Econ Personal Finance 15

______is the quantity that is both demanded and supplied at the equilibrium price.

• Market prices
• Equilibrium prices
• Equilibrium quantity
• None of the above

Suppose the price of jeans increases. As a result, the quantity demanded of jeans by consumers decreases. This illustrates the

• Law of demand
• Demand
• Quantity demanded
• Change in demand

What type of economic system allows government and private businesses to make economic decisions?

• Market
• Mixed
• Traditional
• Command

Which of the following resources would economists classify as "capital"?

• Raw bauxite in a South African mine
• Trees used to make paper
• A worker hired to repair engines
• A hammer

Medicines are very likely to exhibit which type of elasticity?

• Unit elastic
• Elastic
• Inelastic
• Negative elasticity

Not all employers offer a retirement plan or pension as a benefit.

• True
• False

Who benefits from the money dispersed from Social Security?

• People with certain disabilities
• People who have reached retirement age
• Children who have lost a parent
• All of the above

How does your employer know how much money to deduct from your pay towards Federal Income Tax, State Income Tax, Social Security, and Medicare?

• Information on your W4 form
• Information on your W2 form
• Information from your previous tax return
• All of the agove

Celeste's family has always struggled financially due to her parents' leaving high school before graduating and working lower-paying jobs to support the family. Her parents don't want her to make the same mistake and are encouraging her to apply for scholarships and any type of student aid she might qualify for. Which application will determine which type of need-based aid she will qualify for?

• Perkins Federal Loan Application
• FAFSA (Free Application Federal Student Aid)
• Direct subsidizes Stafford Loan Application
• Federal work-study Application

In which type of business ownership are shares of stock sold to raise money?

• Corporation
• Franchise
• Cooperative
• Partnership