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