Economic Systems & Types of Taxes

Property tax is a main source of revenue to which level of government?

A pure market economic system offers the most:

In this system there are no safety nets - if you don't work, you don't eat!

Everyone in this system would have a lot of safety nets such as job security

In this system prices are determined through the interaction of supply and demand

A command economic system is also know as this:

Mrs. Dean buys a Nintendo Switch Lite for $299.00. At the register she must pay $314.85. What type of tax is this?

This market is where finished goods and services are exchanged for money

You will work at the same job as your ancestors did in this type of system:

Ms. Guy bought a house and got a tax bill from the County showing the value of her house and the amount of tax she owes.

Sales tax is a main source of income to which two levels of government?

This incentive is what drives people to produce in a market economy:

All of the following are economic goals for countries EXCEPT:

A person would find the largest amount of consumer goods in this type of system:

Income tax is a main source of revenue to which two levels of government?

These are all examples of a command system EXCEPT:

When you buy a good in Virginia you can expect to pay a rate of _____________ in sales tax.

Most of the world's economic systems today, including the United States, are:

The government decides what will be produced in this type of system: