30 Questions
What is one of the ways of protecting the environment?
Legislation to prevent further degradation
Why is it important to protect the environment?
All of the above
What is one of the ways businesses can protect the environment?
Reducing pollution in rivers, seas and the atmosphere
What is the purpose of government regulations for business activities?
To provide guidelines for the setting up and operations of a business
What is one of the benefits of using renewable sources of energy?
Reducing the level of pollution in the atmosphere
What is one of the ways government regulates business activities?
Providing guidelines for business operations
What is the primary purpose of price controls?
To prevent suppliers from increasing prices
What is the main objective of zoning laws?
To protect the environment by identifying certain wildlife areas
What is the purpose of taxing firms that pollute the environment?
To force firms to reduce pollution
What is waste disposal?
The disposal of hazardous substances
What are the characteristics of a good tax system?
Fair, economical, convenient
What is the primary use of tax revenue?
To finance government expenses such as healthcare and education
What is the main purpose of consumer protection laws?
To protect consumers from business malpractices
Which government agency is responsible for setting standards for goods and services?
The Bureau of Standards
What is the minimum amount a buyer must pay before the seller cannot repossess the goods in a hire purchase agreement?
Three quarters of the hire purchase price
What is the purpose of the Fair Trading Commission?
To investigate cases of tied selling and misleading advertising
What is the purpose of the Weights and Measures Act?
To ensure accurate measurements and weights
What type of taxes is a business responsible for paying?
Statutory deductions such as National Insurance, income tax, and corporation tax
What type of tax is levied on goods entering a country?
Customs Duties
Which type of tax system levies a higher percentage of tax on high income earners?
Progressive Taxation
What is the purpose of stamp duty?
To tax legal documents
Which type of tax system levies the same percentage of tax on both high and low income earners?
Proportional Taxation
Who pays excise duties?
The manufacturer of the product
In a regressive tax system, what percentage of their income do higher income earners pay in taxes?
A lower percentage
What is the primary objective of government assistance to businesses?
To reduce unemployment and increase GDP
Which of the following is a type of government assistance to businesses?
Subsidies on production costs
What is the significance of a well-educated population in a nation's economic development?
It increases productivity and literacy levels
What is the primary role of government in promoting economic development through education?
To develop an effective national education plan
Why is the health of a population important for economic development?
It increases the productivity of the workforce
What is the purpose of custom duties charged on imported goods?
To protect local producers
This quiz covers ways to protect the environment through legislation, zoning, and taxation, as well as infrastructural development and regulatory guidelines for businesses.
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