Governments Role In Economy Review Part #2 Question Preview (ID: 12876)


Review #2. TEACHERS: click here for quick copy question ID numbers.

Externalities positively or negatively affects
a) the consumer
b) the producer
c) a 3rd party
d) the seller

An airbag or a seat belt in a car is an example of what?
a) Free rider
b) Moral Hazard
c) Negative Externality
d) Free loaders

How does the government redistribute wealth
a) taxes
b) regulations
c) quotas
d) interest

Property rights allow the individual owner of the property to do all of the following EXCEPT...
a) earn income from the property
b) transfer or sell the property
c) use the good as see fit (within the law)
d) use lethal force if someone enters onto your property

Public goods are
a) non-rival (one person's use of it doesn't diminish the ability of other people to use it)
b) non-excludable (once a good is created, it's impossible to prevent others from gaining access to it)
c) both
d) not either

One way the US government promotes competition in the marketplace is...
a) Allowing trusts to form
b) Engaging in global trade
c) High taxes on new start-up companies
d) forming natural monopolies

What is a sin-tax?
a) a tax used to change or control consumers' behavior
b) a high tax on alcohol
c) away for the government reduce consumption of undesirable products
d) All of the above

Who is your favorite teacher?
a) Mr. Scherer
b) Mr. Cheeseface
c) Mrs. Not the right answer
d) Mrs. Crabby Pants

Tax Loopholes are
a) exceptions or oversights in the tax law that allow some people/business to avoid paying taxes.
b) A specific type of taxes that individuals get looped into paying and can be very expensive
c) A hole in the tax code that lets low income workers get huge tax breaks
d) A part of the tax code that everyone wants to keep.

Federal Income Tax is what type of tax?
a) Proportional
b) Progressive
c) Regressive
d) Not this one

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