econ exam

To economize means to make decisions according to the best combination of costs and benefits

most states individual income tax is a progressive tax

an IPO, the first issue of stock in a company to the public, is an example of the secondary market

the factor(s) of production include:

On a product possibilities curve graph, a point beneath the line represents efficiency

what type of money has worth because the government declares so and citizens accept it as having worth?

the Communist Manifesto and Das Kapital helped influence what major revolution in 1949?

what is the value of something that is given up in order to get something that is wanted?

who wrote The Communist Manifesto and Das Kapital?

mutual funds are managed by financial intermediaries

in a market economy, gov planners allocate basic resources, and market forces allocate privately-owned resources

what type of money has intrinsic value based on the material from which it is made?

according to your book, what are methods used to encourage people to take certain actions?

what is it called when taxes are taken from the paycheck before you receive it?

under the current federal individual income tax system, citizens are taxed based off of their taxable income

a progressive tax is based on the ability-to-pay principle

what type of economic system is based almost completely by choices of consumers and producers?

investments in a secondary market can be turned into cash relatively quickly

what type of tax is the federal individual income tax?

what is it called when a stock market rises steadily over time?

when economic judgement is done in a way to describe how economics should be rather than how it currently is?

the marginal benefit of spending extra time studying for an economics test a is higher grade on the test

most states corporate income tax is a proportional tax

what is the name of the national health insurance program that provides insurance to citizens over 65?

an example of an expeditioner within a capital budget would be building a new bridge or state highway

what type of tax makes up the largest source of federal revenue?

what is the interest rate called that bondholders receive every year until the bond matures?

in command economies, individual rights are subordinate to the rights of the state

what type of stock typically gives shareholders voting rights in the company?

capital markets are where short-term financial assets are bought and sold

what is the study of economics as a whole involving topics such as inflammation, unemployment, supply/demand?

law of increasing opportunity cost implies that it takes more resources as economy switches from 1 product to another

what is a customs duty tax?

according to your book, what is another name for checking accounts?

what are tax incentives used for?

what is it called when an economy is producing fewer goods and services than what is possible?

The federal government does not have a corporate income tax

a democratic-socialist government is an authoritarian government

when making a production possibilities curve, you must assume resources are fixed; no way to increase land, labor, etc

increased taxes on specific products such as gasoline, is what type of of tax?

what is it called when economic resources are being used in a way to produce maximum goods and services?

under the current federal individual income tax, citizens can claim exemptions but can’t claim deductions

a savings account is an example of near money

Weighing the benefit of studying for an econ test vs cost of losing time to hang w/friends = cost benefit analysis

The Dow Jones Industrial Average is an example of what?

what makes up the majority of the federal budget?

according to your book, what is it called when people exchange goods and services without using money?