stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
government and the economy Flashcards | StudBud
Explore
/
government and the economy
government and the economy
24 terms
·
StudBud Administration
·
1,044 plays
#economics
Flashcards
24 cards
F
Practice quiz
P
Host live
L
Questions
24
Answers
1
Which of these BEST illustrates the U.S. government trying ensure fair competition.
building roads and bridges
restricting pollution
enforcing antitrust legislation
reducing speed limits
2
When government revenues exceed government spending, the result is
a budget deficit
a budget surplus
an increase in income tax rates
reduced unemployment
3
The Social Security and Medicare systems illustrate the U.S. governments effort to
Promote economic security
manage external costs and benefits
slavilize the national economy
establish and enforce private property rights
4
A person making $1,000 pays a $300 tax and a person making $10,000 pays $1,000. This describes
proportional taxing
regressive taxing
progressive taxing
5
which of these brings in the most revenue for the federal government
property tax
income and payroll taxes
sales tax
death and estate taxes
6
when government spending exceeds government revenues the immediate result is
an increase in unemployment
a budget surplus
a budget deficit
a decrease in income tax
7
An economist would most likely define an EXTERNALITY as a cost that is.......
a tax levied by government
paid by consumers for cost associated with government laws.
paid by someone who is neither a producer or a consumer
8
Country A provides health care, and college to all citizens, what is true about this country?
Country A has higher productivity than others
Country A has higher taxes than those who don't offer thee
Country A's incomes are unaffected by these perks
country A has no scarcity
9
Which one of these goes beyond the traditional role of the
Federal
Government
collecting taxes from citizens
paying for local police
providing for national defense
setting fees on imports
10
Which of the following statements about public goods and services is true?
causes scarcity
increases revenue for businesses
no profit motive so businesses won't produce them
they are rarely used
11
Which of the following is most responsible for increasing a nations standard of living?
labor productivity goes up
People require less time to produce the same quantity
People produce more and better products in the same time
All of these answers are correctt
12
A person making $1,000 pays a $50 tax and a person making $10,000 pays $500 this is a
regressive tax
progressive tax
value-added tax
proportional tax
13
Which of these actions is probably most influenced by non-economic goals? (externalities)
imposing pollution control
incentives to help with efficiency
higher taxes on profits
subsidizing the production of airplanes
14
The national debt refers to
deficit in a given year
local and state budgets
combined annual Federal deficits
combined state debt
15
Public goods are defined as goods that
used by one single individual
provided by charitable organizations
open to individual investors
used collectively by the population
16
Which kinds of taxes do state governments impose
excise and import
sales, property and income taxes
estate and import
tariffs (import)
17
Veterans benefits falls under which role of the Government in our Economy?
Ensuring Market Competition
Stabilizing the Economy
Protecting Consumers
Promoting Economic Security
18
Which of these results when the US government borrows money to increase its spending
banks are less willing to lend to individuals and businesses
more interest will be paid on debt
private investment increases as the economy expands
19
a tax on bread would be considered
regressive tax
flat
progressive
proportional
20
Which of these situations BEST illustrates the concept of a negative externality?
pouring toxic waste in a river
extra to cover the cost of compliance
returning merchandise you don't want
higher insurance costs
21
The FDA protecting our food supply is what role of the Federal Government
Stabilizing the Economy
Enforcing Private Property Rights
Promoting Economic Security
Protecting Consumers
22
A proportional tax is described as a tax that....
requires all citizens to pay and equal % of their incomes
provides reduced tax rates
is a production tax
allows more deductions than others
23
Which expense is most likely a fixed cost
monthly rent
capital maintenance
wages for hourly workers
shipping costs
24
Which of the following statements about taxes is NOT true
a regressive tax reflects the "ability to pay" principle
a regressive tax is a form of proportional tax
a regressive tax does not reflect ability to pay principle
a flat tax is a proportional tax
