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TCI Newest
TCI Newest
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Answers
1
Which of these terms is most closely related to tradeoffs?
incentives
scarcity
markets
margin
2
Econ of scale affect the market for electric power in a community because it costs more for 2 companies so there is 1.
True
False
3
What will happen to the demand for swim wear in a clothing store when blizzards keep customers at home?
The demand curve shifts to the right.
The demand curve becomes steeper.
The demand curve becomes flatter.
The demand curve shifts to the left.
4
What does it mean to say that Jen has a comparative advantage over Julian for weeding people’s gardens?
Jen's opportunity cost for weeding is lower than Julian's.
Jen can charge more for weeding than Julian can.
Jen weeds more quickly than Julian does.
Jen's expertise at weeding is greater than Julian's.
5
In which market structure do producers have the most market power?
monopolistic competition
oligopoly
perfect competition
monopoly
6
The majority of economists support
import quotas.
free trade.
trade embargoes.
trade restrictions.
7
When Amy returns a good library book without finishing it so she won’t have to pay a late fee, what is her opp. cost?
reading a different book
finishing the book
paying the fee
paying for something else
8
Which statement is the best example of thinking at the margin?
Mary observes that the average cost of shoes is higher than last year.
Jane wants to buy a car but decides she cannot afford the insurance.
David decides to volunteer this summer instead of working for pay.
John has six shirts and is trying to decide whether to buy a seventh.
9
The three fundamental economic questions are what to produce, ___________, and for whom.
how
where
when
why
10
Which term best describes the fact that we depend on others to produce most of the goods and services we want?
division of technology
economic interdependence
commercial productivity
absolute advantage
11
Most sales taxes are regressive because
poor spend larger proportion income on taxable goods and services than rich
taxable purchases are capped at $50,000 a year.
most people can't afford such luxury goods as yachts, furs & diamonds
wealthy pay less tax on a purchase than poor ppl would pay on the same item
12
Why are tradeoffs necessary?
Advertisers promote products.
People want different things.
Resources are limited.
Every product has flaws
13
Establishment of which regulatory agency is associated with a 60 percent drop in workplace fatalities since 1971?
National Highway Traffic Safety Administration
Consumer Product Safety Commission
Occupational Safety and Health Administration
Environmental Protection Agency
14
Which scenario best illustrates the law of diminishing marginal utility?
A car breaks down more o8en as it gets older.
Someone who doesn't listen to music does not care about getting a new CD.
A collector of China figurines is eager to get a new one.
A new toy is less fun to a kid with many than to a kid with just a few.
15
A decline in economic activity over a period of at least six months is called a
contraction.
recession.
panic.
depression.
16
The U.S. Patent and Trademark Office was established to protect
inherited property.
intellectual property.
corporate property.
public use property.
17
In the summer picnic season, a sharp rise in the price of burgers may lead to an increase in demand for
relish.
hot dogs.
ketchup.
buns
18
Which of these situations best illustrates market equilibrium?
Everyone who wants or needs soap can easily afford to buy it.
The price of soap does not vary much from week to week.
Soap production ensures a good profit for the manufacturer.
The amount of soap made matches the amount of soap that people want to buy.
19
Which kind of economy is most common today?
traditional
mixed
command
market
20
Which is the best example of specialization?
An online clothing outlet offers customized monograms.
An assistant in a tailoring shop only replaces zippers.
A surf shop lowers the price on swimsuits.
A dry cleaner spends extra time on grease spots.
21
What is the advantage of investing in a mutual fund compared to buying a single stock?
Mutual funds guarantee principal.
Diversification reduces risk.
The government regulates mutual funds, but not stocks.
Mutual funds bring higher returns.
22
How do state and local governments typically generate revenue to pay for education, police, & fire protection services?
lotteries and municipal bonds
corporate and business taxes
property and sales taxes
payroll and insurance taxes
23
Which event in Florida and California would most likely shift the supply curve for orange juice to the le8?
evidence that citrus fruit strengthens bones
rise of mango juice as a popular breakfast drink
an early frost accompanied by ice storms
an influx of new low-wage workers
24
Quantity demanded moves along the demand curve in response to changes in
preferences.
expectations.
price.
income.
25
Which of these is the best example of an externality?
You enjoy looking at your neighbor's garden.
Your new bicycle goes faster than you expected.
You decide to stop snacking between meals.
Your shoe store stops selling your favorite style.
26
In a market with perfect competition, how are prices determined?
by agreement among producers
by cultural ideals of fairness
by supply and demand
by government regulation
27
In the circular flow model, which of these is a factor payment?
the check someone writes to buy groceries
the credit card charge for ordering games online
the monthly mortgage on a house
the hourly wage a store pays to a clerk
28
Which of these taxes is the leading source of revenue for the federal government?
individual income taxes
payroll taxes
corporate income taxes
inheritance taxes
29
Which of these would most likely increase the supply of soccer balls?
a government excise tax
an increase in the supply of tennis balls
a transportation strike
a decrease in the price of raw materials
30
Which of these has the most responsibility for monetary policy?
Department of the Treasury
New York Stock Exchange
United States Congress
Federal Reserve Board
31
An attempt to influence another country’s politics is the most common motive for which form of protectionism?
embargo
voluntary restraint
protective tariff
quota
32
What is the best title for the list below?
Laborer
Investor
Capitalist
Entrepreneur
33
The main function of a bank is to bring together
officers and customers.
cash and currency.
risk and reward
savers and borrowers.
34
Which service is counted as a U.S. export?
A French movie aDracts large crowds at U.S. theaters.
A German student pays tuition to attend college in the United States.
A U.S. business traveler stays at a hotel in Australia.
A Dutch family hosts a high school student from the United States.
35
Food stamps, the Earned Income Tax Credit, and unemployment insurance are examples of
regulatory capture.
natural monopolies.
income redistribution.
negative externalities.
