25. The number one source of revenue for the Federal government is*

A sales tax.

B medicare and Medicaid.

C property tax

D individual income tax

27. During which phase of the business cycle does real GDP decline for at least six consecutive months, output declines and unemployment rises?*

A trough

B recession

C peak

D expansionary

28. Who implements fiscal policy?*

A the government

B the Federal Reserve System

C corporations

D churches

29. Which of the following people would be considered unemployed according to the government's definition of unemployment?*

A A man who quits his job to take care of his children.

B A man who gets fired and does not look for a new job.

C A man who retires after working for 45 years.

D A man who quits his part-time job to look for a full-time job.

30. The U.S. income tax can best be described as a _______________ tax*

A retroactive

B regressive

C progressive

D proportional

31. What is the most often used tool of the Federal Reserve System to control the supply of money?*

A changing taxes

B engaging in open market operations (OMO)

C changing the reserve requirement

D prayer