E-Team #9

What is Raw Material?

• A type of machinery

• A finished product

• A natural resource used in production

• A financial asset

What is a Regressive Tax?

• A tax that takes a larger percentage of income from high-income earners than from low-income earners.

• A tax that takes a larger percentage of income from low-income earners than from high-income earners.

• A tax that takes the same percentage of income from all earners, regardless of income level.

• A tax that is only applied to luxury goods and services.

What are Renewable Resources?

• Resources that are only found in specific regions

• Resources that can be replenished naturally over time

• Resources that are finite and cannot be replenished

• Resources that are man-made

What is Rent?

• A government subsidy

• A payment made for the use of property

• A form of investment

• A type of tax

Resources in the context of economics are:

• natural, human, and capital inputs used to produce goods and services

• goods and services produced by an economy

• government policies and regulations

• financial assets and investments

The state of being no longer involved in performing one's business or profession, usually due to reaching a predetermined age, is known as:

• Termination

• Resignation

• Sabbatical

• Retirement

What is a situation in which two or more producers seek to gain a larger market share by providing consumers with lower prices, higher quality, or a differentiated product?

• Oligopoly

• Rivalry

• Perfect Competition

• Monopoly

What are criteria that tell what a quality product or process looks like?

• Guidelines

• Specifications

• Rubric

• Benchmarks

What does it mean to sacrifice in economic terms?

• Increasing production to meet demand

• Investing in new technology

• Giving up something of value to gain something else

• Reducing costs to increase profit

A safe deposit box is:

• a secure container in a bank for storing valuables

• a type of insurance policy

• a type of savings account

• an investment fund