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Economic Systems, Factors of Production and Taxes Flashcards | StudBud
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Economic Systems, Factors of Production and Taxes
Economic Systems, Factors of Production and Taxes
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1
What does not make a person an entrepreneur?
provides the financial backing
works as a middle manager in the warehouse
creates new ways of doing things
takes risks
2
What kind of factor of production does the picture show?
Capital Good
Entrepreneur
Human Capital
Capital
3
tax on merchandise, such as alcohol, tobacco, and gasoline. Tax included in the price.
Inflation tax
Excess tax
Excise tax
Exercise tax
4
What term means only the business can lose $ and that it cannot hurt a person's personal wealth
limited liability
bankruptcy
foreclosure
unlimited liability
5
Which of the following IS NOT A revenue-raising tax?
Social insurance tax
Export tax
Individual income tax
Corporation tax
6
Which form of business makes the most profit?
Sole Proprietorship
Partnership
Nonprofit Organization
Corporation
7
Who determines the what, how, and for whom questions in a market economy?
central authority
buyers and sellers
church or family
all of the above
8
What are the best qualities of a traditional economy?
very little change
all of the above
do things the way its always been done
less friction and arguing
9
What is the most specific vocab word for a resource that can replenish itself?
Natural Resource
Renewable Resource
Land
Nonrenewable Resource
10
Which of the following is NOT one of the 3 basic economic questions?
For Why
How
What
For Whom
11
What is not considered an advantage of a sole proprietorship?
share the workload
set your own hours
keep all the profit
you are the boss
12
Which of the following is NOT an entrepreneur?
Kobe Bryant
Donald Trump
Oprah Winfrey
Bill Gates
13
What is the worst thing about a command economy?
Leaders make bad economic decisions
very little friction
government makes economic decisions
Leaders make good decisions
14
What factor of production is this?
Neutral Resource
Nurturing Resource
Natical Resource
Natural Resource
15
Which Amendment gives the US government the power to tax?
16th
14th
13th
15th
16
Which of the following does not measure the economy?
GDP
GNP
GOP
per capita GDP
17
What kind of business is owned by two or more people?
Partnership
Corporation
Non Profit Organization
Sole Proprietorship
18
The United States has what type of economic system?
Market
traditional
Command
Mixed
19
Churches and non-profit organizations must pay taxes
True
False
20
When you can no longer make all your required payments.legal process insures creditors are paid
Insolvency
Bankruptcy
Profit
Loss
21
What kind of factor of production does the picture show?
Human Capital
Capital
Natural Resource
Capital Good
22
Which is a characteristic of a MIXED economy
Progressive tax system
Regressive tax system
