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






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






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






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






5. Exchanging goods and services






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






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






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






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 slowdown in economic activity and production






11. A single business with monopoly power






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






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






14. When the overall price level decreases






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






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






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






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






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






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






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






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






23. 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






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






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






26. The money in a checking account






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






28. Occurs when government spends less than it receives in tax revenues






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






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






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






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






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






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