The Government And The Economy Question Preview (ID: 61516)


Econ Mini Unit #2. TEACHERS: click here for quick copy question ID numbers.

In this type of economy, prices are driven by private businesses competing for customers.
a) Market Economy
b) Command Economy
c)
d)

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) Dictatorship
b) Monopoly
c)
d)

In economic terms, what are consumers?
a) People who buy goods and services
b) Any organism that consumes calories to produce energy
c)
d)

A tax on the sale of goods coming from other countries is know as a(n)
a) Sales tax
b) Tariff
c)
d)

A tax paid when you make a purchase is called a(n)
a) Sales tax
b) Tariff
c)
d)

In some states, you have to pay a _____ tax when you own a home or piece of land.
a) Property tax
b) Excise tax
c)
d)

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) Excise tax
b) Social Security tax
c)
d)

When certain specific goods (like alcohol) are specially taxed, this is known as a(n)
a) Sales tax
b) Excise tax
c)
d)

In this type of economy, the government regulates and controls industries and prices directly
a) Market Economy
b) Command Economy
c)
d)

The United States economy is regarded as a(n)
a) Market economy
b) Command economy
c) Mixed economy
d)

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