Which of the following steps must be taken before federal funds may be spent?
A) a budget resolution is passed to set overall spending targets
B) an authorization to spend federal money is adopted
C) an appropriations bill is passed to pay for the spending that has been authorized
D) all of the above
E) two from a, b, and c
Question -2-Which of the following has the constitutional power to spend funds?
A) the president
B) Congress
C) the president and Congress
D) the House of Representatives and the president
E) only the United States Senate
Question -3-When the government attempts to manage the economy by utilizing the tools of spending and taxation, it is using
A) fiscal policy.
B) monetary policy.
C) laissez-faire policy
D) consumerism.
E) a token policy.
Question -4-Which of the following suggested that the money supply--the quantity of money in circulation-is the key to government regulation of the economy?
A) Milton Friedman
B) Ralph Nader
C) John Kenneth Galbraith
D) John Maynard Keynes
E) Thomas Jones
Question -5-Which of the following tools is available to the president in making economic policy?
A) the Council of Economic Advisers
B) the National Economic Council
C) the Office of Management and Budget
D) all of the above
E) both A and B are correct
Question -6-Which of the following is true of supply-side economics as advocated by the Reagan administration?
A) It was a program of tax cuts and federal spending cuts.
B) Inflation could be controlled by increasing the supply of goods.
C) Tax cuts would give businesses more capital to expand.
D) All of the above.
E) Both A and C are correct.
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