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