CIS Final Review Part 1

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

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

TIRES explains the determinants of

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

the concept of price elasticity of demand measures:

EAT IT describes the determinants of

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

refer to the PPC for guns and butter

The study of economics is primarily concerned with:

TINSTAAFL

in the short run

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

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

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

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

Refer to graph: a decrease in demand is depicted by

the fundamental questions that all economies must answer are

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

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

an effective price floor will

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

an effective price ceiling will

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

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

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

Total revenue - explicit and implicit costs = ?

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

the four factors of production are

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

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

refer to graph: a decrease in supply is depicted by

most goods and services that have inelastic demand are characterized as

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

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

Economic scarcity is