Economics Quiz 2

Specialization can be defined as

• the process of delegating responsibilities to others
• when companies produce the same goods or the same type of goods in order to be efficient

• the act of generalizing across multiple fields

Costs not only include the materials required for the goods and services, but also

• shipping costs only
• marketing expenses
• the wages that businesses must pay the workers who are providing the goods and services. 

  
  

Describe the circular flow of interaction among households, businesses, and the government in the economy. (There are 3 correct answers)

• Households consume goods and services.

• Businesses produce the goods that households consume.

• They are not connected in any way so there is no circular flow.

• Governments control the businesses to an extent and require them to pay taxes. 

  
  

What is the primary tax that LOCAL governments like Riverton collect?

• World tax

• Universal tax

• Property tax

What is the main tax that State governments collect that we talked about?

• Income tax
• States do not collect tax

• Sales tax

A public service is a ________ offered by an organization, typically a government agency or private business, intended to support members of a community.

Public goods are paid for through _____

• taxes

• corporate sponsorships
• private donations

The most common energy service that governments provide is

• Free Wifi

• Electricity
• None of the above

Which of the following is NOT a public service

• Sanitation service.

• Private gym or restaurant
• City park
• Public library

 St. Louis City and County contribute what percent of sales tax to the operating budget of the Metro link? (See the extra attached document that is included in the Quizziz post)

• The specific percentage is not provided in the question.
• 1.75 percent

• 2,500% of sales tax