Final Exam Review

In which market structure do consumers have the least consumer sovereignty?

• Monopolistic

• Oligopolistic

• Competitive

• Monopoly

1. Which of the following is true of outsourcing?

• 1. It is no longer seen as a cost-cutting measure and has been on the declined since the 1990s

• 1. It is practice of sourcing raw materials from foreign countries 

• 1. It is a natural consequence of globalization 

• 1. Due to recent legislation, it is banned in the U.S. 

1. How will increased supply and demand affect equilibrium price?

• 1. Price will depend on which determinant occurs first

• 1. Equilibrium is constant and will remain unaffected

• 1. Equilibrium price will increase

• 1. Equilibrium price will decrease

1. Which is NOT a major characteristic of capitalism?

• 1. Competition 

• 1. Social classes

• 1. One-party rule 

• 1. The invisible hand

David made $94,132 in 2021 at a full-time job. He is single and no one can claim him on their taxes. What is his taxable income?

• 1. $12,950

• 1. $41,932

• 1. $81,182

• 1. $94,132

1. Which is NOT an important factor to consider when buying a NEW car?

• 1. Practicality for your lifestyle

• 1. Car history 

• 1. Your monthly budget

• 1. The terms of the loan

Congress is about to vote on raising the debt ceiling.  Which term describes this type of government action?

• Monetary Policy

• Fiscal Policy 

What is the main purpose of the Federal Reserve System? 

• balance the federal budget

• monitor transactions on the stock market

• regulate business practices

• implement monetary policy

Which form is your employer required to send to you before you file your tax return?

• W-4 

• W-2

• 1099

• 1040 

What is the purpose of the UMCSENT indicator?

• It can provide insight to governments for decision-making.

• It is used to interpret current or future investment possibilities.

• It provides information on gross domestic product, income, employment, production, business activity, + prices.

• It helps us understand consumer feelings about the economy.