Semester Test Review: Question Preview (ID: 15043)


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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) Regressive Tax b) Progressive Tax c) d)
Wants that are considered to be anything other than a basic survival __________.
a) need b) c) d) choice
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) Progressive Tax c) d)
Representation for selecting the best choice.
a) Production possibility Model b) c) d) trade-off
Different societies might utilize the same __________ in different ways.
a) Resource b) c) d) Utility
The goal of economic freedom is the right to choose.
a) True b) False c) d)
The federal budget consists of several categories, but national defense and social security are the highest.
a) True b) False c) d)
Medicare/ Medicaid are considered to be apart of the economic functions of government under the redistribution of income.
a) True b) False c) d)
If an interest rate is high on a car loan, would the interest payment be low?
a) True b) False c) d)
Gross Domestic Product only examines half of the dollar value in all final goods/ services.
a) True b) False c) d)
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