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TCI Economics Final Review
Dependence on others to produce much of what we need.
Which is thinking at the margin?
TCI Economics Final Review
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Answers
1
Which is thinking at the margin?
Two hours of time. One spent studying, one spent with mom
Buy a car but can't afford insurance
The average pair of shoes is higher than last year.
Volunteer instead of getting paid to work
2
Dependence on others to produce much of what we need.
absolute advantage
commercial productivity
division of technology
economic interdependence
3
You decide to attend a social event instead of going to work. What is the opportunity cost?
sleep
going to work
a pay raise
social event
4
Right to work laws in many states prohibit
mandatory joining of a labor union
employers from promoting only high performing workers
laying off workers when business slows down
making prior experience a condition of employment
5
Which is the leading source of income for the government?
individual income tax
payroll taxes
Corporate income tax
inheritance tax
6
Which of these would most likely increase the supply of tennis shoes?
a decrease in the price of raw materials
a government excise tax
an increase in the supply of boots.
a transportation strike
7
Why would the demand curve for rice shift to the right?
consumption of rice is part of a new fad diet
the price per pound has increased
rice is on sale for $0.27/pound
an earthquake destroyed the rice crop
8
In which market structure do the producers have the most power?
perfect competition
oligopoly
monopoly
monopolistic competition
9
There is a large rise in the cost of burgers. This may lead to an increase demand for
buns
hot dogs
coleslaw
relish
10
What are the factors of production?
land, labor, and capital
risk and opportunity
goods and services
wages and salary
11
According to the law of supply, what happens as price increases?
Quantity supplied decreases
Quantity supplied increases
12
Price of elasticity of demand measures
how sensitive quantity demanded is to changes
responsiveness of quantity demanded to change in price
how often the price of a good changes
slope of a budget curve
13
What will happen to the demand for summer clothes in a clothing store during a blizzard?
the demand curve will shift left
the demand curve becomes flatter
demand curve becomes steeper
demand curve shifts to the right
14
The United States Patent office was established to protect
intellectual property
public use property
corporate property
inherited property
15
The easier it is to start a business the market
offer higher-quality products
attracts more customers
increases the cost of transactions
becomes more competitive
16
Which event in Florida would shift the supply curve for mango to the left?
rise of apricots as a popular breakfast food
evidence that mango's prolong life
an influx of workers who charge less in wages to pick mango
an early frost followed by a blizzard
17
Why is the standard of living higher in the United States than in Cuba?
larger land mass
greater human capital
richer natural resources
more foreign residents
18
The three economic questions in a command economy are answered by
the people
the government
the market
tradition
19
Since people's wants are unlimited, so this is always present
cost of production
scarcity
marginal utility
shortages
20
What is a factor payment in the circular flow model?
credit card to order accessories on Fortnite
monthly mortgage on your home
a check someone writes to purchase essential food items
hourly wage to a store pays the clerk
21
Which demonstrates market equilibrium?
gas production ensures of a good profit for the producer
Everyone who wants to buy gas easily can
The amount of gas produced matches the amount people want
the price of gas does not vary from week to week
22
The equilibrium price is the price at which
demand and supply curve intersect
producers' total revenue is highest
neither demand or supply with shift
consumers start reducing demand
23
Why would a supply curve for pencils shift to the left?
new technology has increased the number of pencils
popularity of pens increased
cost of graphite has increased
colleges require pencils for all exams
24
What is the opportunity cost of returning a library book instead of finishing it so no fee
reading a different book
paying the fee
finishing the book
paying for lunch
25
Why would a demand curve for pizza shift left?
Dairy intolerance has increased tremendously
The price of pizza should double next week
Minimum wage has increased.
The price of a compliment good - breadsticks - has dropped.
26
The law of demand states that as quantity demanded decreases
quantity decreases
price increases
wages decreases
production increases
27
Two products that a similar and dominate a market is an example of
partnership
monopoly
oligopoly
public good
28
What does it mean to say Bob has a comparative advantage over Tom for baking cookies?
Bob has more experience
Bob bakes more quickly
Bob's opportunity cost for baking is lower.
Bob can charge more for his cookies
29
What is a transfer payment?
moving expense reimbursement
fee for renting a park facility
Social security check
police officer paycheck
30
If a product is introduced at below equilibrium price, what will happen?
rationing
shortage
surplus
equilibrium
31
What is the purpose of market regulation?
Assert Federal power over the States
Make widely accepted economic tradition into law
Influence the economic behavior of individuals and firms
Improve the comparative advantage in foreign trade
32
People choose something when the expected cost are less than its
working life
chief competitors
required maintainence
anticipated benefits
33
There is a connection between education level and earning power.
False
True
