Exam 3: Economic Decision Makers.

Table 3.3 Table 3.3 Taxable income \ 1,000 \ 3,000 \ 9,000 \ 27,000 Taxes \ 100 \ 200 \ 400 \ 800 -The table below shows taxes paid for various incomes. According to the information in the table below, the tax system is _____

The most common form of business organization in the United States is the sole proprietorship.

A household consists of _____

Which of the following did not occur during the Industrial Revolution?

A family with an income of $25,000 pays $3,000 in taxes per year, and a family with an income of $50,000 pays $4,000 in taxes per year. The tax plan is:

An import quota imposes taxes on imports but does not set a limit on the quantity that can be imported.

An advantage of a sole proprietorship is ______

The value of a country's imports cannot exceed the value of its exports.

Suppose you form a legal partnership with your best friend and she purchases consulting services for a $100,000 fee. Your business is broke, and you never wanted the consultants to work for you-only your partner did. You are legally liable for ______

The following table shows tax payments made for various incomes. According to the information in the table below, the tax system is _____ Table 3.1 Taxable income \ 1,000 \ 2,000 \ 4,000 \ 8,000 Tax payments \ 10 \ 30 \ 90 \ 270

A tax is said to be progressive if _____

Brian is the sole proprietor of Long Voyage Software, which generates maps for nature trails. He started the business with an initial investment of $80,000. A faulty map caused one customer to get hopelessly lost. After her rescue and recuperation, she sued Long Voyage for $5,000,000. Which of the following is true?

The principle that those earning higher incomes or those owning more property should pay more taxes is known as _____

Under which taxation principle does the percentage of income paid in taxes increase as income increases?

Restricting imports of Brazilian shoes in the United States will _____

Which of the following is true of high marginal tax rates?

A good or service has utility if it _____

If 1 euro is equal to $1.12, then a German car selling for 100,000 euros will cost $_____U.S. dollars.

A cooperative, or co-op for short, is a single-owner firm.

If 1 euro costs 1.25 U.S. dollars, then 1 U.S. dollar must cost _____ euros.