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Economics Unit 5 Test Review
Test Description: Taxes
Instructions: Answer all questions to get your test result.
1) Consumer-protection regulations are beneficial because they lead to a ______in injuries and death as well as _____ consumer confidence.
A
Decrease, Increases
B
Increase, Decreases
C
Increase, Increases
D
Decrease, Decreases
2) Why must the government force people to pay taxes?
A
To control the money supply and manage economic growth
B
None of the above
C
To control the money demand and manage economic growth
D
To control the money supply and manage economic shrinkage
3) What is a tariff?
A
A law that limits the amount of goods a country can exports
B
A tax collected on imported goods
C
A tax collected on domestic goods
D
A law that limits the amount of goods a country can import
4) Which step occurs first in the creation of the federal budget?
A
The Federal Reserve gives a proposed budget to the president.
B
The president gives a proposed budget to the Federal Reserve.
C
The vice-president gives a proposed budget to Congress.
D
The president gives a proposed budget to Congress.
5) Increasing consumer confidence increases purchases from________.
A
Consumers
B
The Government
C
Customers
D
Producers
6) One drawback to consumer-protection regulations is that they lead to higher prices.
A
-
B
False (lower prices)
C
-
D
True
7) What is an Excise Tax?
A
a tax specific service. (sometimes considered healthy such as exercising)
B
a tax specific goods. (sometimes considered harmful/unhealthy ‘sin tax’)
C
a tax on surplus inventory (excess supply)
D
a tax on items in short supply (excess demand)
8) Which of the following is an example of a land-use law?
A
All of the above
B
residential zoning ordinance
C
None of the above (there are no laws for how one uses their land)
D
limitation of two houses per acre in the residential section of a town
9) Which step occurs last in the creation of the federal budget?
A
The citizens vote on spending bills and the results become law.
B
The Federal Reserve signs spending bills into law.
C
Congress signs spending bills into law.
D
The president signs spending bills into law.
10) The enforcement of antitrust laws slows down the flow of capital and wages.
A
False (speeds up the flow)
B
-
C
True
D
-
*select an answer for all questions
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