Question 1

What happened to government regulation in the aftermath of the oil shock of 1973?

Accepted Answer

Businesses and consumers demanded less r

Question 2

Which president signed into law the Environmental Protection Agency Act?

Accepted Answer

A)  Richard Nixon. 
B)  John F.Kennedy. 
C)  Jimmy Carter. 
D)  Lyndon Johnson. 
A)  Richard Nixon. 
B)  John F.Kennedy. 
C)  Jimmy Carter. 
D)  Lyndon Johnson.

Question 3

The Uniform Commercial Code governs

Accepted Answer

A)  what can be broadcast on public airways. 
B)  commercial transactions between companies and consumers. 
C)  commercial transactions between the United States and foreign countries. 
D)  international commerce transactions. 
A)  what can be broadcast on public airways. 
B)  commercial transactions between companies and consumers. 
C)  commercial transactions between the United States and foreign countries. 
D)  international commerce transactions.

Question 4

The era of deregulation,when the role of the government in the economy steadily decreased,began

Accepted Answer

A)  shortly after WWII. 
B)  in the mid-1970s. 
C)  with the presidency of Dwight Eisenhower. 
D)  with the presidency of Ronald Reagan. 
A)  shortly after WWII. 
B)  in the mid-1970s. 
C)  with the presidency of Dwight Eisenhower. 
D)  with the presidency of Ronald Reagan.

Question 5

Between 1961 and 1972,the federal government spent as much on ______ as it did on building highways.

Accepted Answer

A)  welfare 
B)  Medicare 
C)  crop subsidies 
D)  space exploration 
A)  welfare 
B)  Medicare 
C)  crop subsidies 
D)  space exploration

Question 6

The U.S.Consumer Product Safety Commission is responsible for

Accepted Answer

A)  cell phone company billing practices. 
B)  regulating the flammability of mattresses. 
C)  regulating the safety of aircraft. 
D)  regulating consumer financial protection. 
A)  cell phone company billing practices. 
B)  regulating the flammability of mattresses. 
C)  regulating the safety of aircraft. 
D)  regulating consumer financial protection.

Question 7

$$\begin{array}{l}
\begin{array} { c | c | c } 
\text { Price } & \begin{array} { c } 
\text { Quantity } \
\text { Supplied }
\end{array} & \begin{array} { c } 
\text { Quantity } \
\text { Demanded }
\end{array} \
\hline \$ 0 & 0 & 300 \
\$ 1 & 10 & 250 \
\$ 2 & 50 & 180 \
\$ 3 & 90 & 150 \
\$ 4 & 120 & 120 \
\$ 5 & 150 & 90 \
\$ 6 & 180 & 50
\end{array}\
\text { Table } 6.1
\end{array}$$ Refer to Table 6.1,which gives the daily supply and demand schedules for cups of coffee at a kiosk in a shopping mall.If the government places a $2 per cup tax on coffee,how many cups of coffee will be bought and sold after the tax is imposed?

Accepted Answer

A)  50. 
B)  90. 
C)  120. 
D) 150. 
A)  50. 
B)  90. 
C)  120. 
D) 150.

Question 8

The Wage and Price Controls of 1971 were an example of

Accepted Answer

A)  command approach intervention. 
B)  free enterprise. 
C)  market-based economics. 
D)  a balanced approach. 
A)  command approach intervention. 
B)  free enterprise. 
C)  market-based economics. 
D)  a balanced approach.

Question 9

$$\begin{array}{l}
\begin{array} { c | c | c } 
\text { Price } & \begin{array} { c } 
\text { Quantity } \
\text { Supplied }
\end{array} & \begin{array} { c } 
\text { Quantity } \
\text { Demanded }
\end{array} \
\hline \$ 0 & 0 & 300 \
\$ 1 & 10 & 250 \
\$ 2 & 50 & 180 \
\$ 3 & 90 & 150 \
\$ 4 & 120 & 120 \
\$ 5 & 150 & 90 \
\$ 6 & 180 & 50
\end{array}\
\text { Table } 6.1
\end{array}$$ Refer to Table 6.1,which gives the daily supply and demand schedules for cups of coffee at a kiosk in a shopping mall.If the government places a $4 per cup tax on coffee,how many cups of coffee will be bought and sold after the tax is imposed?

Accepted Answer

A)  50. 
B)  90. 
C)  120. 
D) 150. 
A)  50. 
B)  90. 
C)  120. 
D) 150.

Question 10

Government employment (excluding wartime employment)peaked during the

Accepted Answer

A)  1980s. 
B)  1930s. 
C)  1960s. 
D)  1970s. 
A)  1980s. 
B)  1930s. 
C)  1960s. 
D)  1970s.

Question 11

World War II increased the amount of government spending and economic intervention in the United States.

Accepted Answer

A) True 
 B)False

Question 12

The unintentional impact that the actions of an individual can have on others is called:

Accepted Answer

A)  an externality. 
B)  a public good. 
C)  a network effect. 
D)  the free-rider problem. 
A)  an externality. 
B)  a public good. 
C)  a network effect. 
D)  the free-rider problem.

Question 13

The inefficiency of taxation means that imposing a tax on a good or service typically

Accepted Answer

A)  reduces the amount produced. 
B)  increases the amount produced. 
C)  causes backlogs and surpluses. 
D)  increases costs across the board. 
A)  reduces the amount produced. 
B)  increases the amount produced. 
C)  causes backlogs and surpluses. 
D)  increases costs across the board.

Question 14

What is a network externality?

