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Economics 2nd Semester Exam
Test Description: Review for the final
Instructions: Answer all questions to get your test result.
1) A progressive Tax is
A
a tax percentage increase when an individual's income increases.
B
a tax percentage that is the same regardless of one's income
C
a tax on one's property
D
a tax the decreases as one's income increases
2) All of the following can change the market suply curve EXCEPT
A
the expectation that prices are about to increase
B
the numbers of sellers offering the product
C
the cost of labor
D
a change in the demand for the product
3) The supply of a product normally decrease if
A
the cost of inputs goes down
B
the price of the product increases
C
more producers enter the market
D
taxes on the product increase
4) When empoloyees are getting in each other's way, the firm is operating
A
in Stage I of Production
B
as much as it possibly can
C
in Stage II of Production
D
in Stage III of Production
5) Total cost is the sum of the
A
fixed and variable costs
B
fixed costs and overhead
C
all variable costs
D
fixed and marginal costs
6) The level of profix maximing output is reached when marginal cost is
A
one-half of marginal revenue
B
double marginal revenue
C
less than marginal revenue
D
equal to marginal revenue
7) When producers offer fewer products for sale at each and every price,
A
the supply curve has shifted to the right
B
the supply curve has shifted to the left
C
they expect subsidies
D
the price per unit decreases
8) Rent payments and property taxes would be counted as
A
total costs
B
variable costs
C
fixed costs
D
marginal costs
9) Many businesses are engaging in e-commerce because
A
variable costs can be almost eliminated
B
operating costs never increase
C
subsidies are available to many e-commerce businesses
D
fixed costs are minimal
10) Which would cause the quantity of supplied curve to shift to the left?
A
inputs become cheaper
B
technology improves production
C
taxes increases
D
the number of firms increases
*select an answer for all questions
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