#1
Which President signed the Social Security Act into law?
Franklin D. Roosevelt
ExplanationSocial Security Act was signed by FDR.
#2
What is the primary purpose of the Federal Reserve System?
Controlling inflation
ExplanationFederal Reserve controls inflation.
#3
Which agency is responsible for enforcing laws related to workplace safety and health?
Occupational Safety and Health Administration (OSHA)
ExplanationOSHA enforces workplace safety laws.
#4
What is the purpose of SNAP, a federal assistance program in the United States?
Offering food assistance
ExplanationSNAP provides food assistance.
#5
Which government agency oversees the collection of federal income taxes in the United States?
Internal Revenue Service (IRS)
ExplanationIRS collects federal income taxes.
#6
Which of the following is a characteristic of a mixed economy?
Combination of private and government ownership/control
ExplanationMixed economy involves private and govt. control.
#7
Which agency is responsible for regulating the stock market in the United States?
Securities and Exchange Commission (SEC)
ExplanationSEC regulates the stock market.
#8
What is the primary purpose of the Environmental Protection Agency (EPA) in the United States?
Protecting public health and the environment
ExplanationEPA's purpose is to protect health and environment.
#9
Which economic indicator measures the total value of goods and services produced within a country's borders?
Gross Domestic Product (GDP)
ExplanationGDP measures total value of goods and services.
#10
Which of the following is NOT a component of Gross Domestic Product (GDP)?
Personal savings
ExplanationPersonal savings are not part of GDP.
#11
What economic theory advocates for government intervention in markets during economic downturns?
Keynesian economics
ExplanationKeynesian economics supports govt. intervention in downturns.
#12
Which piece of legislation was enacted to regulate the financial industry following the Great Depression?
Glass-Steagall Act
ExplanationGlass-Steagall Act regulated finance post-Depression.
#13
Which economic concept refers to a sustained, long-term downturn in economic activity?
Depression
ExplanationDepression signifies prolonged economic downturn.
#14
What is the primary tool used by the Federal Reserve to influence monetary policy?
Conducting open market operations
ExplanationFed influences policy via open market operations.
#15
Which President implemented the New Deal policies to address the Great Depression?
Franklin D. Roosevelt
ExplanationFDR implemented New Deal policies during Depression.
#16
Which of the following is an example of a regressive tax?
Sales tax
ExplanationSales tax is an example of regressive tax.
#17
What is the primary goal of expansionary monetary policy?
Stimulating economic growth
ExplanationExpansionary policy aims to stimulate growth.
#18
Which of the following is a measure of income inequality?
Gini coefficient
ExplanationGini coefficient measures income inequality.
#19
Which of the following is NOT a component of the Consumer Price Index (CPI)?
Stock market performance
ExplanationStock market performance isn't in CPI.
#20
Which President signed the Civil Rights Act of 1964 into law?
Lyndon B. Johnson
ExplanationCivil Rights Act was signed by LBJ.
#21
Which of the following is a goal of trade protectionism?
Limiting imports
ExplanationTrade protectionism aims to limit imports.
#22
Which social program provides health insurance for Americans aged 65 and older?
Medicare
ExplanationMedicare provides health insurance for seniors.
#23
What is the main purpose of the Affordable Care Act (Obamacare)?
Providing affordable health insurance
ExplanationObamacare aims to provide affordable health insurance.
#24
What is the main goal of fiscal policy?
Stabilizing the economy
ExplanationFiscal policy aims to stabilize the economy.
#25
Which economic theory advocates for reducing government regulation and intervention in the economy?
Supply-side economics
ExplanationSupply-side economics advocates for less govt. intervention.