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Governments Role In Economy Review Part #2
Test Description: Review #2
Instructions: Answer all questions to get your test result.
1) Externalities positively or negatively affects
A
the consumer
B
the seller
C
the producer
D
a 3rd party
2) An airbag or a seat belt in a car is an example of what?
A
Free loaders
B
Moral Hazard
C
Negative Externality
D
Free rider
3) How does the government redistribute wealth
A
quotas
B
interest
C
regulations
D
taxes
4) Property rights allow the individual owner of the property to do all of the following EXCEPT...
A
transfer or sell the property
B
earn income from the property
C
use lethal force if someone enters onto your property
D
use the good as see fit (within the law)
5) Public goods are
A
both
B
non-rival (one person's use of it doesn't diminish the ability of other people to use it)
C
not either
D
non-excludable (once a good is created, it's impossible to prevent others from gaining access to it)
6) One way the US government promotes competition in the marketplace is...
A
High taxes on new start-up companies
B
Allowing trusts to form
C
forming natural monopolies
D
Engaging in global trade
7) What is a sin-tax?
A
away for the government reduce consumption of undesirable products
B
a high tax on alcohol
C
a tax used to change or control consumers' behavior
D
All of the above
8) Who is your favorite teacher?
A
Mr. Cheeseface
B
Mrs. Crabby Pants
C
Mrs. Not the right answer
D
Mr. Scherer
9) Tax Loopholes are
A
exceptions or oversights in the tax law that allow some people/business to avoid paying taxes.
B
A specific type of taxes that individuals get looped into paying and can be very expensive
C
A part of the tax code that everyone wants to keep.
D
A hole in the tax code that lets low income workers get huge tax breaks
10) Federal Income Tax is what type of tax?
A
Proportional
B
Regressive
C
Not this one
D
Progressive
*select an answer for all questions
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