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TEST REVIEW
FACTORS AFFECTING INCOME
VOCABULARY
• Outlawed mergers and monopolies that limited
competition
• Sherman Antitrust Act
• Laws that encourage competition in the
marketplace
• Antitrust Laws
• The nation’s consumer protection agency
• FTC
VOCABULARY
• An indirect effect of an action, either positive or
negative
• Externality
• Products and services obtained from a company
• Private Good
• Legal protection of works of authorship
• Copyright
VOCABULARY
• The legal authority to own property, use the
property as one sees fit, and receive any income off
the property
• Property Rights
• Provides legal protections for inventions
• Patent
• Protects words, names, and symbols that are used
to identify a product or service
• Trademark
VOCABULARY
• Protection given to consumers under the leadership of
John F. Kennedy
• Consumer Bill of Rights
• Goods or services provided by the government because
private businesses and corporations would not supply
since they could not make a profit
• Public Good
• Products of the mind such as works of art, inventions,
movies, etc
• Intellectual Property
VOCABULARY
• Government aid to the poor
• Welfare
• The belief that people should be taxed according
to their ability to pay, regardless of the benefits they
receive
• Ability-to-pay Principle
• Cash transfers to retirees
• Social Security
VOCABULARY
• Pays workers who get hurt on the job and are no longer
able to work
• Workers Compensation
• The strategy of selling a product below cost to drive
competition out of the market
• Predatory Pricing
• Says that those who benefit from government goods
and services should pay in proportion to the amount of
benefits they receive
• Benefit Principle
VOCABULARY
• Cash transfers by the government to people who lose their
jobs through no fault of their own
• Unemployment
• Income level below what is needed to support families or
households
• Poverty Threshold
• Joining two or more companies into a single firm
• Mergerl
VOCABULARY
• A decrease in the government’s involvement in a business or
industry
• Deregulating
• When the government takes money from one group (taxes)
and gives to another group
• Redistribution Programs
Patents and copyrights are two forms of protection
for
A.
B.
C.
D.
Physical property
Intellectual property
Imaginary property
Potential property
Patents and copyrights are two forms of protection
for
A.
B.
C.
D.
Physical property
Intellectual property
Imaginary property
Potential property
Which of the following was NOT part of the 1962
Consumer Bill of Rights?
A.
B.
C.
D.
the right to safety
the right to return
the right to choose
the right to be heard
Which of the following was NOT part of the 1962
Consumer Bill of Rights?
A.
B.
C.
D.
the right to safety
the right to return
the right to choose
the right to be heard
Equity in taxation means that the taxes are
A.
B.
C.
D.
very high
fair
not evenly distributed
paid by corporations only
Equity in taxation means that the taxes are
A.
B.
C.
D.
very high
fair
not evenly distributed
paid by corporations only
Hazardous gas released from a factory’s smokestack
is an example of __________ externality.
A.
B.
C.
D.
local
positive
resource
negative
Hazardous gas released from a factory’s smokestack
is an example of __________ externality.
A.
B.
C.
D.
local
positive
resource
negative
Original works of authorship are protected by __________.
A
B.
C.
D.
patents
insignias
trademarks
copyrights
Original works of authorship are protected by __________.
A
B.
C.
D.
patents
insignias
trademarks
copyrights
One person’s consumption of a product reducing the amount
available for other people is a characteristic of a __________
good.
A.
B.
C.
D.
public
private
positive
negative
One person’s consumption of a product reducing the amount
available for other people is a characteristic of a __________
good.
A.
B.
C.
D.
public
private
positive
negative
The Statue of Liberty can be seen for miles around
because of its immense size. Since it is impossible
to charge people to see the monument it is
example of a __________.
A.
B.
C.
D.
Public good
Private good
Federal commodity
Government resource
The Statue of Liberty can be seen for miles around
because of its immense size. Since it is impossible
to charge people to see the monument it is
example of a __________.
