Economics Final Exam Review

This type of tax is one that increases the more money that you make

• Progressive
• Regressive
• Proportional
• Alternative

Which item works as a compliment for Pizza?

• Breadsticks
• Phone Charger
• Cheeseburger
• Tacos

Which of the following is not a factor that impacts change in demand?

• Consumer Income
• Consumer Tastes
• Number of Consumers
• Production Possibilities

Which of these industries has the least elastic supply curve?

• the toy industry
• the nuclear industry
• the automobile industry
• the entertainment industry

Which of the following causes prices to change?

• Changes in Demand
• Competitive Markets
• Changes in Supply
• All of the above.

Which of the following is not one of the three necessary conditions of pure competition?

• Very large number of buyers/sellers
• Perfect mobility of resources
• Identical products
• Freedom of entry/exit

What is the opportunity cost of a decision?

• the series of alternative decisions that could have been made
• the best possible way the question could have been decided
• the different ways that a different person might have made the decision
• the most desirable alternative given up for the decision

What incentive do manufacturers have to sell their products?

• making profits on sales
• pleasing the consumer
• putting others out of business
• popularity of the product

What is a compliment?

• A good that you buy to go with another good
• A nice thing you tell others
• A good that you use to replace a good
• A good that is replaced by a better quality good.

What is a change in supply

• When the Supply Curve shifts to the left or right
• When the point on the supply curve goes up or down the curve
• When you exchange one good for another
• When you buy a new phone and sell your old one