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5 Written questions

5 Matching questions

  1. Securities and Exchange Commission (SEC)
  2. Social Security Act of 1935
  3. World Trade Organization (WTO)
  4. Federal Reserve System
  5. Superfund
  1. a The main instrument for making monetary policy in the United States. It was created by Congress in 1913 to regulate the lending practices of banks and thus the money supply.
  2. b The federal agency created during the New Deal that regulates stock fraud.
  3. c Created both the Social Security Program and a national assistance program for poor children, usually called AFDC.
  4. d International organization that regulates international trade.
  5. e A fund created by Congress in 1980 to clean up hazardous waste sites. Money for the fund comes from taxing chemical products.

5 Multiple choice questions

  1. The law passed in 1969 that is the centerpiece of federal environmental policy in the U.S. This law established the requirements for environmental impact statements.
  2. The key measure of inflation that relates the rise in prices over time.
  3. A tax in which the burden falls relatively more heavily upon low-income groups than upon wealthy taxpayers. The opposite of a progressive tax, in which tax rates increase as income increases.
  4. A program added to the Social Security system in 1965 that provides hospitalization insurance for the elderly and permits older Americans to purchase inexpensive coverage for doctor fees and other health expenses.
  5. An economic system in which individuals and corporations, not the government, own the principal means of production and seek profits.

5 True/False questions

  1. Means-Tested ProgramsGovernment benefits that certain qualified individuals are entitled to by law, regardless of need.


  2. National Health InsuranceA compulsory insurance program for all Americans that would have the government finance citizens' medical care. First proposed by President Harry S. Truman, the plan was soundly opposed by the American Medical Association.


  3. Minimum WageThe amount of funds collected between any two points in time.


  4. Mixed EconomyAn economic system in which the government is deeply involved in economic decisions through its role as regulator, consumer, subsidizer, taxer, employer, and borrower.


  5. Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA)The official name of the welfare reform law of 1996.