ECON 202 OLE MISS FINAL EXAM PREP
ECON 202 OLE MISS FINAL EXAM PREP LATEST 2025/2026
ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT ANSWERS
GRADED A+ GUARANTEED PASS- ACE YOUR EXAM
The particular price that results in quantity supplied being equal to quantity
demanded is the best price because it
a.
minimizes the expenditure of buyers.
b.
maximizes costs of the seller.
c.
maximizes the combined welfare of buyers and sellers.
d.
maximizes tax revenue for the government. - Correct Answer-C
Abraham drinks Mountain Dew. He can buy as many cans of Mountain Dew as he
wishes at a price of $0.55 per can. On a particular day, he is willing to pay $0.95
for the first can, $0.80 for the second can, $0.60 for the third can, and $0.40 for
the fourth can. Assume Abraham is rational in deciding how many cans to buy. His
consumer surplus is
a.
$0.70.
b.
$1.00.
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, ECON 202 OLE MISS FINAL EXAM PREP
c.
$0.50.
d.
$0.60. - Correct Answer-A
Inefficiency exists in an economy when a good is
a.
not produced because buyers do not value it very highly.
b.
not being consumed by buyers who value it most highly.
c.
being produced with less than all available resources.
d.
not distributed fairly among buyers. - Correct Answer-B
Producer surplus directly measures
a.
the well-being of society as a whole.
b.
sellers' willingness to sell.
c.
the well-being of sellers.
2|Page
, ECON 202 OLE MISS FINAL EXAM PREP
d.
the well-being of buyers and sellers. - Correct Answer-C
A price ceiling will be binding only if it is set
a.
above the equilibrium price.
b.
equal to the equilibrium price.
c.
either above or below the equilibrium price.
d.
below the equilibrium price. - Correct Answer-D
A legal maximum on the price at which a good can be sold is called a price
a.
subsidy.
b.
ceiling.
c.
support.
d.
floor. - Correct Answer-B
3|Page
, ECON 202 OLE MISS FINAL EXAM PREP
Which of the following is not an example of scarcity?
a.
Each member of a household cannot get everything he or she wants.
b.
Every individual in society cannot attain the highest standard of living to which he
or she might aspire.
c.
Only some people can afford to buy a BMW automobile.
d.
Miranda has an unlimited supply of oranges in her orchard. - Correct Answer-D
A demand curve reflects each of the following except the
a.
highest price buyers are willing to pay for each quantity.
b.
willingness to pay of all buyers in the market.
c.
ability of buyers to obtain the quantity they desire.
d.
value each buyer in the market places on the good. - Correct Answer-C
4|Page
ECON 202 OLE MISS FINAL EXAM PREP LATEST 2025/2026
ACTUAL EXAM COMPLETE QUESTIONS AND CORRECT ANSWERS
GRADED A+ GUARANTEED PASS- ACE YOUR EXAM
The particular price that results in quantity supplied being equal to quantity
demanded is the best price because it
a.
minimizes the expenditure of buyers.
b.
maximizes costs of the seller.
c.
maximizes the combined welfare of buyers and sellers.
d.
maximizes tax revenue for the government. - Correct Answer-C
Abraham drinks Mountain Dew. He can buy as many cans of Mountain Dew as he
wishes at a price of $0.55 per can. On a particular day, he is willing to pay $0.95
for the first can, $0.80 for the second can, $0.60 for the third can, and $0.40 for
the fourth can. Assume Abraham is rational in deciding how many cans to buy. His
consumer surplus is
a.
$0.70.
b.
$1.00.
1|Page
, ECON 202 OLE MISS FINAL EXAM PREP
c.
$0.50.
d.
$0.60. - Correct Answer-A
Inefficiency exists in an economy when a good is
a.
not produced because buyers do not value it very highly.
b.
not being consumed by buyers who value it most highly.
c.
being produced with less than all available resources.
d.
not distributed fairly among buyers. - Correct Answer-B
Producer surplus directly measures
a.
the well-being of society as a whole.
b.
sellers' willingness to sell.
c.
the well-being of sellers.
2|Page
, ECON 202 OLE MISS FINAL EXAM PREP
d.
the well-being of buyers and sellers. - Correct Answer-C
A price ceiling will be binding only if it is set
a.
above the equilibrium price.
b.
equal to the equilibrium price.
c.
either above or below the equilibrium price.
d.
below the equilibrium price. - Correct Answer-D
A legal maximum on the price at which a good can be sold is called a price
a.
subsidy.
b.
ceiling.
c.
support.
d.
floor. - Correct Answer-B
3|Page
, ECON 202 OLE MISS FINAL EXAM PREP
Which of the following is not an example of scarcity?
a.
Each member of a household cannot get everything he or she wants.
b.
Every individual in society cannot attain the highest standard of living to which he
or she might aspire.
c.
Only some people can afford to buy a BMW automobile.
d.
Miranda has an unlimited supply of oranges in her orchard. - Correct Answer-D
A demand curve reflects each of the following except the
a.
highest price buyers are willing to pay for each quantity.
b.
willingness to pay of all buyers in the market.
c.
ability of buyers to obtain the quantity they desire.
d.
value each buyer in the market places on the good. - Correct Answer-C
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