Consumer Economics Unit 2 Test Review

Consumer confidence, new technology, and government policies are examples of factors that:

_____taxes are taxes on the manufacture or sale of certain products like tobacco or alcohol.

system in which decisions are based on individual self-interest

Economic systems develop in response to the problem of…

Retailers makes goods and provide services.

rivalry between two or more businesses that offer similar goods and services

system in which decisions are made by a central government

In this economic system, decisions are based on traditional customs and beliefs

A(n) ________ is a business owned and controlled by two or more people who share in decision making, profits

The largest percentage of federal government revenue comes from…

Earnings after all costs of production have been paid are called profit.

Another term for an market economy is a capitalist system

Goals of the American economic system include all of the following EXCEPT…

When people focus on producing a good/service that they are able to produce well, are practicing specialization

Which of the following is a public assistance program that focuses on nutrition for pregnant women?

The federal income tax is proportional.

The price at which demand for a product will equal supply is called the equilibrium price.

Which of the following is NOT provided by the Social Security system?

system in which decisions are based on traditional customs and beliefs

the quantity of a particular good or service that consumers are willing and able to buy at a given price

In the type of business known as a(n) ______, the liability, or financial risk, of owners is limited.

Producers make goods and services.

machines and technology used in the production of goods and services

Which of the following is an economic indicator?

Government regulations protect consumers by ensuring that unsafe products are taken off the market.

A(n) _______ is a mechanism that brings potential buyers and sellers together to exchange goods and services.

Another term for an market economy is a(n) _____ system

earning after all costs of production are paid

examines economic decisions made by governments rather than by individuals

Which of the following is a public assistance program that provides health-related services to low-income & needy people

Every economic choice has a(n) ______________ cost, the value of the best alternative given up.

What is the main source of funding for unemployment insurance?

Characteristics of the American economic system include all of the following EXCEPT…

Of the following, the federal government spends the highest percentage of its revenues on…

A(n) _______ is a mechanism that brings potential buyers and sellers together to exchange goods and services.

FICA taxes are another example of

A product sent to a foreign country for sale there is a:

A country’s ______is the total dollar value of goods and services produced during the year.

examines how societies use resources to produce and distribute goods and services

In a free enterprise system, individuals are free to own and control business enterprises.

In regard to the principles of supply & demand, when supply is down, and demand is up, what typically happens?

A tax system is used for all of the following purposes EXCEPT…

Which of the following programs is administered by the Social Security Administration?

Today, most of the world’s economies are…

A monopoly gives a company little control over price.

A society’s economic resources including all the following EXCEPT…

A monopoly gives a company little control over price.

The method by which a society uses resources to satisfy its people’s wants and needs is a(n)

One purpose of taxation is to redistribute income.

The federal government’s power to collect income tax was granted by the…