MacroEconomics - Part 2 Quiz

Our tax money is spent on all of the following EXCEPT:

• Social Security

• The Military

• Private School Education

• National Parks

a tax in which the tax rate increases as the taxable amount increases

• progressive
• regressive
• flat
• proportional

Cotton grown in South Carolina is shipped to Spain.

• Import
• Export

North Dakota received boots made in Canada

• Import

• Export

What is a Tariff?

• A tax on imported and exported goods

• A price marked on goods

• Profit made from manufactured goods

The government has little to no role in the production of goods in this type of economy.

• Traditional

• Mixed

• Command

• Market

A business owner who prefers to maintain complete control of all business activities might consider structuring the venture as a(n)

• sole proprietorship
• general partnership.
• franchise
•  corporation.

What is a major advantage of a business that is a partnership rather than a sole proprietorship?

• The responsibility for the business is shared
• The business is easy to set up
• The partners are not responsible for business debts
• The business is easy to sell