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AP Micro Unit 6 Review Flashcards | StudBud
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AP Micro Unit 6 Review
AP Micro Unit 6 Review
24 terms
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StudBud Administration
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Reviews the economic role of government + random pop culture trivia.
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
Which one of the following is NOT an economic function of government?
Providing Private Goods
Correcting Market Failures
Enforcing Laws & Contracts
Providing Public Goods
2
Which one of the following taxes is based on the "ability to pay principle?"
Proportional Tax
Federal Income Tax
Payroll Tax
Sales Tax
3
RANDOM! In the game of
9-ball
, the pool balls are initially placed in a grouping of what shape?
Triangle
Circle
Diamond
Square
4
What type of good is the free rider problem associated with?
Private
Public
Market
Exclusionary
5
RANDOM! How many times was FDR elected President?
3 times
1 time
4 times
2 times
6
What type of tax takes a larger percentage from low-income people than from high-income people?
Progressive
Flat
Proportional
Regressive
7
If POSITIVE externalities of CONSUMPTION are present:
Corrective taxes should be imposed to reduce consumption
Market quantity is greater than socially optimal quantity
the MSB = MSC at the free market quantity
the MSB > MPB at the free market quantity
8
LAST BONUS RANDOM! This is the state flag of...
Oregon
Louisiana
Connecticut
Rhode Island
9
BONUS RANDOM! What is the capital city of North Dakota?
Pierre
Cheyenne
Bismarck
Columbia
10
RANDOM! Which one of the following is NOT a county in the state of Pennsylvania?
Carbon
Wyoming
Sonoma
Jefferson
11
RANDOM! In 1948, what uniform number did the New York Yankees retire in honor of Babe Ruth?
1
3
10
54
12
RANDOM! What is the periodic symbol for silver?
Si
Au
S
Ag
13
Which of the following government actions could correct a positive externality of production?
Pigouvian Tax
Subsidy
Cap & Trade System
Production Ban
14
What is the largest source of revenue for the federal government?
Excise Taxes
Corporate Income Tax
Personal Income Tax
Payroll Taxes
15
RANDOM! Which President said "Ask not what your country can do for you, ask what you can do for your country?"
Ronald Reagan
John F. Kennedy
Franklin Roosevelt
Abraham Lincoln
16
RANDOM! What movie features this famous quote?
The Breakfast Club
Ferris Bueller's Day Off
Top Gun
Back to the Future
17
Air pollution created by coal-powered electric generation is an example of:
Positive Externality of Production
Negative Externality of Production
Negative Externality of Consumption
Positive Externality of Consumption
18
Which of the following BEST meets the criteria for a public good?
National Defense
College Education
Internet Service
Cable TV
19
What do the Lorenz Curve and Gini Coefficient aim to measure?
Income Inequality
Tax Fairness
Government Spending
Tax Revenue
20
Which one of the following is the largest expenditure of the federal government?
Social Security
International aid
Medicare
Military & national defense
21
When the "right" people bear the burden of a tax, the tax achieves:
Minimum Cost
Max Revenue
Tax Equity
Tax Efficiency
22
When NEGATIVE externalities of PRODUCTION are present:
the MSB = MSC at free market output
the MSB > MSC at free market output
Producers should be subsidized to eliminate the externality
the MSC > MPC at free market output
23
Marginal Social Cost = Marginal Private Cost + ________________________.
Negative Externality
Total Revenue
Marginal Private Benefit
Marginal Social Benefit
24
BONUS RANDOM! This is the state flag of...
South Carolina
North Carolina
Georgia
Florida
