14. Decisions concerning the supply of a nation's money are a component of ___ policy. A. supply-side B. tax C. monetary-D. fiscal 15. The Federal Reserve System is responsible for all of the following except __ _ 16. When banks keep a certain percentage of all the money depositors have in that bank on hand at all times, it is referred to as __ _ 17. Which of the following entities is responsible for setting interest rates for banks? 18. Fiscal policy is controlled by __ _ A. Congress and the White House -B. Congress and the Fed C. the White House and tlie Fed D. the Fed and the states 19. Budget resolutions and budget bills take place during which of the following stages? 'I the __ _ _,., 21. Which of the following makes up the major revenue source for the federal government?
22. Taxes that are paid when one purchases a certain good are referred to as __ _ 23. The accumulation of each year's deficit, or how much the U.S. government owes is referred to as A. tax B. revenue C. expenditure D. debt-- 24. The separation of commercial and investment banking activities was a component of the 1. Classical economic theorists argue that tax cuts and other incentives for investors and businesses at the top will lead to economic benefits for those at the bottom. r 2. Supply-side economies believe in zero government intervention to implement policies. F 3. The gross domestic product (GDP) is the nation's total production of goods and services for single year.T a 4. The Fed requires banks to keep a certain percentage of all the money depositors have in that bank on hand at all times. \ 5. The Economic Growth and Tax Relief Reconciliation Act of 2001 included property tax rate reductions and tripled the child tax credit. F 6. Concurrent resolution must be passed by both chambers of Congress. • 1 7. The tax code can be changed without Congressional approval. 'f-8. The Budget and Accounting Act of 1921 formalized the role of the executive branch in the federal budget proces~ Short Answer ~cf-he 1. Identify the different resources/factors that make up the U.S. economy. ~~ 1 • r~ l ~"bP.~-rtJ:fe M~ lfMi:~ ~~uru.~ 2. Wha.J is economig,l},olicl?~l 4. How is a nation or 5. What is monetary policy?
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