Ag.econ TTH

_ 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.

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

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

• Perfect Competition
• Monopoly
• Monopolistic 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 takers
• Price setters
• Monopolistic competitors
• Price makers

In an oligopoly, firms may engage in:

• Collusion and strategic behavior.
• Price fixing and market sharing
• Complete independence and no interaction
• Random price changes without strategy

A Tax that is based on a percentage income

• Capital gains tax
• Income tax
• Property tax
• Sales tax

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

• Property tax
• Capital gains tax
• Sales tax
• Income tax

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

• Sales tax
• Property tax
• Excise tax
• Income tax

What is the law of demand?

• a higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded.

• The law of demand indicates that quantity demanded remains constant regardless of price changes.
• The law of demand suggests that higher prices lead to higher quantity demanded.
• The law of demand states that price and quantity demanded are directly related.

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

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