Question 1

Federal revenues come primarily from

Accepted Answer

A)  federal personal income tax. 
B)  federal excise tax. 
C)  corporate income tax. 
D)  customs' duties on imports. 
A)  federal personal income tax. 
B)  federal excise tax. 
C)  corporate income tax. 
D)  customs' duties on imports. A

Question 2

Describe the intent and impact of NAFTA.

Accepted Answer

The intent of NAFTA, or the North American Free Trade Agreement, was to create a trilateral trade bloc between the United States, Canada, and Mexico, with the goal of reducing trade barriers and promoting economic cooperation. The agreement aimed to eliminate tariffs on goods and services, increase investment opportunities, and establish fair competition among the member countries.

The impact of NAFTA has been significant. It has led to a substantial increase in trade and investment among the member countries, resulting in economic growth and job creation. However, it has also been criticized for contributing to job losses in certain industries, as well as for its impact on the environment and labor standards. Overall, NAFTA has had a complex and multifaceted impact on the economies and societies of the United States, Canada, and Mexico.

Question 3

Monetarists believe that the national government must use its monetary policy to maintain a healthy economy. Monetarists target an inflation rate of

Accepted Answer

A)  1-6 percent. 
B)  2-4 percent. 
C)  4-6 percent. 
D)  1-3 percent. 
A)  1-6 percent. 
B)  2-4 percent. 
C)  4-6 percent. 
D)  1-3 percent. D

Question 4

What is the role of markets in the United States in determining basic economic outcomes: What is to be produced, how it is produced, and for whom will it be produced? How does global trading influence these same economic outcomes?

Accepted Answer

The role of markets in the United States

Question 5

Globalization of economic power required reductions in tariffs and trade barriers around the world.

Accepted Answer

A) True 
 B)False

Question 6

President George W. Bush sought to increase investments by doing which of the following?

Accepted Answer

A)  Reducing the top capital gains tax rate 
B)  Increasing the top capital gains tax rate 
C)  Increasing the dividend income tax rate 
D)  Decreasing the per child tax credit 
A)  Reducing the top capital gains tax rate 
B)  Increasing the top capital gains tax rate 
C)  Increasing the dividend income tax rate 
D)  Decreasing the per child tax credit

Question 7

Compare the corporate raiders' claims that corporate takeovers are good for America to the opponents' argument against the takeovers.

Accepted Answer

Corporate raiders often claim that corpo

Question 8

Created in 1993, the _________ has been given power to adjudicate trade disputes among countries and monitor and enforce trade agreements.

Accepted Answer

A)  WTO 
B)  GATT 
C)  NAFTA 
D)  OMB 
A)  WTO 
B)  GATT 
C)  NAFTA 
D)  OMB

Question 9

The annual negative imbalance between revenues and expenditures of the U.S. government, or when the government spends more than it collects in any given year, is called

Accepted Answer

A)  a federal deficit. 
B)  the national debt. 
C)  national income accounting. 
D)  the trade deficit. 
A)  a federal deficit. 
B)  the national debt. 
C)  national income accounting. 
D)  the trade deficit.

Question 10

Describe the ideal conditions for a market operation.

Accepted Answer

The ideal conditions for a market operat

Question 11

The World Trade Organization has the power to adjudicate trade disputes between countries.

Accepted Answer

A) True 
 B)False

Question 12

The free-enterprise system is subject to major modifications by the activities of government. Which of the following is not a reason that the government intervenes in the free market?

Accepted Answer

A)  To protect public property 
B)  To provide a stable money supply 
C)  To regulate industries with strong public interest 
D)  To set minimum standards for wages and working conditions 
A)  To protect public property 
B)  To provide a stable money supply 
C)  To regulate industries with strong public interest 
D)  To set minimum standards for wages and working conditions

Question 13

Explain the importance of the General Agreement on Tariffs and Trade (GATT).

Accepted Answer

The General Agreement on Tariffs and Tra

Question 14

The American economic system is a market or free enterprise system. As such, it is largely

Accepted Answer

A)  unplanned. 
B)  planned. 
C)  free lance. 
D)  out of control. 
A)  unplanned. 
B)  planned. 
C)  free lance. 
D)  out of control.

Question 15

The "comparative advantage" argument claims that countries benefit when they focus on producing as many goods as possible.

Accepted Answer

A) True 
 B)False

Question 16

Consumer demand, product supply, and competition determine prices.

