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2nd semester Final Exam Quiz Flashcards | StudBud

Explore/2nd semester Final Exam Quiz

A substitute has a price decrease, what will be the result?

What is a standardized deduction?

2nd semester Final Exam Quiz

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Review for the final exam.

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Questions 11

Answers

1
What is a standardized deduction?
Amount of income not subject to tax, reduces a taxpayers AGI
An itemized reduction in AGID
A tax incentive
Mandatory tax on income
2
A substitute has a price decrease, what will be the result?
Supply curve shift right
Demand curve shift right
Demand curve shift left
Supply curve shift left
3
Sin tax will cause what?
the demand curve shifts to the right.
the demand curve shifts to the left.
the supply curve shifts to the right.
the supply curve shifts to the left.
4
Who's plan was followed when Roosevelt created the New Deal?
Friedrich Hayek’s
Karl Marx’s
John Maynard Keynes’
Milton Friedman's
5
Which of the following is the best investment and why
Personal loans - all Americans will pay you back
Bonds - all companies are successful
Mutual fund - diversification
real estate - young people know how to manage people
6
Milton Friedman’s monetarism directly opposed __________ economic theory.
Friedrich Hayek’s
John Maynard Keynes’
Opportunity cost's
Karl Marx’s
7
Diminishing Returns
Benefits and costs are balanced
Benefits exceeds Costs
Benefits motivate increased supply
Costs exceed returns
8
Will not cause the demand for product K to change?
consumer taste
price change to K
income
price change of substitute
9
Same market different goods
Monopoly
Sellers' Market
Pure competition
Monopolistic competition
10
Supply Curve is upward-sloping because
prices motivate suppliers to produce more
As the price increases, so do costs.
As the price increases, consumers demand less.
Due to shortages
11
Who benefits from credit?
the borrower
Lender
All of the above
Product manufacturer