Economics: Today and Tomorrow © 2012

Chapter 16: Government Spends, Collects, and Owes

Government Spends, Collects, and Owes

1
As federal funds diminished in the 1970s, state and local governments increased spending for _____.
A)public-works projects
B)national defense
C)salaries for members of Congress
D)expenses of the State Department
2
Total government expenditures including purchases, interest payments, and transfer payments represent what percentage of GDP?
A)About 19 percent
B)More than 50 percent
C)More than 33 percent
D)Less than 10 percent
3
Which of the following is a government program that provides health care for the aged?
A)Public-works projects
B)Medicare
C)Private sector
D)Taxation
4
Which social insurance program extends payments for medical care to workers injured on the job?
A)Social Security
B)Medicaid
C)Worker's Compensation
D)Medicare
5
Which of these is a public-assistance program that provides free health care for low-income and disabled persons?
A)Public goods
B)Income redistribution
C)Social Security
D)Medicaid
6
Who submits the federal budget to Congress?
A)The President
B)The Office of Management and Budget
C)The Treasury Department
D)State and local governments
7
The government borrows money to cover the budget deficit by _____.
A)collecting taxes
B)selling securities
C)paying off bonds
D)increasing the national debt
8
Which of the following is defined as the year by which accounts are kept?
A)Fiscal year
B)Budget deficit
C)Deficit financing
D)National debt
9
Paying a gasoline tax is an example of a ______.
A)tax based on the ability-to-pay principle
B)proportional tax
C)personal income tax
D)tax based on the benefits-received principle
10
Taxes on land, buildings and houses are called _____.
A)property taxes
B)excise taxes
C)customs duties
D)income taxes
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