ECON-B 251 EXAM 1 FINAL STUDY GUIDE 2026
PRACTICE RESPONSES
◉ In a general admission event with tickets, which method is used to
allocate the best locations to experience the event?
A) personal characteristics
B) first-come, first-served
C) contest
D) command. Answer: B) first-come, first-served
◉ Homer, Bart, and Lisa are the only consumers in the market. Using
the information in the above table, if the market demand for
chocolate chip cookies at $4.00, then the market quantity demanded
is _______ pounds.
A) 12
B) 4
C) 11
D) 8. Answer: C) 11
,◉ In the figure above, at a quantity of 2 units, consumer surplus is
$__
A) 1
B) 3
C) 4
D) 2. Answer: A) 1
◉ In the market above for red roses. The consumer surplus is
$_______ a day.
A) 100
B) 400
C) 150
D) 200. Answer: D) 200
◉ Suppose there are four firms that are each willing to sell one unit
of a good. Each firm has a different minimum price that they are
willing to sell for: Firm W $6, Firm X $7, Firm Y $10, and Firm Z $12.
If the market price is $11 then the market supply for this good will
be
A) 5
,B) 2
C) 3
D) 4. Answer: C) 3
◉ In the figure above, at a quantity of 1 unit, producer surplus is $__
A) 3
B) 2
C) 4
D) 1. Answer: B) 2
◉ In the market above for hot dogs. The producer surplus is $_______
per hour.
A) 240
B) 60
C) 120
D) 6. Answer: B) 60
◉ In the figure above, at the efficient quantity total surplus equals
$____
, A) 5
B) 2
C) 9
D) 6. Answer: C) 9
◉ In the figure above suppose total output is 2 units. At the
equilibrium price, consumer surplus is $______, producer surplus is
$_______, and deadweight loss is $_______.
A) 4,4,1
B) 2,2,2
C) 4,2,1
D) 2,4,2. Answer: A) 4,4,1
◉ Striving to achieve the greatest happiness for the greatest number
is related to which economic concept?
A) the symmetry principle
B) the big tradeoff
C) efficiency
D) utilitarianism. Answer: D) utilitarianism
PRACTICE RESPONSES
◉ In a general admission event with tickets, which method is used to
allocate the best locations to experience the event?
A) personal characteristics
B) first-come, first-served
C) contest
D) command. Answer: B) first-come, first-served
◉ Homer, Bart, and Lisa are the only consumers in the market. Using
the information in the above table, if the market demand for
chocolate chip cookies at $4.00, then the market quantity demanded
is _______ pounds.
A) 12
B) 4
C) 11
D) 8. Answer: C) 11
,◉ In the figure above, at a quantity of 2 units, consumer surplus is
$__
A) 1
B) 3
C) 4
D) 2. Answer: A) 1
◉ In the market above for red roses. The consumer surplus is
$_______ a day.
A) 100
B) 400
C) 150
D) 200. Answer: D) 200
◉ Suppose there are four firms that are each willing to sell one unit
of a good. Each firm has a different minimum price that they are
willing to sell for: Firm W $6, Firm X $7, Firm Y $10, and Firm Z $12.
If the market price is $11 then the market supply for this good will
be
A) 5
,B) 2
C) 3
D) 4. Answer: C) 3
◉ In the figure above, at a quantity of 1 unit, producer surplus is $__
A) 3
B) 2
C) 4
D) 1. Answer: B) 2
◉ In the market above for hot dogs. The producer surplus is $_______
per hour.
A) 240
B) 60
C) 120
D) 6. Answer: B) 60
◉ In the figure above, at the efficient quantity total surplus equals
$____
, A) 5
B) 2
C) 9
D) 6. Answer: C) 9
◉ In the figure above suppose total output is 2 units. At the
equilibrium price, consumer surplus is $______, producer surplus is
$_______, and deadweight loss is $_______.
A) 4,4,1
B) 2,2,2
C) 4,2,1
D) 2,4,2. Answer: A) 4,4,1
◉ Striving to achieve the greatest happiness for the greatest number
is related to which economic concept?
A) the symmetry principle
B) the big tradeoff
C) efficiency
D) utilitarianism. Answer: D) utilitarianism
