Which of the following best describes government revenue? ### Economic Concepts and Government Policy#### 10. Government Revenue**Question:** Which of the following best describes government revenue? - a) Government programs designed to improve economic equity - b) A tax for which high-income earners pay a larger fraction of their income in taxes than low-income earners - c) Money the government spends to buy goods and services - d) Income the government receives from taxes and other non-tax sources**Explanation:** Government revenue refers to the income that the government receives from taxes and other sources, which funds public services and infrastructure.#### 11. Criticism of Government Price Controls**Question:** Which of the following is a common criticism of government price controls? - a) They restrict the free market resulting in a surplus - b) They inefficiently use tax payer dollars - c) They restrict the free market resulting in shortages - d) They manipulate the market to artificially raise prices**Explanation:** Price controls can lead to market distortions such as shortages or surpluses, depending on how they are implemented. A common criticism is that they restrict the free market and may lead to shortages.#### 12. General Downward Movement of Prices**Question:** Which of the following is a general, sustained downward movement of prices for goods and services in an economy? - a) Inflation - b) Stimulus - c) Disinflation - d) Deflation**Explanation:** Deflation refers to a general decline in prices, which can signal a reduction in consumer demand and economic slowdown.#### 13. Regulations Controlling Price Fixing**Question:** Which of the following regulations control price fixing? - a) Anti-trust laws - b) Stimulus bills - c) Price Controls - d) Progressive tax reform**Explanation:** Anti-trust laws are designed to prevent monopolies and promote competition, which helps to control price fixing by encouraging a competitive market environment.---This educational content covers key economic concepts regarding government revenue, price controls, inflation, deflation, and regulatory measures aimed at controlling price fixing.

Government of a nation needs money to finance its spending. Government has two sources of…

10. Which of the following best describes government revenue? a) Government programs designed to improve economic equity b) A tax for which high-income earners pay a larger fraction of their income in taxes tham low-income earners c) Money the government spends to buy goods and services d) Income the government receives from taxes and other non-tax sources

10. Which of the following best describes government revenue? a) Government programs designed to improve economic equity b) A tax for which high-income earners pay a larger fraction of their income in taxes tham low-income earners c) Money the government spends to buy goods and services d) Income the government receives from taxes and other non-tax sources

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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