Economics in Government (pre assessment)

Front

Which of the following is NOT a job of the Federal Reserve Bank? Raising or lowering taxes, Raising or lowering the discount rate, Buying or selling government bonds, Raising or lowering the reserve rate

Back

Raising or lowering taxes

Front

When the federal government raises taxes and cuts spending, this is known as

Back

Contractionary fiscal policy

Front

The discount rate is

Back

the rate at which banks borrow money from the Federal Reserve

Front

How do members of the Federal Reserve Board of Governors get their jobs?

Back

They're appointed by the President & confirmed by the Senate

Front

Cutting taxes and increasing government spending is an example of

Back

Expansionary fiscal policy

Front

When the Federal Reserve Bank buys and sells government bonds, this is known as

Back

open market operations

Front

What is the goal of monetary policy?

Back

To control the prices of goods and services

Front

This type of spending is required by law to be a part of the federal budget...

Back

Fixed spending

Front

Part of the annual budget process, Congress decides where to spend these funds...

Back

Discretionary spending

Front

This type of tax is taken out of your paycheck to pay for programs like social security...

Back

Payroll tax