MER Exam 2- Continued student\'s Name ccord ng aw Student Number (3) of dem dema

Question

MER Exam 2- Continued student's Name ccord ng aw Student Number (3) of dem demand demand goes up, ces go up, demand goes goes up d) goes up en the when demand goes down, prices go (B) demand is prices stay the same demand price (C) to supply a product has reached its A p equal of labor. The government redistributes income to (A) provide for public education (D) consumer reduce economic equality increase consumer spending. equilibrium prices 36 (B) al security is insurance program that provides (Aj retirement benefits survivor benefits disability benefits D all of these 37 At which phase of the business cycle does business activity level off? uough Deficit spending tends to occur (A) during war (B) during a recession (C) as a result of policy decisions by Congress and the President all of these 39 Which of the following is not a way that the Federal Reserve controls the money supply? (A) open market operations (B) changing interest rates (D) adjusting reserve requirements owering taxes 40 If the imaginary island Fantasia has $30 million in exports and $40 million in imports, what does Fantasia's balance of trade create? (A) a$10 million trade urplus (B) a $10 million trade deficit (C) an even balance of trade none of these 41 Which of the following are often imposed for political reasons? (A) revenue tarif (B) import quotas (C) protective tariffs (D) embargoes Which of the following was designed to ease trade barriers between the US 42 Mexico, and Canada? (A) GATT (B) WTO (C)NAFTA (D) EU Match each of the following public assistance programs to the description that matches their services. TANF 3. helps people obtain affordable housing provides food for women and children who SSI qualify gives cash for food, clothing and shelter to HUD elderly and disabled Medicaid

Explanation / Answer

35. reduce economic inequality

The purpose of redistruibution of income by government i.e. taking more money from rich like income tax is to bring economic equality

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