PFL & Eco Final Exam Review Part #1

Front

How will a $10 price increase of a popular perfume affect the quantity demanded and supplied?

Back

Supply will increase, and demand will decrease

Front

The price of airline flights increased recently due to an increase in the number of business travelers. What must be the case?

Back

Demand increased

Front

Equilibrium quantity and price from the graph.

Back

175 bags and $0.60

Front

A surplus of 30 bags of chocolate covered peanuts exists if the price is _____ per bag.

Back

$0.90

Front

What happens to the price of leftover Halloween candy when demand decreases after October 31st?

Back

It will decrease

Front

Income taxes are which type of tax?

Back

Progressive

Front

Which taxes are collected by state and local governments, but not by the federal government?

Back

Sales tax

Front

Which one of the following is both a source of government revenue and government spending? Income taxes, Social Security, Tariffs, Cryptocurrency

Back

Social Security

Front

Contractionary fiscal policies address inflation and are intended to —

Back

Decrease the amount of money in circulation

Front

Federal Insurance Contributions Act (FICA) includes which of the following taxes?

Back

Medicare and Social Security