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Semester Test Review
Test Description: Part 2
Instructions: Answer all questions to get your test result.
1) Gross Domestic Product only examines half of the dollar value in all final goods/ services.
A
True
B
False
2) If an interest rate is high on a car loan, would the interest payment be low?
A
False
B
True
3) Medicare/ Medicaid are considered to be apart of the economic functions of government under the redistribution of income.
A
False
B
True
4) The federal budget consists of several categories, but national defense and social security are the highest.
A
True
B
False
5) The goal of economic freedom is the right to choose.
A
True
B
False
6) Different societies might utilize the same __________ in different ways.
A
Resource
B
Utility
7) Representation for selecting the best choice.
A
Production possibility Model
B
trade-off
8) Wants that are considered to be anything other than a basic survival __________.
A
need
B
choice
9) 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
10) 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
*select an answer for all questions
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