Economics Final Exam Review Quiz - Byrnes High School

"Each according to their ability, each according to their need"  - Communism. What does this mean?

A sustained increase in prices for goods and services over time due to decreasing purchasing power of a currency.

"Redistributing wealth" from the rich to the poor, typically through taxation, and is most associated with ____________.

Which of the following Federal Reserve policies would limit/reduce the amount of money circulating in America? 

Which of the following is TRUE regarding Trade Agreements? 

No private property, elimination of social classes, central planning, government provides all life necessities:

Which of the following is not a factor of production?

Ability to see benefits of producing a good/service over another good/service, then choosing to do it. Which term fits?

Which of the following actions can negatively impact an individual's credit score? 

An individual's Net Worth is measured by calculating the value of their ______ minus the value of their  _______

Tariffs _____________________.

When an item's price is determined by supply and demand, decided by sellers and buyers, this is known as a ________.

A Price Ceiling is a type of price control enacted by a government to keep a product affordable for low income Americans

The Federal Reserve is responsible for ____________________. 

Which aspect DOES NOT describe Capitalism?

Class Vote: Redistribute points from "A-B" students to "D-F" students, resulting in ALL EQUALLY receiving a 74 average.

The main source of a local banks income (revenue) is _________________________. 

An entrepreneur and their goals would be best supported in a Capitalist economy.

Tax rates are often lower for businesses and investors for incentivized reasons. Why does the government allow this?

A way to assess the profit that an investment earned, shown in a percentage change versus its initial investment cost.

The United States' Federal Income Tax is levied based on tax brackets, where higher earners pay a higher rate. Tax type?

Federal tax policy is created, debated, and ultimately decided by

Excess, or too many, dollars within an economy will cause ___________________. 

Which economic system allows a GOVERNMENT to have the most immediate control over an economy and what it produces?

Socialism can be voted for by a nation's population, and is then referred to as "Democratic-Socialism"

Interest rates on loans are largely based on an individuals: