AnswersEconomics - PathwaysInflation and Stagflation

Inflation and Stagflation — Unit test Answers

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1
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Which is a kind of federal payroll tax?

A
medicare tax
B
sales tax
C
property tax
D
progressive tax
2
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What type of school does the term “higher education” refer to?

e
elementary schools
m
middle schools
h
high schools
g
graduate schools
3

Which describes a type of tax that people pay on money they earn?

f
flat tax
i
income tax
p
purchase tax
p
progressive tax
4

Cost-push inflation occurs when

A
consumers begin purchasing more goods.
B
producers need more money to make and distribute goods.
C
the government prints more money and pushes prices up.
D
consumers have more money to spend on goods and services.
5

What is the primary qualification for receiving Medicaid benefits?

A
age
B
health
C
income
D
education
6

nominal measurementconsumer price indexannual rateUS Bureau of Labor statistic

A
nominal measurement
B
consumer price index
C
annual rate
D
US Bureau of Labor statistic
7

On which of these are individuals required to pay income taxes in the United States? Check all that apply.wagestipsgasolinestore purchasesinvestment earnings

w
wages
t
tips
g
gasoline
s
store purchases
i
investment earnings
8

The image shows a sales receipt.

Question illustration
A
6.25 percent
B
8.5 percent
C
10 percent
D
10.85 percent
9

The concept of the Great Society was created by which president?

R
Roosevelt
T
Truman
J
Johnson
C
Carter
10

What are the signs of low inflation? Check all that apply.Demand steadily rises.Demand steadily falls.Prices continue to increase.Prices continue to decrease.The economy grows in a healthy way.The economy stagnates and struggles.

D
Demand steadily rises.
D
Demand steadily falls.
P
Prices continue to increase.
P
Prices continue to decrease.
T
The economy grows in a healthy way.
T
The economy stagnates and struggles.
11

W-2W-41040

A
W-2
B
W-4
C
1040
12

Which of the following represents a question within higher education?

S
Should we allow new kinds of public schools to try to help students in innovative ways?
I
Is standardized testing a valid way of determining what students do and do not know?
S
Should we provide vouchers so parents can use public funds to pay for private schooling?
A
Are there better ways to help students find adequate funding for increasing tuition costs?
13

What is the difference between inflation and deflation?

I
Inflation can result from falling demand and boosts the value of money. Deflation can result from rising demand and reduces the value of money.
I
Inflation can result from rising demand and boosts the value of money. Deflation can result from falling demand and reduces the value of money.
I
Inflation can result from falling demand and reduces the value of money. Deflation can result from rising demand and boosts the value of money.
I
Inflation can result from rising demand and reduces the value of money. Deflation can result from falling demand and boosts the value of money.
14

US federal income tax is progressive by law, but which best explains why wealthy individuals can often pay far less in taxes than the top tax rate?

H
High-income earners can fight in court for the right to a reduced rate.
H
High-income earners reduce their tax rates through numerous deductions.
H
High-income earners use tax laws to their advantage to reduce their tax rates.
H
High-income earners always place their assets overseas to lower their tax rates.
15

Which best describes why governments collect taxes?

A
to control the value of currency
B
to keep the government running
C
to ensure surplus funds
D
to fund government programs

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