1|Page
ECON 202 OLE MISS HAYES FINAL LATEST 2026-2027 ACTUAL EXAM
WITH COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS
(100% VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
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. - ANSWER-d.
Economics deals primarily with the concept of
a.
poverty.
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b.
banking.
c.
scarcity.
d.
money. - ANSWER-c.
Which of the following is correct?
a.
The word economy comes from the Greek word for "rational
thinker."
b.
Economists study the management of scarce resources.
c.
Because economists believe that people pursue their best
interests, they are not interested in how people interact.
d.
All of the above are correct. - ANSWER-b.
.
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Which of the following is not an example of scarcity?
a.
Miranda has an unlimited supply of oranges in her orchard.
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.
Each member of a household cannot get everything he or she
wants. - ANSWER-a.
Resources are....
a.
scarce for households and scarce for economies.
b.
plentiful for households but scarce for economies.
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c.
scarce for households but plentiful for economies.
d.
plentiful for households and plentiful for economies. - ANSWER-a.
The phenomenon of scarcity stems from the fact that
a.
most economies' production methods are not very good.
b.
governments restrict production of too many goods and services.
c.
resources are limited.
d.
in most economies, wealthy people consume disproportionate
quantities of goods and services. - ANSWER-c.
The overriding reason why households and societies face many
decisions is that
a.
ECON 202 OLE MISS HAYES FINAL LATEST 2026-2027 ACTUAL EXAM
WITH COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS
(100% VERIFIED ANSWERS) |ALREADY GRADED A+| ||PROFESSOR
VERIFIED|| ||BRANDNEW!!!||
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. - ANSWER-d.
Economics deals primarily with the concept of
a.
poverty.
,2|Page
b.
banking.
c.
scarcity.
d.
money. - ANSWER-c.
Which of the following is correct?
a.
The word economy comes from the Greek word for "rational
thinker."
b.
Economists study the management of scarce resources.
c.
Because economists believe that people pursue their best
interests, they are not interested in how people interact.
d.
All of the above are correct. - ANSWER-b.
.
,3|Page
Which of the following is not an example of scarcity?
a.
Miranda has an unlimited supply of oranges in her orchard.
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.
Each member of a household cannot get everything he or she
wants. - ANSWER-a.
Resources are....
a.
scarce for households and scarce for economies.
b.
plentiful for households but scarce for economies.
, 4|Page
c.
scarce for households but plentiful for economies.
d.
plentiful for households and plentiful for economies. - ANSWER-a.
The phenomenon of scarcity stems from the fact that
a.
most economies' production methods are not very good.
b.
governments restrict production of too many goods and services.
c.
resources are limited.
d.
in most economies, wealthy people consume disproportionate
quantities of goods and services. - ANSWER-c.
The overriding reason why households and societies face many
decisions is that
a.
