Consumer Final Review FA24

Front

Decisions about what to produce, how and for whom are decided by a central government

Back

Command Economy

Front

An advantage to this type of economy is the profit incentive. Options: Command Economy, Traditional Economy, Market Economy, Mixed Economy

Back

Market Economy

Front

Most countries have this type of economy

Back

Mixed Economy

Front

The underlying problem of economics: limited resources, unlimited wants

Back

Scarcity

Front

What is equilibrium price on the graph?

Back

62.50

Front

At a price of $100, there would be a: Surplus, Shortage, Equilibrium, Deficit

Back

Surplus

Front

Which of these is an example of fiscal policy? Raise or lower the discount rate, Raise or lower reserve requirement, Raise or lower taxes, Open Market Operations

Back

Raise or lower taxes

Front

What will help slow down an economy that is expanding too quickly? Options: Lower Taxes, Raise Taxes, Increase Government Spending, Decrease Government Spending

Back

Raise Taxes

Front

All of these are major purposes of taxation EXCEPT: Fund private corporations, Redistribution of income, Provide public goods & services, Influence behavior

Back

Fund private corporations

Front

A higher income taxed at a higher rate, while a lower income gets taxed at a lower rate is a:

Back

Progressive Tax