Government, Consumers, Prices, and Taxes
Quiz by David Pierce
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- Q1
What is ‘fiat’ money?
Money that I can use for things other than paying for goods and services.
Money that has no intrinsic value in itself; it only has value because we have all agreed that it does.
30s - Q2
Higher prices mean money is worth ______
More
Less
30s - Q3
Lower prices mean money is worth ______
Less
More
30s - Q4
More money in circulation means ______ prices
Higher
Lower
30s - Q5
Less money in circulation means ______ prices
Higher
Lower
30s - Q6
What is the CPI?
Cardiopulmonary Resuscitation
Consumer Price Index
30s - Q7
What does the CPI measure?
The cost of health care
The average change in price, over time, of consumer goods and services
30s - Q8
In this type of economy, prices are driven by private businesses competing for customers.
Mixed Economy
Command Economy
Market Economy
30s - Q9
When one company has almost complete control over an industry, eliminating customer choice in which company to purchase a good or service from, this is known as a(n)
Capitalism
Monopoly
30s - Q10
In economic terms, what are consumers?
Any organism that consumes calories to produce energy
People who buy goods and services
30s - Q11
A tax on the sale of goods coming from other countries is known as a(n)
Tariff
Sales tax
30s - Q12
A tax paid when you make a purchase is called a(n)
Sales tax
Tariff
30s - Q13
In some states, you have to pay a _____ tax when you own a home or piece of land.
property
sales
30s - Q14
To help people prepare for retirement by saving at least some money throughout their working career, the government applies the _______ tax to many people’s earnings.
excise
social security
30s - Q15
When certain specific goods (like alcohol) are specially taxed, this is known as a(n)
excise
sales
30s