Fiscal Policy: Taxes Answers
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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.2
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Property taxes are usually determined based on
t
the property owner's income.t
the amount of money invested in the property.t
the earnings generated by the property.t
the value of the property.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
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.5
sales taxtariffexcise tax
A
sales taxB
tariffC
excise tax6
What gives the US government the power to collect taxes?
A
the ConstitutionB
laws passed by CongressC
an executive orderD
common law7
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.8
Under a contractionary taxation policy, the government can reduce the deficit by
i
increasing taxes.r
reducing taxes.i
increasing spending.i
increasing inflation.9
A sales tax is a type of
p
progressive tax.i
indirect tax.p
proportional tax.d
direct tax.Did you find these answers helpful?
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