Economics Final Exam Review

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

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

All of the following are arguments for free trade, except

What factors of production are evident in the image?

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

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

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

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

Which provides the greatest incentive for entrepreneurs to take risks?

The main characteristic of a regressive tax is

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

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

What is your disposable income?

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

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

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

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

What is your discretionary income?

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

The market equilibrium price and equilibrium quantity is

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

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

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

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

Which of the following is a credit in your checkbook?

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

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

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

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

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

A market is in equilibrium:

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

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

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

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

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

The main characteristic of a progressive tax is

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

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

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

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