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Introduction to Taxation, Government Spending, and Economic Development - Document preview page 1

Introduction to Taxation, Government Spending, and Economic Development - Page 1

Document preview content for Introduction to Taxation, Government Spending, and Economic Development

Introduction to Taxation, Government Spending, and Economic Development

A quiz covering the basics of taxation, government spending, and their impact on economic development.

Olivia Smith
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Introduction to Taxation, Government Spending, and Economic Development - Page 1 preview imageIntroduction to Taxation, Government Spending, and Economic DevelopmentQuestionWhich of the following amendments to the U.S. Constitution legalized the income tax?Question 1 answersa.12th Amendmentb.14th Amendmentc.16th Amendmentd.18thAmendmentAnswer: c. 16th AmendmentQuestion 2Which of the following is NOT one of the characteristics of a good tax?Question 2 answersa.simplicityb.efficiencyc.equityd.reliabilityAnswer: d. reliabilityQuestion 3The federal income tax is which type of tax?Question 3 answersa.progressiveb.regressivec.proportionald.atypicalAnswer: a. progressiveQuestion 4FICA taxes fund which of the following large government programs?Question 4 answersa.Social Security and Medicaid
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Introduction to Taxation, Government Spending, and Economic Development - Page 2 preview image
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Introduction to Taxation, Government Spending, and Economic Development - Page 3 preview imageb.Medicare and Medicaidc.Social Security and Medicared.Medicaid and Worker's CompensationAnswer: c. Social Security and MedicareQuestion 5Except for interest on the national debt, most mandatory spending of the federal government isfor which of the following?Question 5 answersa.endowment fundsb.entitlementsc.tariffsd.excise taxesAnswer: b. entitlementsQuestion 6Which of the following is a major source of revenue for most state governments?Question 6 answersa.property taxesb.corporate income taxesc.sales taxesd.interest earningsAnswer: c. sales taxesQuestion 7Which of the following theories supported the notion that free markets regulate themselves andshould not be interfered with by the government?Question 7 answersa.Keynesianb.Supply-sidec.Classicald.ReaganomicsAnswer: c. ClassicalQuestion 8
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Introduction to Taxation, Government Spending, and Economic Development - Page 4 preview imageWhich of the following economists supported the notion that the government should initiatespending during depressions?Question 8 answersa.John Keynesb.Adam Smithc.David Ricardod.John MalthusAnswer: a. John KeynesQuestion 9The poverty threshold isQuestion 9 answersa.the total income needed by a family to pay for needs and wants.b.the total amount of welfare dollars being given to a family.c.the total amount of taxes needed to support welfare programs.d.the income level below which income is insufficient to support a household.Answer: d. the income level below which income is insufficient to support a householdQuestion 10Which of the following is NOT a cause of poverty?Question 10 answersa.lack ofeducationb.lack of government programsc.economic shiftsd.shifts in family structureAnswer: b. lack of government programsQuestion 11Which country is the world's leading exporter of services?Question 11 answersa.The United Statesb.Great Britainc.Japand.ChinaAnswer: a. The United States
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Economics

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