Unit #6 - The Government, Business and Consumption Sectors

When adding up the total or aggregate demand in our economy we can use...

In the U.S., which type of business is most common?

Unlimited liability means that

MPC + MPS =

When the owner of a business bears all legal responsibility for all debts/damages, can be sued

APC + APS =

Burgers, fries, socks and cough drops are all examples of...

Sole proprietors...

Entrepreneurs are...

If consumption is $60k and disposable income is $80k , find the APC and APS

What are the two choices we have concerning our disposable income?

Which is not one of the spending sectors in our economy?

If consumers collectively spend more money and save less...

Technology would cause a shift in...

New GDP = GDP + (change in GDP x _____)

______ is very important for an entrepreneur to secure to start a business

A corporation is the most influential and complex form of business

Consumers spend ___ of their disposable income

The money you take home after payday is referred to as

When consumer spending is more than disposable income

The number one source of revenue for the federal government is

___ is the most volatile sector in our economy

Which is not one of the top 3 areas of spending for our government?

My house, car, refrigerator and couch are...

If MPS = .5 the multiplier is...

An example of a progressive tax is

The largest spending sector is...

The formula for APC =

A decrease in demand would come from a ______ in import spending

Taxation is the basic source of ____ for the government

A direct tax is a tax on...

A corporation can be sued

MPS =

Food, cosmetics and medicine are good examples of durable goods

A progressive tax puts the burden on

A federal program that provides monthly payments to people who are retired is called

What is on the y axis of an AD or AS curve?

The second a person drives a new car out of the sales lot, what happens to the value of it?