#1
Which government agency is responsible for conducting the United States Census?
Internal Revenue Service (IRS)
Federal Reserve System
Bureau of Economic Analysis (BEA)
U.S. Census Bureau
#2
Which government agency is responsible for issuing and regulating the U.S. currency?
Federal Reserve System
U.S. Mint
Treasury Department
Securities and Exchange Commission (SEC)
#3
What is the national debt of the United States?
The total amount of money in circulation
The total value of goods and services produced in the country
The total amount of money owed by the government
The total amount of money in citizens' bank accounts
#4
What is the federal funds rate, and how does it relate to monetary policy?
The interest rate at which banks lend to the federal government, influencing overall interest rates in the economy
The rate at which the Federal Reserve borrows from commercial banks, impacting money supply
The rate at which banks lend to each other overnight, affecting overall interest rates
The rate at which the U.S. government borrows from international financial institutions
#5
What is the primary purpose of the Federal Deposit Insurance Corporation (FDIC) in the U.S. financial system?
Regulating interest rates
Insuring bank deposits and promoting stability in the banking system
Overseeing fiscal policy
Issuing currency
#6
What is the primary tool used by the Federal Reserve to implement monetary policy?
Fiscal policy
Interest rates
Government spending
Taxation
#7
Which economic indicator measures the average prices of a fixed basket of goods and services over time?
Consumer Price Index (CPI)
Gross Domestic Product (GDP)
Producer Price Index (PPI)
Unemployment Rate
#8
What is the formula for calculating the Gross Domestic Product (GDP) using the expenditure approach?
GDP = Consumption + Investment + Government Spending - Net Exports
GDP = Consumption + Investment + Government Spending + Net Exports
GDP = Consumption - Investment + Government Spending + Net Exports
GDP = Consumption + Investment - Government Spending + Net Exports
#9
Which economic indicator is used to measure the overall health of the labor market and is calculated as the percentage of the labor force that is unemployed?
Inflation Rate
Labor Force Participation Rate
Unemployment Rate
Employment-to-Population Ratio
#10
Which of the following is an example of a discretionary fiscal policy tool?
Automatic stabilizers
Social Security benefits
Government spending on infrastructure projects
Unemployment insurance
#11
What is the role of the Council of Economic Advisers (CEA) in the United States government?
Enforcing tax laws
Advising the President on economic policy
Issuing currency
Regulating banks
#12
In the context of fiscal policy, what does the term 'automatic stabilizers' refer to?
Government programs that automatically adjust to counter economic fluctuations
A type of tax that increases during economic downturns
Centralized control of all economic activities
A mechanism for controlling inflation
#13
What is the purpose of the Federal Open Market Committee (FOMC) within the Federal Reserve System?
Issuing currency
Conducting monetary policy
Regulating banks
Overseeing fiscal policy
#14
How does expansionary fiscal policy aim to stimulate economic growth?
Increasing government spending and cutting taxes
Reducing government spending and increasing taxes
Maintaining a balanced budget
Implementing strict monetary policy
#15
Which economic indicator measures the total value of all goods and services produced within a country's borders in a specific time period?
Consumer Price Index (CPI)
Unemployment Rate
Gross Domestic Product (GDP)
Producer Price Index (PPI)