Economics EOCT review

Question 1

This interest is paid on principal and earned in prior periods.

Accepted Answer

Compound

Question 2

Which of the market structures has many sellers selling differentiated products?

Accepted Answer

Monopolistic Competition

Question 3

Which tax system hurts a low income earner the most?

Accepted Answer

Regressive

Question 4

What is this?

Accepted Answer

Circular flow of goods and services

Question 5

The greatest disadvantage for a corporation would be...

Accepted Answer

double taxation

Question 6

A workers earnings depend on...

Accepted Answer

education and training

Question 7

Productivity is defined as the relationship between

Accepted Answer

inputs and outputs

Question 8

If Mrs. Mathis goes to the ER for a broken arm, she will need...

Accepted Answer

Health insurance

Question 9

Everyone is taxed the same percentage.

Accepted Answer

Proportional

Question 10

What has caused this supply curve to shift?

Accepted Answer

Increase in taxes

Question 11

What is the law of demand?

Accepted Answer

When price goes up, QD goes down

Question 12

Which market structure is the most competitive?

Accepted Answer

Perfect Competition

Question 13

All of the following are the basic economic questions EXCEPT:

Accepted Answer

When to produce?

Question 14

If the price of gum goes up from $.50 to $1.00 what will happen to QD and QS?

Accepted Answer

QD will dec. QS will inc

Question 15

What has caused this demand curve to shift?

Accepted Answer

Increase in consumer taste

Question 16

This is an example of a regressive tax.

Accepted Answer

sales

Question 17

What is the main advantage of a sole proprietorship?

Accepted Answer

profit

Question 18

Which of the following words means buyers have the power to choose?

Accepted Answer

consumer sovereignty

Question 19

All of the following are the three C's of credit EXCEPT:

Accepted Answer

Compensation

Question 20

You pay this in order to obtain insurance.

Accepted Answer

premium

Question 21

This means to distribute resources.

Accepted Answer

Allocate

Question 22

Sally is the Mayor of Douglasville, does inflation help or hurt her?

Accepted Answer

Help

Question 23

Coke and Pepsi are examples of

Accepted Answer

Oligopoly

Question 24

Which market structure has the greatest control over price?

Accepted Answer

Monopoly

Question 25

Which market structure is least competitive?

Accepted Answer

Monopoly

Question 26

If the price of a good changes the quantity demand DRASTICALLY, it is...

Accepted Answer

elastic

Question 27

Mrs. Jones is on a fixed income, is she hurt or helped by inflation?

Accepted Answer

Hurt

Question 28

This occurs when unlimited wants meets limited resources.

Accepted Answer

Scarcity

Question 29

If QD is 1000 and QS is 500, this is a what?

Accepted Answer

shortage

Economics EOCT review

Questions 29

Economics EOCT review

Questions 29