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Governments Role In Economy Review
Test Description: Review
Instructions: Answer all questions to get your test result.
1) What is the definition of trusts?
A
A ruling requiring a company to stop an unfair business practice.
B
Combinations of corporations or companies
C
Practice of charging customers different prices for the same products.
D
A government regulation that fulfills a need for public goods.
2) What is the definition of price discrimination?
A
A government regulation that fulfills a need for public goods.
B
Practice of charging customers different prices for the same products.
C
A ruling requiring a company to stop an unfair business practice.
D
Combinations of corporations or companies.
3) All of the following are examples of modified free enterprise within the US except
A
having foreign embassies
B
Regulating natural monopolies
C
Preventing monopolies
D
Fulfilling the need for public goods
4) What type of tax would a person who has a high income like, if they preferred to have a lower percentage rate of taxation on their income.
A
Proportional Tax
B
Progressive Tax
C
Regressive Tax
5) Who has the incidence of a tax, if a city raise taxes on a local utility company and the utility company keeps its rates the same to their customers?
A
The utility company's employees
B
The local government
C
The utility company
D
The utility company's customers (the consumers)
6) The free rider problem refers to a situation where some individuals in a population consume less than their fair share of a common resource.
A
Not this one
B
Not this one
C
True
D
False
7) Which one of the following aren't one of the three macroeconomic goals to determine the health of an economy?
A
High and sustained economic growth
B
Control air pollution
C
Low unemployment
8) Income tax is an example of what principle of taxation?
A
The benefit principle of taxation
B
Not this one
C
The ability to pay principle of taxation
D
Not this one
9) National park admission fees is an example of what principle of taxation?
A
Benefit principle of taxation
B
Ability to pay principle of taxation
C
Not this one
D
Not this one
10) Which one of the following is an example of a public good?
A
Lighthouse
B
Private college
C
Fish sold at Walmart
D
Target Field (New Twins Stadium)
*select an answer for all questions
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