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Final Review
Test Description: Chapter 7, 9, 10, 16
Instructions: Answer all questions to get your test result.
1) All of the following are part of Market Structure EXCEPT?
A
Monopoly
B
Pure
C
Flat Tax
D
Oligopoly
2) Many buyers and sellers, none being able to influence prices is what?
A
Oligopoly
B
Monopsony
C
Monopoly
D
Perfect Competition
3) What amendment gave Congress the power to tax an individual's income?
A
Thirteenth
B
Nineteenth
C
Fourteenth
D
Sixteenth
4) What is one problem with Fiscal Policy?
A
Tends to affect certain groups
B
lacking of government
C
Very proportional
D
It takes the right amount of taxes
5) Sin tax affects what group of people?
A
Low Class
B
Middle Class
C
Both A B
D
High class
6) What do Sin taxes have strongly detrimentally affect what?
A
larger businesses
B
corporate businesses
C
All of the above
D
local small businesses
7) What is the largest source of federal government revenue?
A
Store income Tax
B
none of the above
C
Business income Tax
D
Individual income tax
8) Will promoting open market and economic growth abroad help balance U.S. economy?
A
True
B
False
9) All of the following are key solutions to balancing the economy EXCEPT?
A
Stop sales of key assets to foreign entities
B
Institute policies to cut back consumption
C
Making less supplies for businesses
D
Not allowing individuals and companies to profit by selling out U.S
10) A balanced budget is when current expenditures are equal to the same recipients after a few months.
A
True
B
False
*select an answer for all questions
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