CIS Final Review Part 1

a shortage of 25 blue jeans will occur at what price?

in the short run

as extra units of a variable resource is added to a fixed resource, MP will decline

which one of the following best states the idea of opportunity cost?

"the triangle" shows the loss to society; reduction in both consumer and producer surplus

the more twinkies I eat, the less additional satisfaction I get from eating another one

an increase in price results in increased total revenue can be explained by

The study of economics is primarily concerned with:

the production of any particular mix of goods and services in the least cost way is

the economic concept that benefits trade by producing products at the lowest opportunity cost

Refer to graph: a decrease in quantity demanded is depicted by

the concept of price elasticity of demand measures:

an effective price floor will

Economic scarcity is

the fundamental questions that all economies must answer are

Broad social and economic goals that are attained and traded off in every nation

EAT IT describes the determinants of

refer to graph: a decrease in supply is depicted by

The difference of what consumers are willing to pay and what they actually pay

the four factors of production are

production of particular mix of goods and services most wanted by society is

which of the following is a distinguishing feature of a command system?

refer to graph: an increase in quantity supplies is depicted by

Which of the following would be responsible for the change in demand from D1 to D2?

TINSTAAFL

which of the following would be responsible for the change in supply from S2 to S1?

an effective price ceiling will

refer to the PPC for guns and butter

Total revenue - explicit and implicit costs = ?

most goods and services that have inelastic demand are characterized as

how much should you eat at an all you can eat restaurant?

This graph illustrates the basic principles of scarcity, opportunity cost and trade offs

Refer to graph: a decrease in demand is depicted by

What is the equilibrium price and quantity of the market for blue jeans?

TIRES explains the determinants of