Fiscal Policy: Taxes Answers
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Which of these is most likely the US government’s aim in taxing imported goods?
A
to protect domestic businessesB
to decrease international tradeC
to end reliance on foreign goodsD
to make US markets less desirable2
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Under a contractionary taxation policy, the government can reduce the deficit by
i
increasing taxes.r
reducing taxes.i
increasing spending.i
increasing inflation.3
Which best describes how expansionary policies can facilitate economic growth?
A
They prompt decreased demand.B
They inspire consumer confidence.C
They increase disposable income.D
They help reduce consumer debt.4
proportionallyprogressivelyregressively
A
proportionallyB
progressivelyC
regressively5
Governments collect taxes to ensure that
t
there is sufficient money to fund private businesses.c
citizens contribute to meeting society's needs.p
politicians get paid in a timely manner.a
a government program exists for every need that arises.6
This graph shows US government revenue and expenditures between 1980 and 2010.
T
The government spends less than it receives year over year.T
The government should produce more money to cover spending.T
The government on average spends more than it collects.T
The government needs to lower taxes to cover spending.7
Which statements best describe sales tax? Check all that apply.
A
Sales tax does not affect low-income groups.B
Sales tax is an indirect tax levied on goods and certain services.C
Sales tax is a type of regressive taxation.D
Sales tax is a direct tax paid by consumers to the government.E
Sales tax affects high-income groups.8
sales taxtariffexcise tax
A
sales taxB
tariffC
excise tax9
How is an excise tax different from a sales tax?
A
An excise tax is not deductible.A
An excise tax applies to specific products.A
An excise tax applies only to imported goods.A
An excise tax is an indirect tax.10
expansionarycontractionaryproportional
A
expansionaryB
contractionaryC
proportionalDid you find these answers helpful?
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