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Macro Test Review Part 2
Test Description: Part 2 review
Instructions: Answer all questions to get your test result.
1) A tax for which the percentage of income paid in taxes remains the same for all income levels( example: 10% for everyone)
A
Proportional Tax
B
Regressive Tax
C
Progressive Tax
2) A tax for which the percentage of income paid in taxes increases as income increases( example: someone with an income of $50, 000 may pay 15%, but someone with an income of $500,000 may pay 25%)
A
Proportional Tax
B
Progressive Tax
C
Regressive Tax
3) A tax for which the percentage of income paid in taxes decreases as income increases( example: a sales tax would take a higher percentage of lower income person’s money)
A
Progressive Tax
B
Regressive Tax
C
Proportional Tax
4) Gross Domestic Product only counts the final goods and services.
A
True
B
False
5) An increase in our unemployment rate means our Economy is __________.
A
About to hit its Peak
B
Performing poorly
6) Government role: To make and enforce laws and to protect private property rights.
A
Provide legal system
B
Correct Market Failures
C
Provide Public Goods
7) Government Role: Such as external costs and external benefits
A
Provide legal system
B
Provide Public Goods
C
Correct Market Failures
8) Government Role: By taxing those with larger incomes and helping though in need.
A
Stabilize the Economy
B
Redistribute Income
C
Maintain Competition
9) Caused by changes in seasons or weather is what type of unemployment?
A
Structural
B
Frictional
C
Cyclical
D
Seasonal
10) Unemployment that is temporary because of firings, layoffs, voluntary searches for new jobs.
A
Frictional
B
Structural
C
Cyclical
D
Seasonal
*select an answer for all questions
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