1. Entrepreneurship (profits) account for about ______ percent of national income.
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Correct Answer:
23
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2. Public goods are a form of _____.
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Market Failure
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3. The private benefit is ________, while the social benefit is ________.
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The benefit recieved by the consumer of a good or service; the total benefits from consuming the good
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4. When politicians trade votes for their legislation, it is known as ______.
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Log rolling
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5. When individuals and firms use resources, like money and lobbyists, to influence government to grant them special privileges, it is known as ______.
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Rent seeking
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6. Special interest groups ______.
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Have an intense interest in particular voting issues that may be different from the interests of the general public
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7. The lack of incentive to be informed is known as ______.
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Rational ignorance
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8. The application of economics to politics is known as ______.
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Public choice theory
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9. Public choice economists believe that government actions are an outgrowth of ______.
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Individual behavior
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10. A flat tax is also called a ______.
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Proportional tax
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11. Historically, most state and local tax revenue has come from ______ taxes.
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Property
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12. The fraction of additional income paid in taxes is called the ______ tax rate.
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Marginal
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13. What do we call a sales tax on individual products such as alcohol, tobacco, and gasoline?
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Excise tax
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14. The current federal income tax is a ______ tax.
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Progressive
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15. Payroll taxes are levied on ______-related income.
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Work
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16. Most federal taxes are aimed at ______.
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Income
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17. What event in 2008–2009 had a lasting influence on government expenditures?
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Global recession
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18. What did government expenditures do between 1950 and 1975?
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Grow slowly
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19. The concept that people with different levels of income should be treated differently is called
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Vertical Equity
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20. Groups with an intense interest in particular voting issues are called
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Correct Answer:
Special interest groups
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21. In _____ smaller percentage of taxable income is taken as taxable income increases
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Regressive tax
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22. Rational ignorance is sufficient incentive to be informed
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Correct Answer:
False
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23. _____ is designed so that a larger percentage of taxable income is taken as taxable income increases.
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Progressive tax
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24. Median voter model is A model that predicts candidates will choose a position in the ______ of the distribution
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Middle
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25. Exchanging votes to get support for legislation is called.
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Logrolling
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26. ____ is a tax that charges all income earners the same percentage of their income.
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Flat Tax
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27. A sales tax on individual products such as alcohol, tobacco is called
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Correct Answer:
Excise Tax
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28. According to Ability-to-pay principle those with greatest ability to pay taxes should pay ____ than those with less ability to pay
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Correct Answer:
More Tax
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