The public finance: trivia quiz. Businesses are all controlled by the government to a given level and sometimes the government intervenes in the economy. In the quiz below you will get to test out what you know about different types of taxes and regulations implemented by governments when it comes to business regulation and why they have been put in See moreplace. Give it a try and see what more you will learn from it.
The average tax rate increases as the level of taxable income increases
The marginal tax rate falls as taxable income rises
The average tax rate remains constant as the level of taxable income rises
The marginal tax rate remains constant as the level of taxable income rises
All of (a)-(d)
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Rise continuously
Decrease continuously
Initially decrease and then increase
Initially increase and then decrease
All of (a)-(d)
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Fiscal drag
Bracket creep
The Laffer curve
Debt burden
All of (a)-(d)
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A lower percentage of their income in taxes than low-income people
A higher percentage of their income in taxes than low-income people
The same percentage of their income in taxes as low-income people
All the taxes in the economy
All of (a)-(d)
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Marginal tax rate
Average tax rate
Total tax rate
Proportional tax rate
All of (a)-(d)
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Is the way in which a tax is structured
Is the ultimate distribution of a tax's burden
Occurs when taxes cause prices to increase, but wages to fall
Occurs when households can alter their behaviour and do something to avoid paying a tax.
All of (a)-(d)
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Ad valorem
Direct
Excise duty
Specific
All of (a)-(d)
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Elasticities of demand and supply
How many producers there are
Who is legally obliged to pay the tax
Whether there is perfect or imperfect information
All of (a)-(d)
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Behaviour of shifting the tax to another party
Ultimate distribution of a tax's burden
Structure of the tax
Measure of the impact the tax has on employment and output.
All of (a)-(d)
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The proportional tax would increase the amount of personal saving
The proportional tax would make the tax system less progressive than it is now
The proportional tax would increase the number of hours people work
All of (a)-(c)
None of (a)-(c)
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It will increase equilibrium labor supply
It will decrease equilibrium labor supply
The effect will differ for households with different preferences
All of (a)-(c)
None of (a)-(c)
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The elasticity of demand in the market
The market structure (competition, monopoply)
The production function for the good
All of (a)-(c)
None of (a)-(c)
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The statutory incidence of the Picasso tax is on the buyer
Economic incidence of the Picasso tax is on the seller
The pretax purchase price of the artworks goes down by exactly $10,000
All of (a)-(c)
None of (a)-(c)
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True
False
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True
False
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True
False
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True
False
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True
False
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Quiz Review Timeline (Updated): Mar 22, 2023 +
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