Economics Unit 5 Test Review Question Preview (ID: 57641)


Taxes. TEACHERS: click here for quick copy question ID numbers.

Consumer-protection regulations are beneficial because they lead to a ______in injuries and death as well as _____ consumer confidence.
a) Increase, Increases
b) Decrease, Decreases
c) Decrease, Increases
d) Increase, Decreases

Why must the government force people to pay taxes?
a) To control the money supply and manage economic growth
b) To control the money demand and manage economic growth
c) To control the money supply and manage economic shrinkage
d) None of the above

What is a tariff?
a) A tax collected on domestic goods
b) A tax collected on imported goods
c) A law that limits the amount of goods a country can import
d) A law that limits the amount of goods a country can exports

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.

Increasing consumer confidence increases purchases from________.
a) Producers
b) Consumers
c) Customers
d) The Government

One drawback to consumer-protection regulations is that they lead to higher prices.
a) True
b) False (lower prices)
c) -
d) -

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)

Which of the following is an example of a land-use law?
a) limitation of two houses per acre in the residential section of a town
b) residential zoning ordinance
c) All of the above
d) None of the above (there are no laws for how one uses their land)

Which step occurs last in the creation of the federal budget?
a) The president signs spending bills into law.
b) The Federal Reserve signs spending bills into law.
c) Congress signs spending bills into law.
d) The citizens vote on spending bills and the results become law.

The enforcement of antitrust laws slows down the flow of capital and wages.
a) True
b) False (speeds up the flow)
c) -
d) -

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