1|Page
ECON 202 OLE MISS HAYES FINAL NEWEST 2026
ACTUAL VERIFIED EXAM WITH COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS
(100% VERIFIED ANSWERS) |ALREADY GRADED A+|
||NEWEST EXAM!!!||
Macroeconomics explains the behavior of individual
households and business firms; microeconomics is
concerned with the behavior of aggregates or the
economy as a whole. - Answer-False
A person should consume more of something when its
marginal - Answer-benefit exceeds its marginal cost.
For economists, the word "utility" means - Answer-
pleasure or satisfaction
The law of demand states that, other things equal, -
Answer-price and quantity demanded are inversely
related.
An increase in quantity supplied might be caused by an
increase in production costs. - Answer-False
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A government tax per unit of output reduces supply. -
Answer-True
An increase in consumer incomes will cause a decrease in
the demand for an inferior good - Answer-True
Two goods are considered to be related goods by many
buyers: if the price of one increases, buyers buy more of
the other. This indicates that the two goods are
complements. - Answer-False
Because successive units of a good produce less and less
additional satisfaction, the price must fall to encourage a
buyer to purchase more units of the good. This statement
is most consistent with which explanation for the law of
demand? - Answer-diminishing marginal utility
One reason that the quantity demanded of a good
increases when its price falls is that the - Answer-lower
price increases the real incomes of buyers, enabling them
to buy more.
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Normative statements are expressions of facts - Answer-
False
An increase in immigration would shift the production
possibilities curve to the left - Answer-False
The study of economics is not useful for consumers,
because economic analysis focuses only on businesses
and the economy. - Answer-False
The budget line shows the various incomes that an
individual can earn from different jobs. - Answer-False
In deciding whether to study for an economics quiz or go
to a concert, one is confronted by the idea(s) of - Answer-
scarcity and opportunity costs.
Choices entail marginal costs because resources are
scarce. - Answer-True
The production possibilities curve shows various
combinations of two products that an economy can
produce when achieving full employment. - Answer-True
ECON 202 OLE MISS HAYES FINAL NEWEST 2026
ACTUAL VERIFIED EXAM WITH COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS
(100% VERIFIED ANSWERS) |ALREADY GRADED A+|
||NEWEST EXAM!!!||
Macroeconomics explains the behavior of individual
households and business firms; microeconomics is
concerned with the behavior of aggregates or the
economy as a whole. - Answer-False
A person should consume more of something when its
marginal - Answer-benefit exceeds its marginal cost.
For economists, the word "utility" means - Answer-
pleasure or satisfaction
The law of demand states that, other things equal, -
Answer-price and quantity demanded are inversely
related.
An increase in quantity supplied might be caused by an
increase in production costs. - Answer-False
,2|Page
A government tax per unit of output reduces supply. -
Answer-True
An increase in consumer incomes will cause a decrease in
the demand for an inferior good - Answer-True
Two goods are considered to be related goods by many
buyers: if the price of one increases, buyers buy more of
the other. This indicates that the two goods are
complements. - Answer-False
Because successive units of a good produce less and less
additional satisfaction, the price must fall to encourage a
buyer to purchase more units of the good. This statement
is most consistent with which explanation for the law of
demand? - Answer-diminishing marginal utility
One reason that the quantity demanded of a good
increases when its price falls is that the - Answer-lower
price increases the real incomes of buyers, enabling them
to buy more.
, 3|Page
Normative statements are expressions of facts - Answer-
False
An increase in immigration would shift the production
possibilities curve to the left - Answer-False
The study of economics is not useful for consumers,
because economic analysis focuses only on businesses
and the economy. - Answer-False
The budget line shows the various incomes that an
individual can earn from different jobs. - Answer-False
In deciding whether to study for an economics quiz or go
to a concert, one is confronted by the idea(s) of - Answer-
scarcity and opportunity costs.
Choices entail marginal costs because resources are
scarce. - Answer-True
The production possibilities curve shows various
combinations of two products that an economy can
produce when achieving full employment. - Answer-True
