Exam_3_Version_3.Economics_102_Rawlins - EconS 102 Spring 2008 Rawlins 3rd Mid-Term Exam Version 3 1 The benefits-received principle of taxation is most

Exam_3_Version_3.Economics_102_Rawlins - EconS 102 Spring...

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EconS 102, Spring 2008Rawlins3rd Mid-Term ExamVersion: 31.The benefits-received principle of taxation is mostevident in:a.progressive tax rates.b.excise taxes on gasoline.c.the personal income tax.d.the corporate income tax.2.Which of the following answers bestreflects the ability-to-pay philosophy of taxation?3.Which of the following policies is a supply-side policy?4.According to supply-side economists, lowering corporate income taxes:5.The aggregate demand curve shows how real GDP purchased varies with changes in:a.unemployment.b.output.c.the price level. d.the interest rate.6.The idea that higher prices reduce the purchasing power of financial assets and lead to less consumption and more saving is known as the:7.Credit cards are:Page | 1
8.The number of presidentially appointed members who sit on the Federal Reserve Board of Governors is:9.The sum of past federal budget deficits is the:a.GDP debt.b.trade debt plus GDP.c.national debt.d.Congressional debt.10.If Congress fails to pass a budget before the fiscal year starts, then federal agencies may continue to operate only if Congress has passed a:11.When the U. S. federal government runs a budget deficit, it borrows money by selling:12.The M1 money supply is defined to be the sum of currency, traveler's checks, and:

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