A.
B.
C.
D.
Public good
Private good
Federal commodity
Government resource
Which US president established the Consumer
Bill of Rights in 1962?
A.
B.
C.
D.
Dwight D. Eisenhower
Lyndon B. Johnson
Harry S. Truman
John F. Kennedy
Which US president established the Consumer
Bill of Rights in 1962?
A.
B.
C.
D.
Dwight D. Eisenhower
Lyndon B. Johnson
Harry S. Truman
John F. Kennedy
The enforcement of clean air
regulations and providing measures to
prevent health epidemics, such as free
or below-cost vaccinations, are public
services provided by __________.
A.
B.
C.
D.
government
consumers
monopolies
industries
The enforcement of clean air
regulations and providing measures to
prevent health epidemics, such as free
or below-cost vaccinations, are public
services provided by __________.
A.
B.
C.
D.
government
consumers
monopolies
industries
When a third party bears a cost for a problem
they did not cause, it is known as a __________.
A.
B.
C.
D.
positive externality
consumer reaction
negative externality
government resource
When a third party bears a cost for a problem
they did not cause, it is known as a __________.
A.
B.
C.
D.
positive externality
consumer reaction
negative externality
government resource
Public goods are not produced by private sector producers
because __________.
A.
B.
C.
D.
There is too much competition
They are unable to produce them
Monopolies are likely to be formed
They will not make an economic profit
Public goods are not produced by private sector producers
because __________.
A.
B.
C.
D.
There is too much competition
They are unable to produce them
Monopolies are likely to be formed
They will not make an economic profit
Secure property rights mean that many people can own
homes because __________.
A.
B.
C.
D.
The house itself can be used as collateral on a
loan
The government guarantees the house will be
paid for
Several families can go in together on the
purchase of the home
Wealthy citizens have a wide choice of homes
available to them
Secure property rights mean that many people can own
homes because __________.
A.
B.
C.
D.
The house itself can be used as collateral on a
loan
The government guarantees the house will be
paid for
Several families can go in together on the
purchase of the home
Wealthy citizens have a wide choice of homes
available to them
Which of the following is NOT intellectual
property?
A.
B.
C.
D
a new office building
the design for the building
a painting of the building
software used inside of the building
Which of the following is NOT intellectual
property?
A.
B.
C.
D
a new office building
the design for the building
a painting of the building
software used inside of the building
Which of the following is not true about predatory
pricing
A.
B.
C.
D.
is the selling of a product below cost
is designed to drive competitors out of the
market
is good for consumers in the long run
is hard to prove
Which of the following is not true about predatory
pricing
A.
B.
C.
D.
is the selling of a product below cost
is designed to drive competitors out of the
market
is good for consumers in the long run
is hard to prove
Laws that encourage competition in the
workplace?
A.
B.
C.
D.
price war
predatory pricing
deregulation
antitrust
Laws that encourage competition in the
workplace?
A.
B.
C.
D.
price war
predatory pricing
deregulation
antitrust
Which of the following provides medical benefits
to the poor?
A.
B.
C.
D.
Workers Compensation
Medicare
Medicaid
Social Security
Which of the following provides medical benefits
to the poor?
A.
B.
C.
D.
Workers Compensation
Medicare
Medicaid
Social Security
Which of the following best defines “progressive tax”?
A.
B.
C.
D.
complex tax on people’s earnings
high tax designed to raise revenue and
reduce consumption of socially undesirable
products.
tax on consumer purchases
tax that imposes a higher percentage rate of
taxation on people with high incomes than those
with lower incomes
Which of the following best defines “progressive tax”?
A.
B.
C.
D.
complex tax on people’s earnings
high tax designed to raise revenue and
reduce consumption of socially undesirable
products.
tax on consumer purchases
tax that imposes a higher percentage rate of
taxation on people with high incomes than those
with lower incomes
All are characteristic of secure property rights EXCEPT:
A.
