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McSorley III

Quiz by Rachel Murat

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25 questions
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  • Q1
    the principle that everyone has the same legal rights
    legal equality
    30s
  • Q2
    what to produce
    first economic question
    30s
  • Q3
    how to produce it
    second economic question
    30s
  • Q4
    for whom to produce it
    third economic question
    30s
  • Q5
    the act of buyers and sellers freely and willingly engaging in market transactions
    voluntary exchange
    30s
  • Q6
    consumers buy more of a good when its price decreases and less when its price increases
    law of demand
    30s
  • Q7
    producers are willing and able to sell more of the product at each price
    increase in supply
    30s
  • Q8
    producers are willing and able to sell less of the product at each price
    decrease in supply
    30s
  • Q9
    allows individuals to direct pretax income towards investments that can grow tax-deferred; no capital gains or dividend income is taxed until it is withdrawn.
    IRA
    30s
  • Q10
    a retirement plan that is funded at least in part by an employer
    Pension Plan
    30s
  • Q11
    plan for employees to make salary deductions on taxes
    401k
    30s
  • Q12
    plan for state employees to make salary deductions on taxes
    403B
    30s
  • Q13
    Tendency of suppliers to offer more of a good at a higher price
    law of supply
    30s
  • Q14
    a function of money that enables people to make exchanges more easily with one another
    medium of exchange
    30s
  • Q15
    attached to your banking account; no monthly balance or interest charged
    debit card
    30s

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