Micro Economics quiz
An item or event that results in a third part receiving a benefit or incurring a cost to a third party is called an externality.
Question 1 options:
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True |
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False |
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A private good is a good that is neither excludable nor rival in consumption.
Question 2 options:
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True |
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False |
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A budget deficit is an excess of government spending over government revenues.
Question 3 options:
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True |
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False |
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The average tax rate is the extra taxes paid on additional dollar of income.
Question 4 options:
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True |
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False |
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A progressive tax is a tax for which high-income taxpayers pay a larger fraction of their income tan o lower-income taxpayers.
Question 5 options:
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True |
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False |
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