To generate revenue for government spending

To regulate the economy

To provide social welfare

To promote economic growth

Taxes

Fees

Fines

Borrowing

To generate revenue for government spending

To redistribute income

To discourage certain behaviors

All of the above

Income tax

Sales tax

Property tax

Value-added tax (VAT)

A progressive tax has a higher tax rate for higher incomes, while a regressive tax has a higher tax rate for lower incomes.

A progressive tax has a lower tax rate for higher incomes, while a regressive tax has a lower tax rate for lower incomes.

A progressive tax has a flat tax rate for all incomes, while a regressive tax has a variable tax rate that depends on income.

A progressive tax is levied on wealth, while a regressive tax is levied on income.

The total amount of money that a government owes to its creditors

The total amount of money that a government has borrowed from its central bank

The total amount of money that a government has spent on public programs and services

The total amount of money that a government has in its treasury

Government spending exceeding government revenue

Economic downturns

Wars and other emergencies

All of the above

Higher interest payments

Crowding out of private investment

Inflation

All of the above

To provide public goods and services

To regulate the economy

To promote economic growth

All of the above

A public good is non-rivalrous and non-excludable, while a private good is rivalrous and excludable.

A public good is rivalrous and non-excludable, while a private good is non-rivalrous and excludable.

A public good is non-rivalrous and excludable, while a private good is rivalrous and non-excludable.

A public good is rivalrous and excludable, while a private good is non-rivalrous and non-excludable.

The overconsumption of a common resource by individuals acting in their own self-interest, leading to its depletion or degradation.

The underconsumption of a common resource by individuals acting in their own self-interest, leading to its underutilization.

The overproduction of a common resource by individuals acting in their own self-interest, leading to a glut in the market.

The underproduction of a common resource by individuals acting in their own self-interest, leading to a shortage in the market.

To regulate the use of common resources

To provide incentives for individuals to conserve common resources

To educate individuals about the importance of conserving common resources

All of the above

Positive economics is concerned with describing and explaining economic phenomena, while normative economics is concerned with evaluating economic outcomes and making recommendations for policy.

Positive economics is concerned with evaluating economic outcomes and making recommendations for policy, while normative economics is concerned with describing and explaining economic phenomena.

Positive economics is concerned with both describing and explaining economic phenomena and evaluating economic outcomes, while normative economics is concerned with making recommendations for policy.

Positive economics is concerned with making recommendations for policy, while normative economics is concerned with both describing and explaining economic phenomena and evaluating economic outcomes.

To analyze the political factors that influence economic decision-making

To analyze the economic consequences of political decisions

To develop policies that promote both economic efficiency and political stability

All of the above

In a democracy, the government is elected by the people, while in an autocracy, the government is not elected by the people.

In a democracy, the government is elected by the people, while in an autocracy, the government is hereditary.

In a democracy, the government is elected by the people, while in an autocracy, the government is appointed by a small group of elites.

In a democracy, the government is elected by the people, while in an autocracy, the government is appointed by a religious leader.