Epf Semester Final Exam

A goal is a desired outcome or achievement that a person aims for. It is a statement that defines what the person wants to be or do. To attain a goal, one needs to take positive steps or actions towards achieving it. Therefore, the statement that a goal is attained by taking certain positive steps to achieve it is true.

By engaging in hard work and pursuing education, individuals can enhance their human capital. Hard work allows individuals to develop valuable skills, gain experience, and demonstrate dedication and commitment. Education provides knowledge, expertise, and specialized training, which can further enhance an individual's human capital. By continuously improving their skills and knowledge through hard work and education, individuals can increase their value in the job market, improve their career prospects, and ultimately achieve personal and professional growth.

An incentive is a method used to change behavior by offering a reward or benefit that motivates individuals to act in a certain way. It can be in the form of monetary rewards, recognition, or other desirable outcomes. Incentives are commonly used in various settings, such as workplaces, schools, and marketing campaigns, to encourage people to adopt new behaviors or modify existing ones. By providing an incentive, individuals are more likely to be motivated and engaged in the desired behavior change.

Scarcity refers to the limited availability of resources in relation to the unlimited wants and needs of people. It means that there are not enough resources to fulfill all the desires and requirements of individuals. This concept highlights the fundamental economic problem of scarcity, where choices must be made due to the limited availability of resources.

Cards are convenient for making purchases because they eliminate the need for carrying cash and provide a secure and easy way to pay for goods and services. Additionally, cards promote impulse spending as they allow individuals to make quick and easy purchases without physically handing over money, leading to potentially impulsive buying decisions. Therefore, both statements are true, making the correct answer "all of the above".

The difference between a job and a career lies in their nature and purpose. A job is typically seen as a means to earn income to meet basic needs, such as food, shelter, and clothing. It is often temporary and may not require specialized skills or long-term commitment. On the other hand, a career is a chosen profession that provides not only income but also personal growth, advancement opportunities, and job satisfaction. A career is usually a long-term commitment that requires specialized skills, education, and dedication to excel in a particular field. Therefore, jobs are more focused on meeting basic needs, while careers are considered as professions that offer growth and fulfillment.

Furthering your education can lead to acquiring new skills and knowledge that are valued in the job market. This can make you a more competitive candidate for higher-paying positions. Additionally, higher education often opens doors to opportunities for career advancement and promotion, which can come with increased salary and benefits. Therefore, it is likely that pursuing further education can result in a higher paying position.

The four factors of production are land, labor, capital, and entrepreneurship. Land refers to all natural resources, such as land itself, minerals, and water. Labor refers to the physical and mental efforts of individuals involved in production. Capital refers to the tools, machinery, and infrastructure used in production. Entrepreneurship refers to the ability to organize and manage the other factors of production to create goods and services. This combination of factors is essential for the production of goods and services in an economy.

When the demand in the market is the same as the supply in the market, market equilibrium exists. This means that the quantity of goods or services demanded by consumers is equal to the quantity supplied by producers. In this state, there is no shortage or surplus of goods, and prices tend to stabilize. Market equilibrium is a key concept in economics and indicates a balance between supply and demand.

If you do not pay your credit card bill by the due date, you will have to pay late fees. This is a penalty charged by the credit card company for not making the payment on time. Late fees can vary depending on the credit card issuer and the amount of the outstanding balance. It is important to pay your credit card bill on time to avoid incurring these additional charges.

consumer sovereignty = the consumer controls the output of production of goods and services

The United States tax is not an example of a pay deduction because it does not directly deduct from an individual's paycheck. Federal tax, state tax, and social security tax are all examples of pay deductions where a certain percentage of an individual's income is deducted to fulfill tax obligations. However, the United States tax refers to the overall tax system in the country and does not directly deduct from an individual's pay.

Buying stocks allows you to own a part of the company. When you buy stocks, you are essentially purchasing shares in the company, which gives you ownership rights and a claim on the company's assets and profits. As a shareholder, you have the potential to benefit from the company's success through dividends and capital appreciation. However, owning stocks does not make you the CEO of the company, donate money to companies, or create a savings account in a company.

only IRS acceptable donations can be claimed AND there is a limit - requires documentation to claim

The formula for profit is revenue minus cost. This equation represents the basic calculation for determining profit or loss in a business. Revenue refers to the total income generated from sales, while cost represents the expenses incurred in producing or acquiring the goods or services. Subtracting the cost from the revenue gives the net profit or loss, indicating whether the business has made a profit or incurred a loss.

The government regulates the economy by enforcing price controls, specifically price floors and price ceilings. A price floor is a minimum price set by the government to prevent a price from falling below a certain level, while a price ceiling is a maximum price set by the government to prevent a price from rising above a certain level. These measures are used to maintain stability in the market and protect consumers and producers from extreme price fluctuations.

The correct answer is producer, consumer. In this context, the term "cost" refers to the amount that a producer pays to produce a product or service. On the other hand, "price" refers to the amount that a consumer pays to purchase that product or service from the producer.

Liability insurance protects you when others are injured due to something you did or didn't do but are responsible for. This type of insurance provides coverage for legal costs and damages that may arise from accidents or incidents where you are at fault. It helps protect your assets and provides financial support in case you are sued for causing harm to others.

marginal cost = expense paid out, marginal benefit = value gained or received

In economics, supply is time sensitive because it refers to the quantity of goods or services that producers are willing and able to provide at a given price and time. Supply can change over time due to various factors such as changes in production costs, technology, or market conditions. Therefore, it is important for economists and businesses to consider the time element when analyzing and forecasting supply in order to make informed decisions and respond effectively to market changes.

the money is transferred IMMEDIATELY AS THE TRANSACTION IS CONDUCTED and the buyer becomes responsible to pay for the purchase BEFORE ever receiving the item

A rate of return is indeed a measure of how fast money grows based on a principal investment or savings account. It is a percentage that represents the gain or loss on an investment relative to the initial amount invested. A higher rate of return indicates faster growth of money, while a lower rate of return suggests slower growth. Therefore, the statement "True" accurately describes the relationship between rate of return and the growth of money.

The fee paid for insurance protection is called a premium. This is the amount of money that policyholders pay to their insurance company in exchange for coverage. The premium can be paid monthly, quarterly, annually, or in other agreed-upon intervals. It is determined based on factors such as the type of insurance, the coverage amount, the insured's risk profile, and the insurance company's expenses and profit margin. The premium is essential for the insurance company to cover potential claims and operating costs while generating revenue.

Elasticity refers to the ability of a material or object to deform under stress and then return to its original shape once the stress is removed. It is characterized by the ability to expand and its sensitivity to change. However, something that is "rigid in form" does not possess elasticity because it does not have the ability to deform or change shape under stress.

The correct answer is Scottish philosopher, author and economist. Adam Smith was a Scottish philosopher who is widely regarded as the father of modern economics. He was also an author, known for his influential book "The Wealth of Nations," which laid the foundation for classical economics. Smith's work revolutionized the understanding of economic theory and is still highly regarded today.

GDP of the United States only includes the goods that were MADE or PRODUCED in the United States

The given answer is "production." This is because "production" is not one of the four phases of a business cycle. The four phases are expansion, contraction, peak, and trough. Production is a process within the phases, but it is not considered a distinct phase itself.

Younger adults are more likely to become victims of identity theft because they tend to be more active online and may not have developed strong security habits. They are also more likely to share personal information on social media platforms and may be less cautious when it comes to protecting their personal information. Additionally, younger adults may have limited financial experience and may not be as vigilant in monitoring their accounts for suspicious activity.