Economics Quiz

Which type of taxation imposes the same rate of tax on everyone, regardless of income level?

Which type of taxation imposes a higher percentage rate of tax on higher income levels?

Which concept refers to the income earned from labour?

• Rent

• Wages

• Interest

• Profit

Which term describes the income received from owning property or investments?

• Rent

• Wages

• Interest

• Profit

In economics, what is defined as the excess of revenue over costs?

• Income

• Wages

• Rent

• Profit

What is the term for a legally established minimum that employers must pay their workers?

• Market wage

• Equilibrium wage

• Living wage

• Minimum wage

What term describes the minimum level of income needed to secure the necessities of life, such as food and shelter?

• Absolute poverty

• Relative poverty

• Household income

• Wealth

What term refers to government payments to individuals for which no goods or services are exchanged?

• Transfer payments

• Social housing

• Minimum wages

• Unemployment benefits

Which taxation system takes a larger percentage of income from high-income earners than from low-income earners?

• Progressive taxation

• Regressive taxation

• Indirect taxation

• Income taxes

Which term describes the efficiency achieved when resources are allocated to their most valuable uses from society's perspective?

• Allocative efficiency

• Productive efficiency

• Dynamic efficiency

• Externalities