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Introduction to Economics quiz #20

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  • The U.S. income tax is currently a __________ tax.
    Progressive.
  • All markets ultimately are composed of
    Buyers and sellers.
  • The basic economic cost of unemployment is forgone
    Output.
  • When consumer saving and investing increase, interest rates tend to:
    Decrease.
  • A mixed economy is a(n) (one word) economy that includes government spending and taxation.
    Hybrid.
  • Apple acquiring P.A. Semi is an example of
    Vertical integration.
  • Economic profits are
    Profits above normal profit.
  • When there is a constrained resource, the best way to increase profits is to
    Allocate it to the highest-value use.
  • Advertising can reduce efficiency by
    Increasing costs without improving products.
  • Fundamentally economics deals with
    Scarcity and choice.