What is GST?

7. Methods of government intervention in markets

Quiz
•
Financial Education
•
9th - 12th Grade
•
Easy
Anna Rabiega
Used 5+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
gold and silver trading
geocaching and survival training
goods and services tax
growth and spending tracking
2.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
Imposition of an indirect tax might result in:
a decrease in price of the product
an increase in unemployment on that market
a loss of tax revenue for the government
the amount of products sold remaining unchanged
3.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
When is the tax burden higher for consumers than for producers?
PED = PES
PED > PES
YED > PES
PED < PES
4.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
What is the opportunity cost of subsidies?
the money used to finance the subsidies could be used in a different way
the cost of increasing the educational opportunities for kids
the risk of producers misusing the money they received from subsidies
inability of producers from developing countries to compete with subsidized domestic producers
subsidization doesn't motivate firms to become more efficient
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of a subsidy?
a sum of money or percentage of price the government gives to the domestic supplier
an amount of money paid by the government to the producer per unit of output
an amount of money paid by the producer to the government per unit of output
a situation where the government sets the maximum price preventing the producers to rising it above this "ceiling"
6.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
What effect will setting a maximum price set above the equilibrium level have in the market of rented accomodation?
Rents will remain unchanged
Rents will increase
Rents will decrease
7.
MULTIPLE CHOICE QUESTION
10 mins • 1 pt
Which intervention has the risk of causing a shortage?
Subsidies paid to some producers
Specific indirect taxes
Maximum price controls
Taxes on companies' profits
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