Accepted Answer

A) True 
 B)False

Question 17

Explain the difference between current dollars and constant dollars.

Accepted Answer

Current dollars refer to the actual valu

Question 18

Profits occur when selling prices are higher than the costs of production.

Accepted Answer

A) True 
 B)False

Question 19

Explain the relationship between the end of the farming-dominated economy and the end of the general laissez-faire stance of the national government.

Accepted Answer

The end of the farming-dominated economy

Question 20

Explain the two challenges to the imperial position of corporate management that began in the 1980s.

Accepted Answer

The two challenges to the imperial posit

Federal revenues come primarily from

Describe the intent and impact of NAFTA.

Monetarists believe that the national government must use its monetary policy to maintain a healthy economy. Monetarists target an inflation rate of

What is the role of markets in the United States in determining basic economic outcomes: What is to be produced, how it is produced, and for whom will it be produced? How does global trading influence these same economic outcomes?

Globalization of economic power required reductions in tariffs and trade barriers around the world.

President George W. Bush sought to increase investments by doing which of the following?

Compare the corporate raiders' claims that corporate takeovers are good for America to the opponents' argument against the takeovers.

Created in 1993, the _________ has been given power to adjudicate trade disputes among countries and monitor and enforce trade agreements.

The annual negative imbalance between revenues and expenditures of the U.S. government, or when the government spends more than it collects in any given year, is called

Describe the ideal conditions for a market operation.

The World Trade Organization has the power to adjudicate trade disputes between countries.

The free-enterprise system is subject to major modifications by the activities of government. Which of the following is not a reason that the government intervenes in the free market?

Explain the importance of the General Agreement on Tariffs and Trade (GATT).

The American economic system is a market or free enterprise system. As such, it is largely

The "comparative advantage" argument claims that countries benefit when they focus on producing as many goods as possible.

Consumer demand, product supply, and competition determine prices.

Explain the difference between current dollars and constant dollars.

Profits occur when selling prices are higher than the costs of production.

Explain the relationship between the end of the farming-dominated economy and the end of the general laissez-faire stance of the national government.

Explain the two challenges to the imperial position of corporate management that began in the 1980s.

Power, Society, and Social Science

Social Sciences and the Scientific Method

Power and Ideology

Power and Culture: an Anthropologists View

Power and Sociology: the Importance of Social Class

Power and History

Power and Politics

Power and Psychology

Power, Race, and Gender

Poverty and Powerlessness

Power, Violence, and Crime

Power and the Global Community

Power Among Nations

Filters

Exam 8: Power and the Economy

Federal revenues come primarily from

Describe the intent and impact of NAFTA.

Monetarists believe that the national government must use its monetary policy to maintain a healthy economy. Monetarists target an inflation rate of

What is the role of markets in the United States in determining basic economic outcomes: What is to be produced, how it is produced, and for whom will it be produced? How does global trading influence these same economic outcomes?

Globalization of economic power required reductions in tariffs and trade barriers around the world.

President George W. Bush sought to increase investments by doing which of the following?

Compare the corporate raiders' claims that corporate takeovers are good for America to the opponents' argument against the takeovers.

Created in 1993, the _________ has been given power to adjudicate trade disputes among countries and monitor and enforce trade agreements.

The annual negative imbalance between revenues and expenditures of the U.S. government, or when the government spends more than it collects in any given year, is called

Describe the ideal conditions for a market operation.

The World Trade Organization has the power to adjudicate trade disputes between countries.

The free-enterprise system is subject to major modifications by the activities of government. Which of the following is not a reason that the government intervenes in the free market?

Explain the importance of the General Agreement on Tariffs and Trade (GATT).

The American economic system is a market or free enterprise system. As such, it is largely

The "comparative advantage" argument claims that countries benefit when they focus on producing as many goods as possible.

Consumer demand, product supply, and competition determine prices.

Explain the difference between current dollars and constant dollars.

Profits occur when selling prices are higher than the costs of production.

Explain the relationship between the end of the farming-dominated economy and the end of the general laissez-faire stance of the national government.

Explain the two challenges to the imperial position of corporate management that began in the 1980s.

Power, Society, and Social Science

Social Sciences and the Scientific Method

Power and Ideology

Power and Culture: an Anthropologists View

Power and Sociology: the Importance of Social Class

Power and History

Power and Politics

Power and Psychology

Power, Race, and Gender

Poverty and Powerlessness

Power, Violence, and Crime

Power and the Global Community

Power Among Nations

Filters