Economics Final DOL

Front

Which factor of production represents man-made resources like machinery, tools, and buildings used in production?

Back

Capital

Front

What is the term for the human workforce involved in producing goods and services?

Back

Labor

Front

What type of economic system is characterized by the market determining prices, products, and services?

Back

Free Enterprise

Front

In which market structure is entry and exit relatively easy? Options: Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

Back

Monopolistic Competition

Front

What is the verification method for positive economic analysis?

Back

Can be verified with real data

Front

Which type of incentive encourages behavior to increase social status?

Back

Social Incentive

Front

What does fiscal policy refer to?

Back

Taxing and spending policies of the government

Front

Which type of tax is applied to the things you buy?

Back

Sales Tax

Front

Which type of tax decreases as income increases?

Back

Regressive Tax

Front

Which type of tax remains constant regardless of income level? Options: Progressive Tax, Regressive Tax, Flat (Proportional) Tax, Income Tax

Back

Flat (Proportional) Tax