ECO372T Economics Sample Question 2
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Question 7
Which of the following is the largest expenditure item of local governments?
Multiple Choice
Highways
Public safety
Welfare
Education
Question 8
A tax is regressive if it
Multiple Choice
takes a higher percentage of income as income increases.
takes the same percentage of income regardless of income level.
is levied on consumers.
takes a smaller percentage of income as income increases.
Question 9
Many states in the U.S. acquire significant amounts of funds from the following, except
Multiple Choice
property taxes.
state-run lotteries.
personal income taxes.
grants from the Federal government.
Question 10
One important reason why the United States government is not likely to go bankrupt even with a large public debt is that it has
Multiple Choice
the power to print money to finance the debt.
a strong military to protect it from creditors.
the capacity to pay off its outstanding debt with gold.
the ability to decrease interest rates and increase investment spending.
Question 11
The circular flow model with government included would show that government
Multiple Choice
obtains revenues in the product market and uses it to cover costs in the resource market.
produces goods and services and sells them in the product market to generate net taxes.
controls economic resources and sells them in the resource market.
provides goods and services to businesses and households and pays for them with net taxes.
Question 12
A public debt that is owed to foreigners can be burdensome because
Multiple Choice
the payment of interest will conflict with a nation’s foreign aid programs.
the payment of interest reduces the volume of goods and services available for domestic uses.
the payment of interest will necessarily have a deflationary effect on prices in the paying nation.
foreign interest rates are persistently higher than domestic interest rates.
Question 13
Which of the following is not a government activity that is involved in public finance?
Multiple Choice
Running government-owned enterprises such as hospitals, utilities, and lotteries.
Regulating the activities of firms in the financial sector of the economy.
Providing public goods and services such as national defense and education.
Redistributing income through various taxes and income-transfer payments.
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