Answers38012de2 CONNECTED Summer T1 2026 Financial Math - S2World Economics

Topic Test Answers

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21
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Based on the demand graph and the supply graph shown above, what is the price at the point of equilibrium?

Question illustration
A
100
B
70
C
40
D
There is not enough information given to determine the point of equilibrium.
22
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The following table details the working populations, income tax rates, and average salary (in equivalent US dollars) for Peru and Chile.CountryWorkforceAverage Salary ($)Income Tax RatePeru10,618,7048,71424.1%Chile7,210,59514,62231.4%Based on the information in the table, how do the annual tax revenues of Peru and Chile compare to one another?

A
Peru collects $294,980 more than Chile.
B
Peru collects $63,408,109 more than Chile.
C
Chile collects $12,901,933,434 more than Peru.
D
Chile collects $10,805,998,234 more than Peru.
23

Using the following prices, calculate the unit price to determine how much it would cost for 7 muffins and 14 juice boxes.$7.74 for 6 muffins$5.52 for 8 juice boxes

A
$18.69
B
$19.89
C
$21.91
D
$26.52
24

Based on the demand graph and the supply graph shown above, what is the price at the point of equilibrium?

Question illustration
A
100
B
70
C
40
D
There is not enough information given to determine the point of equilibrium.
25

Suppose that Algeria has a workforce of 9,416,534, each of whom earns an average annual salary of (equivalent US dollars) $6,844. If the Algerian government wishes to raise $9 billion in tax revenue, approximately where should it set the income tax rate?

A
9%
B
14%
C
18%
D
26%
26

Given the following information, choose the brand that is the better buy.Brand A: $2.16 for 18 ounces Brand B: $1.50 for 12 ounces Brand C: $2.26 for 20 ounces Brand D: $1.95 for 16 ounces

A
Brand A
B
Brand B
C
Brand C
D
Brand D
27

Which of the following is used by a seller to deceive a buyer?

A
bait and switch
B
contest
C
display
D
introductory offer
28

Of the four consumer protection groups listed below, identify which groups are government agencies and which are non-governmental.I. Better Business BureauII. Consumer Product Safety CommissionIII. Consumers UnionIV. Food and Drug Administration

A
I and II are governmental; III and IV are not.
B
II and III are governmental; I and IV are not.
C
II and IV are governmental; I and III are not.
D
III and IV are governmental; I and II are not.
29

It is possible, through careful consideration of economic principles and interactions, to reach a state of equilibrium in practice.

T
Option
F
Option
30

Taking successive discounts of 15% off and then 25% off is the same as taking a one time discount of 40%.

A
T
B
F
31

What consumer protection agency is known by the acronym SEC?

A
Safe Expansion Commission
B
Society of Economical Consumers
C
Stock Exchange Control
D
Securities and Exchange Commission
32

Which of the following is not considered when calculating a country’s GDP?

A
goods produced by government agencies or commissions
B
goods produced in the country by people who are not citizens
C
services produced in the country
D
goods produced by citizens of the country who are currently overseas
33

The graph above shows one store’s projected demand curve for garden gnomes. If the demand at point P1 is fully satisfied, how much money will the store make through garden gnome sales? a. $600 b. $550 c. $150 d. $55 Please select the best answer from the choices provided

Question illustration
A
Option
B
Option
C
Option
D
Option
34

The chart below shows one store's sales of computers, listed by model. If the changes in sales between May and June continue at the same rate, how many total computers will be sold in July?

Question illustration
A
534
B
721
C
1,019
D
1,254
35

Which of the following functions is most closely connected with the CPSC?

A
ensuring product safety and setting safety standards
B
seeking to curb and prevent disease
C
working to reduce fraudulent business practices
D
keeping records of corporate histories and market performance
36

The figure above shows a store’s supply-demand graph for lawn chairs. If the store makes $800 by selling lawn chairs, which of the following is a possible valid price for them?

Question illustration
A
$50
B
$40
C
$25
D
$20
37

Which economic system is friendliest to entrepreneurs?

A
socialism
B
communism
C
capitalism
D
They are all equally accepting, since entrepreneurship relies on the individual.
38

I.

Question illustration
A
A
B
B
C
C
D
D
39

Below are the demand and supply equations for overhead projectors in a certain market. In these equations, p represents price, D represents demand, and S represents supply. What is S at the point of equilibrium, to the nearest whole number?

Question illustration
A
12
B
15
C
58
D
67
40

The chart below shows one store’s sales of computers, listed by model. If the changes in sales between May and June continue at the same percent rate, how many Dinztop computers will be sold in July?

Question illustration
A
73
B
98
C
142
D
184

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