1-Since the passage of the "Unfunded Mandates Act"government programs, at their creation, must include, in the language of their creation, the source of their funding.

1. True
2. False

2-Markets are fair, but not efficient.

1. True
2. False

3-Nominal GDP is the value of national output, Real GDP expressed in constant dollars to makecomparing GDP numbers possible.

1. True
2. False

4-Which of the following is Rick experiencing if his job as a road construction worker laid him off because he does not have enough seniority to keep working in the winter?

1. Structural Unemployment
2. Cyclical Unemployment
3. Seasonal Unemployment
4. Frictional Unemployment

5-The FAIR TAX is a 23% national sales tax, which was proposed first in an article in the Washington Post.

1. True
2. False

6-A progressive tax takes the same proportion of your income as your income increases.

1. True
2. False

7-Which of the following is counted in GDP?

1. Non-Market Transactions
2. Purchase and Sale of Stocks and Bonds
3. Investment Spending
4. Bank Deposits
5. Underground Economic Transactions

8-Those taxes mentionedwhich seem to be proportional are usually Regressive Taxes.

1. True
2. False

9-Which of the following would be best for comparing the economies of two nations to determine how wealthy they are or how poor?

Group of answer choices

1. GDP
2. Nominal GDP
3. GNP
4. Real GDP
5. Per Capita GDP

10-The Regressive Tax takes a higher proportion of your income as your income goes up.

1. True
2. False

11-The Regressive Tax takes a higher proportion of your income as your income goes up.

1. True
2. False

12-Which of the following is John suffering from if he used to 8-Track Tapes?

1. Structural Unemployment
2. Seasonal Unemployment
3. Frictional Unemployment
4. Cyclical Unemployment