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2022 FBM MC

Authored by Kyrah Devall

Other

12th Grade

Used 1+ times

2022 FBM MC
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50 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Federal income tax rates in the United States increase with levels or brackets of income. What economic term is used to describe this type of tax rate structure?

autocratic

regressive

progressive

democratic

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the market for lemons, what determines the market price?

the quantity of lemons produced

the quantity of lemons purchased

the price of limes

the supply of lemons and the demand for lemons

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Bill owns a how that has an assessed value of $180,000 and an estimated market value of $200,000. If the property tax rate on his house is 2%, how much will Bill have to pay in property tax on his house for the year

0.02 * ($200,000 – $180,000)

0.02 * $180,000

0.02 * ($200,000 + $180,000)

0.02 * $200,000

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Based on the economic concept of “time value of money”, $1 today

is worth less than $1 five years from now

is worth the same $1 five years from now

may be worth more or les than $1 five years from now and it will depends on the interest rate

is worth more than $1 five years from now

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The foregone rental income to a farmer who operates his own farm instead of renting it would be known as:

an opportunity cost

a fixed cost

hidden income

a liability

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The part of a loan that is repaid during a year is what type of payment?

interest

principal

mortgage

installment

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the two general types of inputs used in a production process?

liquid and non-liquid

short run and long run

fixed and variable

those supplied and those demanded

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