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Governments Role In Economy Review Part #2
Test Description: Review #2
Instructions: Answer all questions to get your test result.
1) Externalities positively or negatively affects
A
the seller
B
the producer
C
the consumer
D
a 3rd party
2) An airbag or a seat belt in a car is an example of what?
A
Free loaders
B
Negative Externality
C
Moral Hazard
D
Free rider
3) How does the government redistribute wealth
A
taxes
B
quotas
C
interest
D
regulations
4) Property rights allow the individual owner of the property to do all of the following EXCEPT...
A
use the good as see fit (within the law)
B
earn income from the property
C
use lethal force if someone enters onto your property
D
transfer or sell the property
5) Public goods are
A
both
B
non-excludable (once a good is created, it's impossible to prevent others from gaining access to it)
C
non-rival (one person's use of it doesn't diminish the ability of other people to use it)
D
not either
6) One way the US government promotes competition in the marketplace is...
A
forming natural monopolies
B
High taxes on new start-up companies
C
Engaging in global trade
D
Allowing trusts to form
7) What is a sin-tax?
A
away for the government reduce consumption of undesirable products
B
All of the above
C
a high tax on alcohol
D
a tax used to change or control consumers' behavior
8) Who is your favorite teacher?
A
Mrs. Not the right answer
B
Mr. Cheeseface
C
Mrs. Crabby Pants
D
Mr. Scherer
9) Tax Loopholes are
A
A specific type of taxes that individuals get looped into paying and can be very expensive
B
A part of the tax code that everyone wants to keep.
C
exceptions or oversights in the tax law that allow some people/business to avoid paying taxes.
D
A hole in the tax code that lets low income workers get huge tax breaks
10) Federal Income Tax is what type of tax?
A
Not this one
B
Progressive
C
Regressive
D
Proportional
*select an answer for all questions
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