lesson4 quiz - 1 The output of the Private Sector provides...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1. The output of the Private Sector provides about  70  percent of the  production of the nation 2.  A   negative   externality   is   when   production   or   consumption   inflicts  costs on a third party.   3. Government Spending by all levels (local,  state and federal) comprises about  30  percent of resource use in the  United States 4. Using the table below, answer the question that follows the table:               Income                         Tax                                 $10,000                       $1,000                            20,000                         4,000                            30,000                         9,000                The “marginal tax rate” in going from $10, 000 to $20,000 of income is 30% 5.  One   way   that   a   government   can   choose   to   try   to   promote   a   stable  economy is by increasing or decreasing the amount of overall spending. 6. Pure competition is when the market consists of a very large number of  producers and consumers such as in agriculture.   7. There are three forms of business in an economy:  sole proprietorship,  partnership, and corporation. 8.  Sole   proprietorships   are   organized   flexibly,   but   have  unlimited  liability (assets may be taken for debt resolution). 9.  Median   incomes   peaked   in   1999   and   were   (adjusted   for   inflation)  slightly less in the middle of this decade. 10.  Americans sometime have “negative savings” meaning they  borrow for  current expenditures 11. Local government agencies (school districts, hospitals, county) often  place taxes together on property. 12. Government spending for goods and services is a(n) significant part 
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 4

lesson4 quiz - 1 The output of the Private Sector provides...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online