ECON FINAL EXAM TEST WITH COMPLETE ANSWERS

ECON FINAL EXAM TEST WITH COMPLETE ANSWERS The functional distribution of income shows that most income in the US is earned through which of the productive resources? Which one of the following is the payment for capital? If capital and labor are compliments, then Which of the following productive resources often has a fixed supply? Which of the following most likely has elastic demand? Which one of the following are the most important in determining the elasticity of demand for a product? If there are few substitutes for a product, then the demand for the product is likely to be... The demand for which one of the following types of labor is likely to be the most elastic? If the elasticity ratio for a good is .1 and its seller wants to make as much money as possible, he or she should... If a 10% price increase leads to a 4% reduction in the quantity of a good sold, then the elasticity ratio is equal to... Which one of the following best describes the doctrine of consumer sovereignty? The average propensity to save is the... Changing the average propensity to consume will result in a change in which of the following? In which of the following transactions does the government require the seller to provide information to the consumer? Which of the following is a result of government programs that provide information to consumers? The exorbitant income paid to entertainers is more like rent than a salary The demand for gasoline will be more elastic than the demand for different brands of gasoline A good that has a perfect elastic demand has perfect substitutes If the government wants to increase the amount of revenue collected from taxes, it should tax goods that have elastic demand The average propensity to save is always less than 100% The largest number of business firms in the US fall under what category of business organization? Which of the following is a disadvantage of organizing a business as a partnership? Which of the following is a major advantage of the corporate form of business organization?