EPF Final Exam

In a market, who determines the supply?

• Buyers

• Sellers

• Consumers

• Investors

Fill in the blank: If the price of a good is expected to rise in the future, the current demand for the good is likely to _______.

• Increase

• Decrease

• Remain the same

• Fluctuate unpredictably

What is the 'Law of Demand'?

• As price increases, demand increases

• As price decreases, demand decreases

• As price decreases, demand remains constant

• As price increases, demand decreases

The 'Quantity Demanded' refers to:

• The amount of a product consumers are willing to buy at a specific price

• The demand for a product over time

• The average demand for a product

• The total demand for a product

What is the definition of taxes?

• A voluntary donation to the government

• A fee for using public transport

• A sum of money demanded by a government to support itself

• A charge for private services.

Taxes are a sum of money demanded by a government to support the government itself as well as specific facilities or _______.

• Products

• Services

• Events

• Goods

Fill in the blank: A community is a group of people with common interests and concern for the ________.

• common good

• individual success

• personal gain

• private interests

Fill in the blank: _______ Tax is levied on the ownership of property.

• Property

• Income

• Sales

• Value Added

Fill in the blank: Federal income tax + State income tax = _______.

• Income tax

• Sales tax

• Property tax

• Capital gains tax

What is payroll tax?

• A tax on earned income that supports the Social Security and Medicare programs

• A tax on luxury items.

• A tax on goods and services

• A tax on property