Final Exam (Hon)

This tax impacts the wealthy more than the poor or middle-class.

Our current tax system in the USA is a progressive tax system.

The cost of the next best alternative

The soft-drink industry is an example of which market structure?

IPL is an example of which type of market structure?

When people lose their factory jobs to machines/robots.

This is an example of a regressive tax

When the price of a good does up, what happens to quantity demand?

Apple orchards are considered what type of market structure?

This tax, also known as a __________ restricts and taxes imports.

You CAN have DEMAND for something with $0 to actually spend.

There is SUCH thing as a fully Command Economy.

The USA is an example of which economic system.

When the GDP is shrinking, wages are decreasing, and unemployment is increasing.

Land, Labor, Capital make up the....

A surplus is also known as...

The three economic questions are answered by individuals..

The four phases of the business cycle: Recession, Depression, Peak, Trough

If a point is INSIDE the curve...it is considered

This economic goal stresses that all goods and services will be available, and a safety net will protect individuals

Which is the best example of a public good?

What allows the PPF to shift outwards.

Sales tax is an example of which type of tax...

Which is an example of a safety net program?

A monopoly has FULL control over its price.

A ________________ shows the combination of maximal production of two goods.

When the price of a good decreases, what happens to quantity supplied?

If a point is OUTSIDE the PPF, it is considered...

Cost of living differs from city-to-city, region-to-region

A business that is owned by one individual

When someone's credentials are overqualified for their job...

Socialism best represents the specific type of mixed economy in the US

_____________ is the closest example to a Command economy.

Limted Resources to satisfy unlimited wants and needs

The human-made tools and machines used to create products

The study of choices and how we deal with scarcity

Fast Food Restaurants are an example of which market structure?

This economic goal tries to increase jobs and the overall standard of living

Someone who quits their current job to find a new one.

The skills and knowledge necessary to perform a job

You can either do THIS or THAT but not both

Monopolistic Competition sets the prices with all the firms in its market.

Shoes and Socks are considered...

The jobs that people have...

The three economic questions are answered by the government...

Someone who stops looking for a job and is not counted in the current unemployment rate.

When QD = QS

If a Honda car is made in the US but sold in Japan, it counts for Japan's GDP.

A shortage is also known as...

When the GDP is increasing, wages are increasing, and unemployment is decreasing.

The three economic questions are answered by both the government and individuals.

The natural resources used to make a Crunchwrap Surpeme

If the price of a specific good changes, it is considered a change in...

This economic goal tries to achieve a fair distribution of wealth

A legal entity, owned by individual stockholders, each of whom has limited liability for the firm's debts

Which of these is a safety net?

When there is a recession and people lose their jobs.

If a point is on the line on the PPF...it is considered

The person who brings the factors of production together

A subsitute for Nike's would be...