The Public Sector (Grade 10 NSC Matric Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What happens to the demand curve when people pay direct taxes?
What happens to the demand curve when people pay direct taxes?
It shifts to the left
What is the current VAT rate in South Africa?
What is the current VAT rate in South Africa?
14%
What percentage of government income comes from indirect taxes?
What percentage of government income comes from indirect taxes?
Approximately 40%
Which products commonly have unit price taxes (excise taxes) applied to them?
Which products commonly have unit price taxes (excise taxes) applied to them?
Cigarettes and alcoholic beverages
How do subsidies harm the economy?
How do subsidies harm the economy?
They disrupt efficient resource allocation
Why do governments provide subsidies to farmers?
Why do governments provide subsidies to farmers?
Farming involves significant risks
What problem occurs when price ceilings are set below equilibrium price?
What problem occurs when price ceilings are set below equilibrium price?
Shortages develop
What happens when price floors are set above equilibrium price?
What happens when price floors are set above equilibrium price?
Surpluses of controlled products
What are merit goods?
What are merit goods?
Goods benefiting all but not profitable
What unintended consequence often results from minimum wage laws?
What unintended consequence often results from minimum wage laws?
Higher unemployment levels