Government Intervention

Government Intervention

KG - Professional Development

10 Qs

quiz-placeholder

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Government Intervention

Government Intervention

Assessment

Quiz

Business

KG - Professional Development

Practice Problem

Hard

Created by

Dhruv Garg

Used 35+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which graph represents an ad valorem tax?

Media Image
Media Image
Media Image
Media Image

2.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

If demand is relatively elastic, which economic pillar faces the highest burden?

Consumers

Governments

Financial Institutions

Producers

3.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

What does price ceiling create?

Excess Demand

Consumer Surplus

Excess Supply

Producer Surplus

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is government intervention?

taxes and subsidies

is any action carried out by the government or public entity that affects the market economy

when employees of the government decide to take action after contemplation whilst creating economic models to predict market economy

a consequence of an industrial or commercial activity which affects other parties in turn being reflected in market prices

5.

MULTIPLE CHOICE QUESTION

5 sec • 1 pt

Corporate tax is an indirect tax

True

False

It does not exist; it's a subsidy

6.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

How do subsidies create a net loss of total welfare?

A negative externality is created

It creates a burden on the government

The total cost to tax payers exceeds the total increase in social surplus

It creates a burden on the consumers

7.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

On what type of goods should a price ceiling be imposed?

Normal

Inferior

Luxury

Necessity

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