3/19/26, 9:01 AM UNC Econ 101 Final Exam
UNC Econ 101 Final Exam Actual Complete Real Exam Questions
And Correct Answers (Verified Answers) Already Graded A+ ||
Guaranteed Success!! Newest Exam | Just Released!!
Absolute Advantage
Who can do more of something with less resources
Comparative Advantage
ability to do a task at a lower opportunity cost, what you're least bad at
Factors that cause the demand to shift
1. income
2. preferences
3. prices
4. expectations
5. congestion
6. type and number of buyers
Rational Rule for buyers
buy one more of an item if its marginal benefit is greater than (or equal to) the
price
1/37
,3/19/26, 9:01 AM UNC Econ 101 Final Exam
Opportunity cost formula
(give/get) what you're giving up over what you are getting
Law of diminishing returns
Where each additional unit yields a smaller marginal benefit
Law of supply
the quantity of a good supplied rises if they price for that good rises
- if quantity supplied goes down, $ falls
Rational rules for sellers ALSO called the golden rule of profit maximization
continue making and selling your product until the cost = price
Market demand
sum of all individual quantities demanded by each buyer in the market
Substitute goods
goods that replace each other
- demand will increase if the price of a sub. good rises
complementary goods
goods that go together, demand goes down if $ for a comp. good goes up
2/37
,3/19/26, 9:01 AM UNC Econ 101 Final Exam
compliments in production
goods that are made together
- supply of a good will rise if the $ of a comp. in production rises
substitues in production
alt. uses of the same resources. Supply of good goes down, if sub-in-
production goes up
Normal goods
a good for which higher income causes an increase in demand
- nicer cars
- luxury goods
inferior goods
good at which higher income causes less demand
- cheap vodka
- ramen noodles
marginal costs...
1) if inputs increase and supply decreases, MC is HIGH
2) Due to productivity and technology, if MC go down, it is cheaper to make
and supply increases
network effects
when good becomes more useful when other people use it
3/37
, 3/19/26, 9:01 AM UNC Econ 101 Final Exam
congestion effects
when good becomes less useful when others
use it ex: highway, clothing
planned economy
economic system where goods and services are allocated and centralized
decision- making
- ex: former soviet union, communism
Market Economy
economic system... allocated by individual decision making about what to
produce, buy and sell
When are markets in DISequilibrium?
1) queing- people lining up to buy something
2) bundling extras- forced to buy something extra to buy what you want
3) secondary markets- unofficial channels to buy something different (higher)
prices
% change in quantity demanded formula
= $ elasticity of demand x % change in $
Total revenue formula
= price x quantity
4/37
UNC Econ 101 Final Exam Actual Complete Real Exam Questions
And Correct Answers (Verified Answers) Already Graded A+ ||
Guaranteed Success!! Newest Exam | Just Released!!
Absolute Advantage
Who can do more of something with less resources
Comparative Advantage
ability to do a task at a lower opportunity cost, what you're least bad at
Factors that cause the demand to shift
1. income
2. preferences
3. prices
4. expectations
5. congestion
6. type and number of buyers
Rational Rule for buyers
buy one more of an item if its marginal benefit is greater than (or equal to) the
price
1/37
,3/19/26, 9:01 AM UNC Econ 101 Final Exam
Opportunity cost formula
(give/get) what you're giving up over what you are getting
Law of diminishing returns
Where each additional unit yields a smaller marginal benefit
Law of supply
the quantity of a good supplied rises if they price for that good rises
- if quantity supplied goes down, $ falls
Rational rules for sellers ALSO called the golden rule of profit maximization
continue making and selling your product until the cost = price
Market demand
sum of all individual quantities demanded by each buyer in the market
Substitute goods
goods that replace each other
- demand will increase if the price of a sub. good rises
complementary goods
goods that go together, demand goes down if $ for a comp. good goes up
2/37
,3/19/26, 9:01 AM UNC Econ 101 Final Exam
compliments in production
goods that are made together
- supply of a good will rise if the $ of a comp. in production rises
substitues in production
alt. uses of the same resources. Supply of good goes down, if sub-in-
production goes up
Normal goods
a good for which higher income causes an increase in demand
- nicer cars
- luxury goods
inferior goods
good at which higher income causes less demand
- cheap vodka
- ramen noodles
marginal costs...
1) if inputs increase and supply decreases, MC is HIGH
2) Due to productivity and technology, if MC go down, it is cheaper to make
and supply increases
network effects
when good becomes more useful when other people use it
3/37
, 3/19/26, 9:01 AM UNC Econ 101 Final Exam
congestion effects
when good becomes less useful when others
use it ex: highway, clothing
planned economy
economic system where goods and services are allocated and centralized
decision- making
- ex: former soviet union, communism
Market Economy
economic system... allocated by individual decision making about what to
produce, buy and sell
When are markets in DISequilibrium?
1) queing- people lining up to buy something
2) bundling extras- forced to buy something extra to buy what you want
3) secondary markets- unofficial channels to buy something different (higher)
prices
% change in quantity demanded formula
= $ elasticity of demand x % change in $
Total revenue formula
= price x quantity
4/37
