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The Government And The Economy
Test Description: Econ mini unit #2
Instructions: Answer all questions to get your test result.
1) In this type of economy, prices are driven by private businesses competing for customers.
A
Market Economy
B
Command Economy
2) When one company has almost complete control over an industry, eliminating customer choice in which company to purchase a good or service from, this is known as a(n)
A
Monopoly
B
Dictatorship
3) In economic terms, what are consumers?
A
Any organism that consumes calories to produce energy
B
People who buy goods and services
4) A tax on the sale of goods coming from other countries is know as a(n)
A
Sales tax
B
Tariff
5) A tax paid when you make a purchase is called a(n)
A
Tariff
B
Sales tax
6) In some states, you have to pay a _____ tax when you own a home or piece of land.
A
Excise tax
B
Property tax
7) To help people prepare for retirement by saving at least some money throughout their working career, the government applies the _______ tax to many people’s earnings.
A
Social Security tax
B
Excise tax
8) When certain specific goods (like alcohol) are specially taxed, this is known as a(n)
A
Sales tax
B
Excise tax
9) In this type of economy, the government regulates and controls industries and prices directly
A
Command Economy
B
Market Economy
10) The United States economy is regarded as a(n)
A
Command economy
B
Market economy
C
Mixed economy
*select an answer for all questions
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