Macro Test Review Part 2: Question Preview (ID: 24933)


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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) Regressive Tax d)
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 d)
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) Proportional Tax b) Regressive Tax c) Progressive Tax d)
Gross Domestic Product only counts the final goods and services.
a) True b) False c) d)
An increase in our unemployment rate means our Economy is __________.
a) Performing poorly b) About to hit its Peak c) d)
Government role: To make and enforce laws and to protect private property rights.
a) Provide legal system b) Provide Public Goods c) Correct Market Failures d)
Government Role: Such as external costs and external benefits
a) Provide legal system b) Provide Public Goods c) Correct Market Failures d)
Government Role: By taxing those with larger incomes and helping though in need.
a) Redistribute Income b) Maintain Competition c) Stabilize the Economy d)
Caused by changes in seasons or weather is what type of unemployment?
a) Seasonal b) Structural c) Frictional d) Cyclical
Unemployment that is temporary because of firings, layoffs, voluntary searches for new jobs.
a) Frictional b) Seasonal c) Structural d) Cyclical
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