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Government And The Economy 4
Test Description: Government and the Economy 4
Instructions: Answer all questions to get your test result.
1) An entrepreneur is a person who
A
enforces government regulations for business
B
sets the interest rates at banks
C
manages financial investments
D
takes the risk of production to earn a profit
2) Other than taxes, how else does government get money to pay for public goods and services?
A
Businesses
B
Corporations
C
Borrowed money
D
Donations
3) Who takes the risks and shares the profits in a partnership?
A
One person
B
Investors
C
Two or more people
D
Government
4) Which type of business organization can act as one legal entity regardless of its number of owners?
A
Partnership
B
Entrepreneurship
C
Proprietorship
D
Corporation
5) All of the following are examples of public goods EXCEPT
A
post office
B
clothes
C
army
D
highways
6) Increased government spending on public goods and services
A
increases demand
B
decreases demand
C
decreases production
D
lowers taxes
7) When the government lowers taxes
A
national wealth decreases
B
national resources are depleted
C
international trade decreases
D
consumers have more money to spend
8) What is the relationship between government spending and taxes?
A
There is no relationship between government spending and taxes.
B
Increased Spending = Higher Taxes
C
Decreased Spending = Higher Taxes
D
Increased Spending = Lower Taxes
9) Which of the following is NOT considered a form of currency?
A
Charge Card
B
Checks
C
Federal Reserve Note
D
Coins
10) What is an agreement between two or more people called?
A
Security
B
Compromise
C
Contract
D
Discount
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