Economics Final Exam Review

What is your discretionary income?

This system is associated with the ideas of Karl Marx and socialism/communism.

The main characteristic of a progressive tax is

Few number of firms selling slightly different/not identical product/have price control

What is it called when government places limits on number of a given good that can be imported?

Many small firms offer slightly different not identical good, some price control

A _________ is owned and operated by a least two people.

Which of the following is not a reason that the government might impose a barrier to trade?

Mia lives in a country where individuals make all the economic decisions.

When families need items another family makes, they barter for an exchange of goods/services.

The market equilibrium price and equilibrium quantity is

What is it called when the government places taxes on imported goods?

What is your disposable income?

The main characteristic of a regressive tax is

Market structure where a large number of firms sell the exact same product.

All of the following are arguments for free trade, except

In a ________, the owner has all the liability of the business.

At the ceiling price of 30, there will more than likely be

What factors of production are evident in the image?

Economic system that has characteristics of command economy and market economy.

All of the following are the taxes withheld from your gross pay EXCEPT

According to comparative advantage, output will be highest when goods are produced when

What is likely to result in a tariff having been placed by the U.S. on a foreign nation?

How can the implementation of an assembly line increase productivity of factory workers?

How would you classify the factor of production shown in the image?

Based on the graph, a decrease in demand is depicted by a

Which of the following is a credit in your checkbook?

According to the chart, the largest source of revenue for the federal government comes from

When your employer withholds taxes from your income, what do you receive to use to pay taxes?

In the graph, a decrease in quantity demanded is depicted by a

According to the above pie chart, the federal government’s largest mandatory spending is on

Starting checkbook balance = $1453.33-what is BALANCE after $1200 deposit & $48.22 payment?

How would you classify the factor of production shown in the image at the right?

How would you classify the factor of production shown in the image?

If your checking balance is $378.19 & the minimum payment on your credit card is $597.11 then

Only one firm provides unique type of good/service with total control on price.

Boris lives in a country where the government makes all the economic decisions.

Which provides the greatest incentive for entrepreneurs to take risks?

Vanessa chose college after high school instead of getting a job. What's her opportunity cost?

A market is in equilibrium:

A business organization that separates personal liability from the actions of the business.