Ag.Econ

_ sum of compensation for employees, incomes of unincorporated enterprises, dividends received from corporations and net interest earning and rents of persons and all net current transfer.

• Net income
• Total revenue
• Operating profit
• Gross income

Which market structure is characterized by a single seller that controls the entire market supply and can set prices?

• Monopoly
• Monopolistic Competition
• Perfect Competition
• Oligopoly

In which market structure do a few large firms dominate the market, and their decisions can significantly impact each other

• Monopoly
• Perfect Competition
• Monopolistic Competition
• Oligopoly

In a perfectly competitive market, firms are considered:

• Price setters
• Monopolistic competitors
• Price makers
• Price takers

In an oligopoly, firms may engage in:

• Price competition only

• Collusion or price-fixing

• Perfectly competitive pricing

• Government regulation

A Tax that is based on a percentage income

• Regressive Tax

• Progressive Tax

• Property Tax

• Income Tax

Which type of tax is levied on the value of property owned?

• Income Tax

• Sales Tax

• Property Tax

• Capital Gains Tax

Which type of tax is applied to the sale of goods and services?

• Income Tax

• Sales Tax

• Value Added Tax

• Excise Tax

What is the law of demand?

• As the price of a good increases, the quantity demanded decreases.

• The law of demand indicates that quantity supplied increases as price decreases.
• The law of demand suggests that higher prices lead to higher demand.
• The law of demand states that price and quantity demanded are directly related.

What happens to the demand curve when consumer preferences increase for a product?

• The demand curve shifts to the left.
• The demand curve shifts to the right.
• The demand curve remains unchanged.
• The demand curve becomes vertical.