Who is Central America’s main trading partner ?

tax united states

A. Mexico
B. Venezuela
C. The United States
D. Canada

Answer :

C. The United States

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Why is Haiti considered a Least Developed Nation?

A. Excessive poverty
B. Human rights violations
C. Extreme lack of infrastructure
D. All of the above

Answer :

C. Extreme lack of infrastructure

If consumers start to believe they need a product, what is likely to happen?

a. the demand becomes less elastic
b. the demand becomes more elastic
c. the supply decreases
d. the price decreases

Answer :

b. the demand becomes more elastic

Which of the following commodities is a good?

a. a swimming lesson
b. a desk
c. house cleaning
d. dog walking

Answer :

b. a desk

If your company uses a nonprice competition strategy, what should you focus on?

a. lowering prices
b. differentiation
c. creating direct competitors
d. the public sector.

Answer :

b. differentiation

A market economy is regulated by the interactions betweeen which two things?

a. Good and services
b. producers and consumers
c. product-based and service-based businesses
d. public and private sectors.

Answer :

b. producers and consumers

If the demand for a product decreases, what is likely to happen?

a. the supply is likely to increase
b. the demand is likely to be inelastic
c. the price is likely to increase
d. the price is likely to decrease

Answer :

d. the price is likely to decrease

A producer is someone who ______

a. makes a commodity available for sale or exchange
b. buys or trades in order to recieve a commodity
c. is in the market for a commodity
d. recieves a commodity from a business

Answer :

a. makes a commodity available for sale or exchange

Which of the following is an indirect competitor for a company that makes chocolate chip cookies?

a. another company that makes chocolate chip cookies
b. a company that makes potato chips
c. a company that makes baking pans
d. a company that makes brownies

Answer :

d. a company that makes brownies

What is likely to happen if the price of a product goes up?

a. the supply is likely to increase
b. the supply is likely to decrease
c. the demand is likely to cause scarcity
d. the demand is likely to increase

Answer :

c. the demand is likely to cause scarcity

What does scarity force people to do?

a. produce commodities
b. make choices
c. consume products
d. increase inflation

Answer :

d. increase inflation

Which the following is a sign of a strong economy?

a. an increase in GDP
b. a shrinking economy
c. an increase in unemployment
d. a decrease in spending power

Answer :

a. an increase in GDP

In capitalism, what does competition do for consumers?

a. it limits the number of choices consumers have
b. it prevents consumers from being entrepreneurs
c. it lets consumers create monopolies
d. it keeps prices fair for consumers

Answer :

d. it keeps prices fair for consumers

What is an increase in competition likely to do to the demand?

a. it limits the number of choices consumers have
b. it prevents consumers from being entrepreneurs
c. it lets consumers create monopolies
d. it keeps prices fair for consumers

Answer :

d. it keeps prices fair for consumers

If a planned economy, prices of commodities are controlled by ____

a. supply and demand
b. producers and consumers
c. the government
d. private enterprises

Answer :

c. the government

Your adjusted gross income is your gross income minus specific deductions.

True OR

False

Answer :

True

The United States has a regressive tax system.

True OR

False

Answer :

False

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All sources of income is also known as which of the following?

A. Gross income
B. Adjusted gross income
C. Taxable income
D. Whole income

Answer :

A. Gross income

Preparing a tax return yourself can be less expensive, but individuals not familiar with preparing taxes may miss eligible deductions and credits.

True OR

False

Answer :

True

Estimated payments are often used by individuals who are self-employed, have investments, or other income where employer withholding is not offered.

True OR

False

Answer :

True

Which of these is a common tax form in the United States?

A. 40B
B. 1001Z
C. 1040 EZ
D. All of the above

Answer :

C. 1040 EZ

Jane is not married and has no children. She is 35 and owns her own home. Under which status is she most likely to file?

A. Filing jointly
B. Single
C. Head of household
D. Widow

Answer :

B. Single

Which country use tax brackets as part of their tax system?

A. Canada
B. Australia
C. South Africa
D. All of the above

Answer :

D. All of the above

In the United States, it is possible for someone to give a gift up to how much money per year to another person without that money being taxed?

A. $1,000
B. $8,000
C. $10,000
D. $12,000

Answer :

D. $12,000

That’s the best answer from the options. The maximum gift amount became $13,000 in 2012.

In a progressive tax system, who pays a greater proportion of their income in taxes?

A. Those with low incomes
B. Those with high incomes
C. Those who have the most deductions
D. Everyone pays the same

Answer :

B. Those with high incomes


If consumers start to believe they need a product what is likely to happen?