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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 government regulation that fulfills a need for public goods.
B
Combinations of corporations or companies
C
A ruling requiring a company to stop an unfair business practice.
D
Practice of charging customers different prices for the same products.
2) What is the definition of price discrimination?
A
Practice of charging customers different prices for the same products.
B
Combinations of corporations or companies.
C
A ruling requiring a company to stop an unfair business practice.
D
A government regulation that fulfills a need for public goods.
3) All of the following are examples of modified free enterprise within the US except
A
Preventing monopolies
B
having foreign embassies
C
Regulating natural 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
B
The local government
C
The utility company's customers (the consumers)
D
The utility company's employees
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
False
B
Not this one
C
Not this one
D
True
7) Which one of the following aren't one of the three macroeconomic goals to determine the health of an economy?
A
Low unemployment
B
High and sustained economic growth
C
Control air pollution
8) Income tax is an example of what principle of taxation?
A
The ability to pay principle of taxation
B
Not this one
C
Not this one
D
The benefit principle of taxation
9) National park admission fees is an example of what principle of taxation?
A
Ability to pay principle of taxation
B
Not this one
C
Not this one
D
Benefit principle of taxation
10) Which one of the following is an example of a public good?
A
Fish sold at Walmart
B
Target Field (New Twins Stadium)
C
Lighthouse
D
Private college
*select an answer for all questions
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