Econ 202 Ole Miss Hayes Midterm Exam
2026 | All Questions and Correct
Answers | Verified Answers | Just
Released | Newest Exam
A society allocates its scarce resources to various jobs. These scarce resources
include
a.
land.
b.
people.
c.
machines.
d.
All of the above are correct. ---------CORRECT ANSWER-----------------D
Which of the following products would be considered scarce?
a.
bread
b.
baseballs autographed by Babe Ruth
c.
,motorcycles
d.
All of the above are correct. ---------CORRECT ANSWER-----------------D
The overriding reason why households and societies face many decisions is that
a.
goods and services are not scarce.
b.
people, by nature, tend to disagree.
c.
resources are scarce.
d.
incomes fluctuate with business cycles. ---------CORRECT ANSWER-----------------C
Economics is the study of
a.
how society manages its scarce resources.
b.
how households decide who performs which tasks.
c.
production methods.
d.
,the interaction of business and government. ---------CORRECT ANSWER---------------
--A
When a society cannot produce all the goods and services people wish to have, it
is said that the economy is experiencing
a.
surpluses.
b.
inequalities.
c.
scarcity.
d.
inefficiencies. ---------CORRECT ANSWER-----------------C
If the labor supply curve is very elastic, a tax on labor
a.
results in a large tax burden on the firms that hire labor.
b.
raises enough tax revenue to offset the loss in welfare.
c.
has a large deadweight loss.
d.
, has a relatively small impact on the number of hours that workers choose to
work. ---------CORRECT ANSWER-----------------C
Other things equal, the deadweight loss of a tax
a.
decreases as the size of the tax increases.
b.
increases as the size of the tax increases, and the increase in the deadweight loss
is more rapid than the increase in the size of the tax.
c.
increases as the size of the tax increases, but the increase in the deadweight loss
is less rapid than the increase in the size of the tax.
d.
increases as the price elasticities of demand and/or supply increase, but the
deadweight loss does not change as the size of the tax increases. ---------CORRECT
ANSWER-----------------B
The higher a country's tax rates, the more likely that country will be
a.
experiencing small deadweight losses.
b.
on the negatively sloped part of the Laffer curve.
c.
at the top of the Laffer curve.
2026 | All Questions and Correct
Answers | Verified Answers | Just
Released | Newest Exam
A society allocates its scarce resources to various jobs. These scarce resources
include
a.
land.
b.
people.
c.
machines.
d.
All of the above are correct. ---------CORRECT ANSWER-----------------D
Which of the following products would be considered scarce?
a.
bread
b.
baseballs autographed by Babe Ruth
c.
,motorcycles
d.
All of the above are correct. ---------CORRECT ANSWER-----------------D
The overriding reason why households and societies face many decisions is that
a.
goods and services are not scarce.
b.
people, by nature, tend to disagree.
c.
resources are scarce.
d.
incomes fluctuate with business cycles. ---------CORRECT ANSWER-----------------C
Economics is the study of
a.
how society manages its scarce resources.
b.
how households decide who performs which tasks.
c.
production methods.
d.
,the interaction of business and government. ---------CORRECT ANSWER---------------
--A
When a society cannot produce all the goods and services people wish to have, it
is said that the economy is experiencing
a.
surpluses.
b.
inequalities.
c.
scarcity.
d.
inefficiencies. ---------CORRECT ANSWER-----------------C
If the labor supply curve is very elastic, a tax on labor
a.
results in a large tax burden on the firms that hire labor.
b.
raises enough tax revenue to offset the loss in welfare.
c.
has a large deadweight loss.
d.
, has a relatively small impact on the number of hours that workers choose to
work. ---------CORRECT ANSWER-----------------C
Other things equal, the deadweight loss of a tax
a.
decreases as the size of the tax increases.
b.
increases as the size of the tax increases, and the increase in the deadweight loss
is more rapid than the increase in the size of the tax.
c.
increases as the size of the tax increases, but the increase in the deadweight loss
is less rapid than the increase in the size of the tax.
d.
increases as the price elasticities of demand and/or supply increase, but the
deadweight loss does not change as the size of the tax increases. ---------CORRECT
ANSWER-----------------B
The higher a country's tax rates, the more likely that country will be
a.
experiencing small deadweight losses.
b.
on the negatively sloped part of the Laffer curve.
c.
at the top of the Laffer curve.
