Ice cream cones have what type of supply elasticity
Elastic
100
What are the three main advantages of an online business
Low fixed cost
Low variable cost
No labor needed
200
When supply is greater than demand, the market is at a
Surplus
200
When demand is greater than supply, the market is at a
Shortage
200
What are the three questions to ask when determining if an item is elastic?
Can the purchase be delayed?
Is it a large portion of your income?
Are there substitutes?
200
If there is a surplus in a market, the price is likely to
Decreases
200
In a market economy, a low price is a signal for
Buyers to buy more, suppliers to supply less
300
An exception or oversight in the tax law that allows some people and businesses to avoid paying taxes is called a
tax loophole
300
Crestwood wants to stop kids from texting during school hours. Because of this, every time a student texts during the day, their student account is charged $1.00.
Sin Tax
300
What is the single largest source of revenue for the federal government?
Individual Income Tax
300
In a competitive market, the adjustment process moves toward market
Market Equilibrium
300
When employees are getting in each other's way, the firm is operating in which stage of production
3rd Stage
400
Which institution insures a person’s money in the bank?
FDIC
400
Crestwood taxing all students who use the art room, and using that money to upgrade the art room would be an example of
Benefit to pay principle
400
When early colonists in Virginia used tobacco as a medium of exchange, it was considered
Commodity Money
400
Money by government decree
Fiat Money
400
What do people want most in a bank?
Confidence
500
System that functions as the central bank of the United States
Federal Reserve System
500
tax that imposes a higher percentage rate of taxation on persons with high incomes than on those with low incomes
Gold Standard
500
A local government trying to raise funds puts a tax on a local utilities company. To not lose profit, the utilities company charges the consumer more, thus the area consumers are the one paying the tax to the local government. This is an example of
Incidence of tax
500
Price ceilings that are artificially low are likely to create
A surplus
500
Under what monetary standard does the United States currently operate?