Economics Final DOL

Which factor of production represents man-made resources like machinery, tools, and buildings used in production?

• Labor

• Capital

• Land

• Entrepreneurship

What is the term for the human workforce involved in producing goods and services?

• Capital

• Labor

• Land

• Entrepreneurship

What type of economic system is characterized by the market determining prices, products, and services?

• Command Economy

• Free Enterprise

• Traditional Economy

• Mixed Economy

In which market structure is entry and exit relatively easy?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

What is the verification method for positive economic analysis?

• Based on opinions

• Cannot be verified

• Can be verified with real data

• Based on judgments

Which type of incentive encourages behavior to increase social status?

• Moral Incentive

• Social Incentive

• Economic Incentive

• Coercive Incentive

What does fiscal policy refer to?

• Monetary policy

• Taxing and spending policies of the government

• Trade policies

• Environmental policies

Which type of tax is applied to the things you buy?

• Income Tax

• Sales Tax

• Property Tax

• Capital Gains Tax

Which type of tax decreases as income increases?

• Progressive Tax

• Regressive Tax

• Flat (Proportional) Tax

• Value Added Tax

Which type of tax remains constant regardless of income level?

• Progressive Tax

• Regressive Tax

• Flat (Proportional) Tax

• Income Tax