which is an example of a role played by the govt in its effort to eliminate poverty?

govt provides housing and medical assistance

point d on the graph is called

production possibilities frontier

why do employers deduct taxes from individuals paychecks?

the federal govt mandates them to pay for SS and medicare

what financial advice would you give to a friend who is not sure what to do with surplus income

advise the friend to invest the money so it makes more money

the law of demand states

when the price goes up demand goes down

why would scarcity and choice most likely be basic economic problems for all people?

resources are always limited people choose needs before want

what is an oligolopy?

market shared by a small number of products and sellers

which of the following best describes the governments role in the u.s free enterprise system?

gvmnt assist us enterprise system by mandating minimum wage

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Economics Final

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Questions 12

Answers

1
which is an example of a role played by the govt in its effort to eliminate poverty?
govt provides grants directly to poor households
govt provides economic assistance for political campaigns
govt provides funding to pay for automobile loans
govt provides housing and medical assistance
2
my fo fo make show all yall kids dont grow is mentioned by this rapper in his song hit em up
ice cube
snoop dogg
tupac
lil wayne
3
point d on the graph is called
opportunity cost
production possibilities curve
production possibilities cost
production possibilities frontier
4
why do employers deduct taxes from individuals paychecks?
because they are mean and want to
state governments use these taxes to pay the federal govt.
the federal govt mandates them to pay for SS and medicare
5
what financial advice would you give to a friend who is not sure what to do with surplus income
advise friend to keep money in a no interest checking acct
advise the friend to invest the money so it makes more money
advise the friend to gamble in Las Vegas
advise friend to spend the money on you
6
People can feel confident about depositing cash at a bank because money serves as a...
store of value
medium of exchange
instrument of barter
unit of account
7
the law of demand states
if the price goes up demand goes up
the price goes up demand stays the same
when the price goes up demand goes down
8
why would scarcity and choice most likely be basic economic problems for all people?
resources are sustainable people must choose what to produce
resources are always limited people choose needs before want
resources are not always available people can produce more
resources are limitless and people have unlimited choices
9
what is an oligolopy?
a business created by 2 or more parties
market shared by a small number of products and sellers
market controlled by only 1 seller
10
which of the following best describes the governments role in the u.s free enterprise system?
gvmnt assist us enterprise system by mandating minimum wage
gvmnt supports free enterprise during political campaigns
the government controls the free enterprise system
the government maintains a hands off approach to enterprise
11
Purchasing a new piece of equipment for ones factory is affecting which factor or production?
entrepreneurship
land resources
physical capital
human capital
12
which constitutional amendment gives citizens the right to bear arms?
6th
2nd
1st
5th

Economics Final Flashcards | StudBud