ECON 201 WVU CERTIFICATION
EVALUATION FINAL TEST 2026
COMPREHENSIVE 64 QUESTIONS AND
ANSWERS GRADED A+
⩥ The adage, "There is no such thing as a free lunch," means. Answer:
people face tradeoffs
⩥ A society allocates its scarce resources to various uses. These scarce
resources include. Answer: land, people, and machines
⩥ Which of the following is a decision that micro-economists study?.
Answer: how much people work, what people buy, how much money
people save
⩥ Which arrow represents the flow of goods and services?. Answer: B
⩥ Economic models. Answer: can be useful, even if they are not
particularly realistic.
⩥ The circular-flow diagram. Answer: is an economic model,
incorporates two types of decision makers: households and firms,
represents the flow of inputs, outputs, and dollars
, ⩥ The scientific method is applicable to studying. Answer: both natural
sciences and social sciences.
⩥ An economist typically plays which of the following role(s)?. Answer:
both Scientists and Policy advisors
⩥ People who provide you with goods and services. Answer: do so
because they get something in return
⩥ A professor spends 10 hours per day giving lectures and writing
papers. For the professor, a graph that shows his various possible mixes
of output (lectures given per day and papers written per day) is called
his. Answer: production possibilities frontier.
⩥ Assume that England and Holland can switch between producing milk
and oats at a constant rate. In terms of comparative advantage, we can
see that
Number of Units Produced in an Hour
Milk Oats
England 10 4
Holland 8 6. Answer: England has the comparative advantage of
producing milk, and Holland has the absolute advantage of producing
oats.
EVALUATION FINAL TEST 2026
COMPREHENSIVE 64 QUESTIONS AND
ANSWERS GRADED A+
⩥ The adage, "There is no such thing as a free lunch," means. Answer:
people face tradeoffs
⩥ A society allocates its scarce resources to various uses. These scarce
resources include. Answer: land, people, and machines
⩥ Which of the following is a decision that micro-economists study?.
Answer: how much people work, what people buy, how much money
people save
⩥ Which arrow represents the flow of goods and services?. Answer: B
⩥ Economic models. Answer: can be useful, even if they are not
particularly realistic.
⩥ The circular-flow diagram. Answer: is an economic model,
incorporates two types of decision makers: households and firms,
represents the flow of inputs, outputs, and dollars
, ⩥ The scientific method is applicable to studying. Answer: both natural
sciences and social sciences.
⩥ An economist typically plays which of the following role(s)?. Answer:
both Scientists and Policy advisors
⩥ People who provide you with goods and services. Answer: do so
because they get something in return
⩥ A professor spends 10 hours per day giving lectures and writing
papers. For the professor, a graph that shows his various possible mixes
of output (lectures given per day and papers written per day) is called
his. Answer: production possibilities frontier.
⩥ Assume that England and Holland can switch between producing milk
and oats at a constant rate. In terms of comparative advantage, we can
see that
Number of Units Produced in an Hour
Milk Oats
England 10 4
Holland 8 6. Answer: England has the comparative advantage of
producing milk, and Holland has the absolute advantage of producing
oats.
