, the government is capable of providing many but not all services individuals and businesses need.
D
Yes, the government will still ensure that individuals and businesses continue to receive all necessary services.
9

Which best explains how contractionary policies can hamper economic growth?

A
They increase consumer demand.
B
They can increase inflation.
C
They reduce taxes which raises deficits.
D
They reduce disposable income.
10

High government expenditures can lead to a bigger

A
revenue.
B
stimulus.
C
deficit.
D
surplus.

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