BUS 1103 Week 6 Self Quiz with Answers University of the People 2024/2025

Question 1
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Which is an estate tax?
Select one:
a. A tax for the poor
b. A tax on an inheritance
c. A sales tax on goods and services
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The correct answer is: A tax on an inheritance

Question 2
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What is an example of safety net?
Select one:
a. Companies receiving a tax credit
b. Food assistance for pregnant women and newborns
c. None of the above
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The correct answer is: Food assistance for pregnant women and newborns

Question 3
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Lorenz curve is a graph that compares the cumulative income actually received to a
perfectly equal distribution of income.
Select one:
a. True
b. False
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The correct answer is: True

Question 4
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What is the Theory of Labor Markets?
Select one:
a. A firm decides to sell stock that financial investors can buy and sell, then the firm is owned by its
shareholders
b. A firm demands labor because of the value of the labor’s marginal productivity.
c. None of the above
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The correct answer is: A firm demands labor because of the value of the labor’s marginal
productivity.

Question 5
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What is the term that economists call when a person experiences no net gain for working?
Select one:
a. Poverty trap
b. Near poor
c. None of the above
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The correct answer is: Poverty trap

Question 6
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Perfectly Competitive Labor Market is when firms can hire all the labor they wish at the
going market wage.
Select one:
a. True
b. False
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The correct answer is: True

Question 7
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, A government can measure poverty based on a percentage of the median income.
Select one:
a. True
b. False
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The correct answer is: True

Question 8
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Effective income tax is a method of assisting the working poor through the tax system.
Select one:
a. True
b. False
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The correct answer is: False

Question 9
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Which term identifies the following:_______________________= (percentage of total taxes
paid)/(total income)
Select one:
a. Quintile
b. Lorenz curve
c. Effective income tax
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