4.1
This term describes the financial assistance provided by governments to support businesses or sectors deemed vital for economic stability.
subsidy
This term refers to the minimum legal price that can be charged for a good or service.
price floor
This type of tax is levied on goods and services rather than on income or profits.
indirect tax
What was the name of the ship that brought the Pilgrims to America in 1620?
Mayflower
Which artist is known for the hit song "Rolling in the Deep"?
Adele
Governments often impose these to protect domestic industries from foreign competition.
tariff
a common example of the government setting a legal minimum on price is:
minimum wage, food prices
This common indirect tax is applied to the sale of most goods and services and is often expressed as a percentage.
sales tax
Which famous scientist developed the three laws of motion?
Isaac Newton
What video game franchise features a character named Master Chief?
Halo
What is the main way governments earn revenue?
taxes
Price ceilings can lead to this common economic problem, characterized by excess demand
shortage
Why would the government want to place indirect taxes on inelastic goods like cigarettes and alcohol.
To deter people from using it.
To earn highest amount of revenue
What is the primary function of red blood cells?
carry oxygen
In the "Lord of the Rings" film series, what is the name of the Elvish city where Frodo and the Fellowship begin their journey?
Give an example of a transfer payment (money given to vulnerable groups)
unemployment, child benefits, and maternity benefits
An example of a price ceiling (legal maximum on a good/service would be:
rent controls
This term describes a financial contribution provided by the government to encourage the production or consumption of a good.
subsidy
In the TV show "Friends," what is the name of Ross's second wife?
Emily
Taylor won the Grammy for Album of the Year in 2021 for her album:
Folklore
Give an example of Demerit goods: harmful goods
fast food, cigarettes, alcohol
What is an underground market?
buying/sellings transactions that are not recorded and usually illegal
What would be a reason the government would grant a subsidy?
Increase revenues of producers
Make certain goods more affordable
Encourage production and consumption of certain goods. (education, vaccinations)
Support the growth of particular industries in the economy
Encourage exports of particular goods.
Improve the allocation of resources
Who directed the film "Inception"?
Christopher Nolan
Greg Daniels created this hit TV series
the office