Government And The Economy 4: Question Preview (ID: 18168)

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Which of the following is NOT considered a form of currency?
a) Coins
b) Federal Reserve Note
c) Checks
d) Charge Card

What  is  an  agreement  between  two  or  more  people  called?
a) Discount
b) Contract
c) Security
d) Compromise

What  is  the  relationship  between  government  spending  and  taxes?
a) Increased  Spending =  Higher  Taxes
b) Increased  Spending =  Lower  Taxes
c) There  is  no  relationship  between  government  spending  and  taxes.
d) Decreased  Spending =  Higher  Taxes

Increased  government  spending  on  public  goods  and  services
a) decreases  production
b) increases  demand
c) lowers  taxes
d) decreases  demand

When  the  government  lowers  taxes
a) national  resources  are  depleted
b) national  wealth  decreases
c) consumers  have  more  money  to  spend
d) international  trade  decreases

All  of  the  following  are  examples  of  public  goods  EXCEPT
a) clothes
b) army
c) highways
d) post office

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

Who  takes  the  risks  and  shares  the  profits  in  a  partnership?
a) Investors
b) Two  or  more  people
c) One person
d) Government

Which  type  of  business  organization  can  act  as  one  legal  entity  regardless  of  its   number  of  owners?
a) Proprietorship
b) Partnership
c) Entrepreneurship
d) Corporation

An  entrepreneur  is  a  person  who
a) takes  the  risk  of  production  to  earn  a  profit
b) manages  financial  investments
c) sets  the  interest  rates  at  banks
d) enforces  government  regulations  for  business

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