MP2 Assessment Quiz

The tax in which the percentage of income paid in tax is the same regardless of the level of income

The amount producers are willing and able to supply at different prices is called ___________

An example of perfect competition is ___________

When quantity supplied is greater than quantity demanded at a given price it is called a(n) _____________

What are real or imagined differences between competing products in the same industry?

If Nike were to add more workers, the additional (extra) units produced is called ______________

Which is NOT a shifter of demand?

The tax in which the percentage of income paid in tax rises as the level of income rises

When quantity supplied is less than quantity demanded at a given price it is called _____________

Individual tax returns must be filed by March 15th every other year.

The following are taken out of your paycheck when you work, except....

The point where the quantity supplied equals the quantity demanded is called the equilibrium.

An example of a geographical monopoly is

With a "change in supply" the curve shifts to the left or right.

(3) criteria for effective taxes are:

Mrs. O has a vacation home in Monroe worth $1 million. She has to pay $20,000 every year in taxes. This is an example of

Mrs. Holmes great great great aunt dies and gifts her a house. She has to pay taxes. This is an example of _________

Companies legally use __________________ to help differentiate themselves from similar products in their industry.

With a "change in the quantity supplied" we move along the existing supply curve

The price ceiling is the maximum legal price that can be charged for an item.

Nike made a total profit of $1 million last year. They have to pay taxes on that. This is an example of _________

All of the following are correct for a 'CHANGE IN DEMAND' except...

Ms. Seid went to Italy. She brought back $100,000 worth of stuff with her. She had to pay ____________________.

Mr. Knotts makes $5 million a year. He has to pay 37% in taxes to the IRS each year. This is an example of

The market structure where a few large sellers dominate the industry is called an oligolpoly.

The difference between the short run and the long run in production is the ability to change all inputs

The (3) stages of production are ______, _______, and ________ returns

All of the following are shifters of supply EXCEPT.....

Omar goes to the racetrack and places a bet on the horses. He is charged a small tax. This is an example of _________

Ms. Beachum went to the gas station to fill her gas tank. Part of the money she pays goes toward an ________ tax.

Which of the following is an example of a monopolistic competition?

Sales tax is collected at the time of sale.

The tax in which the percentage of income paid in tax goes down as income rises

DEMAND is the desire, ability, and willingness to pay for a product or service.

The belief that taxes should be paid according to the benefits received, regardless of income

The total output produced by Nike when they make sneakers is called______

The belief that taxes should be paid according to level of income, regardless of benefits received

All of the following are types of monopolies we have learned about, EXCEPT...

A change in the quantity demanded is a movement along the curve and causes the price to change

FICA includes social security and medicare tax