Social Civics Questions?
1. The power to issue paper money is A. a power expressly given to Congress by the Constitution B. an implied power of congress C. a power expressly given to the president by the constitution D. a power forbidden to congress by the constitution 2. Money as a medium of exchange A. replaced the barter system B. must be a precious metal such as gold or silver C. has always been used in human history. 3. The decision of the supreme court in the case of McCulloch v. Maryland meant in effect that A. national banks were illegal B. national banks were legal C. national banks could be taxed by the states 4. The power to coin money is A. an implied power of congress B. a power expressly given to the president by the constitution C. a power expressly given to congress by the constitution 5. The Federal reserve banks mainly do business with A. individual depositers B. other banks C. corporations 6. In our present banking system A. national banks are chartered by the United States government, but they are owned by the private individuals B. the national government has its own bank called the bank of the United States C. paper money is issued by state banks. 7. An income tax is a form of A. custom duty B. indirect tax C. excise tax D. direct tax 8. One purpose of the Federal Reserve system is to control credit expansion by A. insuring bank deposits B. changing reserve requirements for its memer banks and so raising or lowering interest rates C. granting or withholding subsidies and tax concessions 9. The public debt increases when A. the budget is balanced B. the government spends less money than it collects C. the government spends more money than it collects. 10. The greatest proportion of the money used for government spending is collected form A. excise taxes B. income taxes C. custom duties. 11. The greatest proportion of the money spent by the federal government in any given year is used for A. government operations and grants to states B. income security payments to individuals (including Social security, Medicare and medicaid) and national defence. C. highways and education. 12. In what ways is the power of Congress to tax limited? A. Congress cannot tax exports. B. Congress cannot tax state property C. Congress cannot tax the citizens of one state at a higher rate than the citizens of another state. D. all of these.
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