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WorksheetsEconomics Unit 2 Review
Total questions: 15
Worksheet time: 8mins
As production quantity increases, the price decreases. This is ___ industry.
an increasing cost
a decreasing cost
a stable cost
an efficient
Monopolies are ___ in the US.
always legal
always illegal
sometimes legal
illegal, but happen anyway
How is the poverty line determined in the US?
It's based on rent.
It's based on child-care costs.
It's based on interest rates.
It's based on the percentage of income Americans spent on food in the 1960s
In Europe, poverty is calculated ___.
the same way as in the US
based on the median income
based on the mean income
based on rent and property values
What is the poverty trap?
Capitalism
No government assistance for the poor
Attempts to alleviate poverty that encourage people not to work.
student loans
Who is considered "near poor"?
grad students
service sector workers
adjunct professors
all of these
Socialized medicine for the elderly
Medicare
Medicaid
Obamacare
SNAP and TANF
Medicare covers all medical expenses for people who meet certain guidelines.
True
False
What kind of dirty hippie country would that happen in.
Keep on imagining, John.
The richest 20% of Americans receive about ___ of the country's total income.
a fifth
a fourth
a third
half
Net worth most nearly means ___.
income
wealth
one's stock portfolio
real estate holdings
How do rich people legally avoid paying inheritance taxes?
life insurance
fraud
offshore bank accounts
through stock holdings
What is a progressive tax system supposed to do?
the poor pay more
tax the poor and rich at equal rates
tax the rich at higher rates
eliminate loopholes for the rich
Which is an example of a "free rider" in economics?
A worker who doesn't join the union.
a hobo who jumps on a train
a stowaway on a ship
a woman who marries a rich old man who is about to die
Are free music and games really free?
no, they take your money, anyway
no, you pay by watching ads
yes
well, if they weren't, they wouldn't be "free" would they?
What is regulatory capture?
an acquisition
a merger
when a company promises a job to a lawmaker who helps them
predatory pricing
