WorksheetsFinal Exam Review
Total questions: 15
Worksheet time: 8mins
In which market structure do consumers have the least consumer sovereignty?
Monopolistic
Oligopolistic
Competitive
Monopoly
Which of the following is true of outsourcing?
It is no longer seen as a cost-cutting measure and has been on the declined since the 1990s
It is practice of sourcing raw materials from foreign countries
It is a natural consequence of globalization
Due to recent legislation, it is banned in the U.S.
How will increased supply and demand affect equilibrium price?
Price will depend on which determinant occurs first
Equilibrium is constant and will remain unaffected
Equilibrium price will increase
Equilibrium price will decrease
Which is NOT a major characteristic of capitalism?
Competition
Social classes
One-party rule
The invisible hand
David made $94,132 in 2021 at a full-time job. He is single and no one can claim him on their taxes. What is his taxable income?
$12,950
$41,932
$81,182
$94,132
Which is NOT an important factor to consider when buying a NEW car?
Practicality for your lifestyle
Car history
Your monthly budget
The terms of the loan
Congress is about to vote on raising the debt ceiling. Which term describes this type of government action?
Monetary Policy
Fiscal Policy
What is the main purpose of the Federal Reserve System?
balance the federal budget
monitor transactions on the stock market
regulate business practices
implement monetary policy
Which form is your employer required to send to you before you file your tax return?
W-4
W-2
1099
1040
What is the purpose of the UMCSENT indicator?
It can provide insight to governments for decision-making.
It is used to interpret current or future investment possibilities.
It provides information on gross domestic product, income, employment, production, business activity, + prices.
It helps us understand consumer feelings about the economy.
Which graph illustrates the impact of the following scenario: The government begins a program to provide small-scale farmers with subsidies.
A
B
C
D
Which of the following is not a direct tax?
FICA
Federal Income Tax
State Income Tax
Sales Tax
What is inflation?
The average prices of numerous types of consumer goods
The value of all finished goods and services produced by a country’s citizens
The maximum amount the government can borrow to pay current obligations
A general rise in prices coupled with a decrease in the value of money
Interest rates went up AGAIN. Which term describes this type of contractionary economic tool?
Monetary Policy
Fiscal Policy
Name one of my kids
(a)
