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Civics: Government And The Economy

Subject : civics
Instructions:
  • Answer 34 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Occurs when government spends less than it receives in tax revenues






2. Taxes that take a larger percentage of tax from the income of a person with a lower income than from a person with a higher income






3. System that provides important services to United States banks and regulates their activities






4. Principle that requires banks to keep a percentage of checking and savings deposits in reserve






5. Group of people responsible for running the Federal Reserve System as a whole






6. A group of several companies organized to benefit from the high prices they all agree to charge






7. Means that every person who wants to work should have a job






8. Exchanging goods and services






9. Tax that takes a higher percentage of taxes from a person with a higher income than it does from a person with a lower income






10. A general rise in the price level of goods and services






11. The money in a checking account






12. A slowdown in economic activity and production






13. Tax that requires each taxpayer to pay the same proportion - or percentage - of their income in taxes






14. The total amount of money available for use as a medium of exchange






15. An increase in the production of goods and services - which provides citizens with a higher standard of living






16. The coins and paper bills used as money in an economy






17. A government's decisions about the amount of money it spends and the amount it collects in taxes






18. The amount in a year by which government spending is greater than government income






19. When the overall price level decreases






20. Programs that provide benefits to people who are entitled by law to receive them






21. Budget that requires governments to spend no more than the tax revenues they receive






22. Tax that generally ends up as part of a price a consumer pays for a product






23. The amount in a year by which government income is greater than government spending






24. A single business with monopoly power






25. The freedom to own property - to make a profit - and to make choices about what to produce - buy - and sell






26. How our nation keeps track of our overall income and spending






27. A tax that a person pays and has no choice but to pay directly






28. A repeated series of 'ups' of growth and 'downs' of recession






29. The total amount of money the government owes to lenders






30. An amount of money borrowed for a certain time period






31. The government's plan for how it will raise and spend money






32. The total dollar value of all final goods and services produced within the country in a year






33. Budget that allows governments to spend more than the tax revenue it receives






34. Regulation of the money supply by the Federal Reserve System