B.
C.
D.
The property must be passed down through the
family.
Ownership rights must be enforced under the rule
of law.
The owner must be able to sell or give the
property away.
The property itself must be able to be defined.
All are characteristic of secure property rights EXCEPT:
A.
B.
C.
D.
The property must be passed down through the
family.
Ownership rights must be enforced under the rule
of law.
The owner must be able to sell or give the
property away.
The property itself must be able to be defined.
One person’s consumption of a __________ product reduces
the amount available for other people.
A.
B.
C.
D.
externality
free-rider
public
private
One person’s consumption of a __________ product reduces
the amount available for other people.
A.
B.
C.
D.
externality
free-rider
public
private
Which of the following best defines “regressive tax”?
A.
B.
C.
D.
tax that imposes a higher percentage rate of
taxation on people with high incomes than those
with lower incomes
tax that imposes the same percentage taxation on
people of all income levels
tax that imposes a higher percentage rate of
taxation on people of low incomes than those with
higher incomes
none of the above
Which of the following best defines “regressive tax”?
A.
B.
C.
D.
tax that imposes a higher percentage rate of
taxation on people with high incomes than those
with lower incomes
tax that imposes the same percentage taxation on
people of all income levels
tax that imposes a higher percentage rate of
taxation on people of low incomes than those with
higher incomes
none of the above
An oversight in the tax law that allows some people and
businesses to avoid paying taxes is called a
A.
B.
C.
D.
sin tax
tax loophole
marginal tax
tax exception
An oversight in the tax law that allows some people and
businesses to avoid paying taxes is called a
A.
B.
C.
D.
sin tax
tax loophole
marginal tax
tax exception
What is one benefit provided by Social Security?
A.
B.
C.
D.
medical care for poor people
cash transfers to people injured on the job
compensation for all who lose jobs
retirement income for the elderly
What is one benefit provided by Social Security?
A.
B.
C.
D.
medical care for poor people
cash transfers to people injured on the job
compensation for all who lose jobs
retirement income for the elderly
The three criteria for effective taxes are
A.
B.
C.
D
efficiency, simplicity, and regressiveness
efficiency, simplicity, and progressiveness
equity, progressiveness, and efficiency
equity, simplicity, and efficiency
The three criteria for effective taxes are
A.
B.
C.
D
efficiency, simplicity, and regressiveness
efficiency, simplicity, and progressiveness
equity, progressiveness, and efficiency
equity, simplicity, and efficiency
Goods and services provided by the government at
greatly reduced prices
A.
B.
C.
D.
poverty threshold
in kind benefits
redistribution
cash transfers
Goods and services provided by the government at
greatly reduced prices
A.
B.
C.
D.
poverty threshold
in kind benefits
redistribution
cash transfers
Ann earns $10,000 annually and pays a tax of $1,000. Jerome
earns $60,000 during the same period and pays taxes of
$20,000. The tax they both paid was a
A.
B.
C.
D.
proportional tax
progressive tax
regressive tax
marginal tax
Ann earns $10,000 annually and pays a tax of $1,000. Jerome
earns $60,000 during the same period and pays taxes of
$20,000. The tax they both paid was a
A.
B.
C.
D.
proportional tax
progressive tax
regressive tax
marginal tax
Which of the following is an example of a cash transfer?
A.
B.
C.
D.
social security check
certificate of deposit
legal aid
medicare
Which of the following is an example of a cash transfer?
A.
B.
C.
D.
social security check
certificate of deposit
legal aid
medicare
The “incidence of a tax”
A.
B.
C.
D.
is a benefit tax
refers to those who bear the final burden of
taxation
is a special tax on individuals with high income
is a tax paid by self-employed workers
The “incidence of a tax”
A.
B.
C.
D.
is a benefit tax
refers to those who bear the final burden of
taxation
is a special tax on individuals with high income
is a tax paid by self-employed workers

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