Economics Quiz

The tax on gasoline is considered an?

• Regressive tax

• Progressive tax

• Flat tax

• Excise tax

A regressive tax takes a higher percentage of income from who?

• The wealthy

• The middle class

• The poor

• Corporations

A flat tax is the same as what other kind of tax?

• Progressive tax

• Proportional tax

• Regressive tax

• Excise tax

This government act, passed in 1890, allowed government to regulate businesses that became too big and threatened to monopolize an industry or concern:

• Sherman Antitrust Act

• Clayton Antitrust Act

• Federal Trade Commission Act

• Robinson-Patman Act

What kind of tax is a tax imposed by the government on imports coming into a country?

• Income tax

• Sales tax

• Tariff

• Excise tax

What sets a numerical limit on how much of a product can be imported into a country?

• Tariff

• Quota

• Embargo

• Subsidy

How do quotas and tariffs impact the supply of goods available to consumers and domestic prices in general?

• They increase supply and decrease prices

• They decrease supply and increase prices

• They have no impact on supply and prices

• They increase both supply and prices

What is it called when a company buys out the resources, manufacturing, and distribution to control the supply chain of their product?

• Horizontal integration

• Vertical integration

• Conglomerate merger

• Joint venture

What is the process called that joins together companies producing similar products?

• Merger

• Acquisition

• Partnership

• Franchise

Andrew Carnegie and John D Rockefeller created monopolies. What is a monopoly?

• A market structure with a single seller

• A market structure with many competitors

• A market structure with a few sellers

• A market structure with no sellers