1) Reasons for government spend? a) Provide Merit Goods b) Provide Demerit Goods c) Redistribution of tax d) to achieve micro objectives 2) Public good is....? a) healthcare b) access to clean water c) education 3) Why government imposed tax? a) To raise awareness b) To protect import producers c) To redistribute income d) To encourage consumption of demerit good 4) "To raise revenue, and to cover its operating cost". This statement refer to: a) Raise redistribution of income b) discourage consumption c) raise tax revenue d) protect foreigner 5) "A tax Levied on a person's earning from employment" a) Tariff b) Income Tax c) Corporation Tax d) Value Added tax (VAT) 6) "A tax imposed on imported goods" a) Tariff b) Income Tax c) Corporation Tax d) Value Added tax (VAT) 7) "A tax levied on goods and services sold in a country" a) Tariff b) Income Tax c) Corporation Tax d) Value Added tax (VAT) 8) A tax system that takes a higher proportion of income from the rich than the poor; refer to .......... a) Progressive Tax b) Regressive Tax c) Proportional Tax 9) A tax system that takes a higher proportion of income from the poor than the rich; refer to .......... a) Progressive Tax b) Regressive Tax c) Proportional Tax 10) A tax system that takes an equal proportion of income from all income earners; refer to .......... a) Progressive Tax b) Regressive Tax c) Proportional Tax 11) A tax should be based on ability to pay, refer to which principles: a) Certainty b) Convinience c) Fairness d) Efficiency 12) A tax should be easy for the tax payers, refer to which principles: a) Certainty b) Convinience c) Fairness d) Efficiency 13) Direct Tax is direct on ... a) income b) expenditure c) grocery d) consumption 14) Indirect Tax is direct on ... a) income b) expenditure c) grocery d) consumption 15) Impact on increase indirect tax to the producer is ..... a) an increase in tax revenue b) increase in tax evasion c) an increase in cost of production d) reduced consumption 16) Impact on increase indirect tax to the individuals is ..... a) an increase in tax revenue b) increase in tax evasion c) an increase in cost of production d) reduced consumption 17) Impact on increase indirect tax to the economy is ..... a) an increase in tax revenue b) increase in tax evasion c) an increase in cost of production d) reduced consumption 18) Impact of an increase in direct tax to the individuals : a) reduced incentives to work b) Lower profits c) tax revenue d) lower inflation 19) Impact of an increase in direct tax to the Economy : a) reduced incentives to work b) Lower profits c) tax revenue d) lower inflation 20) Impact of an increase in direct tax to the government : a) reduced incentives to work b) Lower profits c) tax revenue d) lower inflation 21) Impact of an increase in direct tax to the producer: a) reduced incentives to work b) tax avoidance c) tax evasion d) lower inflation 22) A government is said to have a balanced budget when: a) revenue is less than expenditure b) revenue is equal with expenditure c) revenue is more than expenditure 23) A government is said to have a deficit budget when: a) revenue is less than expenditure b) revenue is equal with expenditure c) revenue is more than expenditure 24) Expansionary fiscal policy enables government to achieve: a) diseconomy growth b) low unemployement c) low inflation d) low spending 25) Contractionary fiscal policy enables government to achieve: a) diseconomy growth b) low unemployement c) low inflation d) low spending 26) Effects of fiscal policy on government aims; when there is an increase in government spending a) more jobs created b) increase in production c) reduce in aggregate demand d) falling income 27) Effects of fiscal policy on government aims; when there is a decrease in income tax: a) more jobs created b) increase in production c) reduce in aggregate demand d) falling income 28) Effects of fiscal policy on government aims; when there is a increase in income tax: a) more jobs created b) increase in production c) reduce in aggregate demand d) increase in income

Tax and Fiscal Policy

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