Accepted Answer

A network externality means that your de

Question 15

An example of the command approach is public education.

Accepted Answer

A) True 
 B)False

Question 16

The New Deal legislation passed by President Roosevelt was inspired by

Accepted Answer

A)  the Irish potato famine of 1927. 
B)  economic problems caused by World War I. 
C)  the Great Depression 
D)  normal business cycles. 
A)  the Irish potato famine of 1927. 
B)  economic problems caused by World War I. 
C)  the Great Depression 
D)  normal business cycles.

Question 17

Corruption is

Accepted Answer

A)  the creation of oxidized material on metal. 
B)  legal activities to promote a viewpoint. 
C)  illegal activities to create an unfair advantage. 
D)  found only within local governments. 
A)  the creation of oxidized material on metal. 
B)  legal activities to promote a viewpoint. 
C)  illegal activities to create an unfair advantage. 
D)  found only within local governments.

Question 18

$$\begin{array}{l}
\begin{array} { c | c | c } 
\text { Price } & \begin{array} { c } 
\text { Quantity } \
\text { Supplied }
\end{array} & \begin{array} { c } 
\text { Quantity } \
\text { Demanded }
\end{array} \
\hline \$ 0 & 0 & 300 \
\$ 1 & 10 & 250 \
\$ 2 & 50 & 180 \
\$ 3 & 90 & 150 \
\$ 4 & 120 & 120 \
\$ 5 & 150 & 90 \
\$ 6 & 180 & 50
\end{array}\
\text { Table } 6.1
\end{array}$$ Refer to Table 6.1,which gives the daily supply and demand schedules for cups of coffee at a kiosk in a shopping mall.If there is no tax placed on coffee,how many cups of coffee will be bought and sold?

Accepted Answer

A)  50. 
B)  90. 
C)  120. 
D) 150. 
A)  50. 
B)  90. 
C)  120. 
D) 150.

Question 19

Which of the following is NOT a type of externality?

Accepted Answer

A)  Network externality. 
B)  Positive externality. 
C)  Negative externality. 
D)  Market externality. 
A)  Network externality. 
B)  Positive externality. 
C)  Negative externality. 
D)  Market externality.

Question 20

Which of the following programs that expanded the government's role in the economy was enacted by a Republican president?

Accepted Answer

A)  The interstate highway program. 
B)  The Environmental Protection Agency (EP
A) . 
C)  The Occupational Safety and Health Administration (OSH
A) . 
D)  All of these were enacted by Republican presidents. 
A)  The interstate highway program. 
B)  The Environmental Protection Agency (EP
A) . 
C)  The Occupational Safety and Health Administration (OSH
A) . 
D)  All of these were enacted by Republican presidents.

What happened to government regulation in the aftermath of the oil shock of 1973?

Which president signed into law the Environmental Protection Agency Act?

The Uniform Commercial Code governs

The era of deregulation,when the role of the government in the economy steadily decreased,began

Between 1961 and 1972,the federal government spent as much on ______ as it did on building highways.

The U.S.Consumer Product Safety Commission is responsible for

The Wage and Price Controls of 1971 were an example of

Government employment (excluding wartime employment)peaked during the

World War II increased the amount of government spending and economic intervention in the United States.

The unintentional impact that the actions of an individual can have on others is called:

The inefficiency of taxation means that imposing a tax on a good or service typically

What is a network externality?

An example of the command approach is public education.

The New Deal legislation passed by President Roosevelt was inspired by

Corruption is

Which of the following is NOT a type of externality?

Which of the following programs that expanded the government's role in the economy was enacted by a Republican president?

Introduction

Demand and Supply: The Basics of the Market Economy

Market Equilibrium and Shifts

How Businesses Work

Competition and Market Power

The First Step Into Macroeconomics

Inflation

Growth

Business Cycles, unemployment and Inflation

Fiscal Policy

Monetary Policy

The Financial Markets

International Trade

Technological Change

Economics of the Labor Market

The Distribution of Income

Economics of Retirement and Healthcare

Economics of Energy, the Environment, and Global Climate Change Glossary

Filters

Exam 6: Government and the Economy

What happened to government regulation in the aftermath of the oil shock of 1973?

Which president signed into law the Environmental Protection Agency Act?

The Uniform Commercial Code governs

The era of deregulation,when the role of the government in the economy steadily decreased,began

Between 1961 and 1972,the federal government spent as much on ______ as it did on building highways.

The U.S.Consumer Product Safety Commission is responsible for

The Wage and Price Controls of 1971 were an example of

Government employment (excluding wartime employment)peaked during the

World War II increased the amount of government spending and economic intervention in the United States.

The unintentional impact that the actions of an individual can have on others is called:

The inefficiency of taxation means that imposing a tax on a good or service typically

What is a network externality?

An example of the command approach is public education.

The New Deal legislation passed by President Roosevelt was inspired by

Corruption is

Which of the following is NOT a type of externality?

Which of the following programs that expanded the government's role in the economy was enacted by a Republican president?

Introduction

Demand and Supply: The Basics of the Market Economy

Market Equilibrium and Shifts

How Businesses Work

Competition and Market Power

The First Step Into Macroeconomics

Inflation

Growth

Business Cycles, unemployment and Inflation

Fiscal Policy

Monetary Policy

The Financial Markets

International Trade

Technological Change

Economics of the Labor Market

The Distribution of Income

Economics of Retirement and Healthcare

Economics of Energy, the Environment, and Global Climate Change Glossary

Filters