1|Page
2025/2026 HAYES OLE MISS ECON 202 FINAL EXAM
CURRENTLY COMPLETE TESTING QUESTIONS
AND DETAILED CORRECT ANSWERS (VERIFIED)
FOR GUARANTEED PASS TOP-RATED A+.
ECON 202
Conquer your ECON 202 final exam for Professor Hayes at Ole Miss
with this comprehensive review guide, engineered to solidify your
grasp on essential macroeconomic theories and models. This powerful
resource provides targeted practice questions and detailed explanations
covering all cumulative course material, from GDP calculation to
international trade. Transform your final exam preparation and finish
the semester strong by mastering the key concepts needed to excel.
To the economist, total cost includes: ...... ANSWER
....... explicit and implicit costs
To economists, the main difference between the short run
and the long run is that: ...... ANSWER ....... in the long
run all resources are variable, while in the short run at
least one resource is fixed.
Marginal product is ...... ANSWER ....... the change in
total output attributable to the employment of one more
worker
,2|Page
If a variable input is added to some fixed input, beyond some
point the resulting extra output will decline. This statement
describes: ...... ANSWER ....... law of diminishing
returns
Fixed cost is ...... ANSWER ....... any cost that does not
change when the firm changes its output.
The total product curve graphically shows how much ......
ANSWER ....... Output the firm an produce with various
quantities of input
Marginal cost can be defined as the ...... ANSWER .......
Change in total cost resulting from one more unit of
production
Variable costs change directly with output ...... ANSWER
....... True
law of diminishing returns explains why short run marginal
curves are upsloping ...... ANSWER ....... True
, 3|Page
Economies and Diseconomies of Scale explain ......
ANSWER ....... why the firm's long-run average total
cost curve is U-shaped.
economies of scale ...... ANSWER ....... factors that
cause a producer's average cost per unit to fall as output
rises
diseconomies of scale ...... ANSWER ....... the property
whereby long-run average total cost rises as the quantity of
output increases
A firm's economic profit is usually higher than its accounting
profit. ...... ANSWER ....... False
economic profit ...... ANSWER ....... total revenue
minus total cost, including both explicit and implicit costs
accounting profit ...... ANSWER ....... total revenue
minus total explicit cost
When a firm does no re of something, it gets better at it. This
learning-by-doing is:
2025/2026 HAYES OLE MISS ECON 202 FINAL EXAM
CURRENTLY COMPLETE TESTING QUESTIONS
AND DETAILED CORRECT ANSWERS (VERIFIED)
FOR GUARANTEED PASS TOP-RATED A+.
ECON 202
Conquer your ECON 202 final exam for Professor Hayes at Ole Miss
with this comprehensive review guide, engineered to solidify your
grasp on essential macroeconomic theories and models. This powerful
resource provides targeted practice questions and detailed explanations
covering all cumulative course material, from GDP calculation to
international trade. Transform your final exam preparation and finish
the semester strong by mastering the key concepts needed to excel.
To the economist, total cost includes: ...... ANSWER
....... explicit and implicit costs
To economists, the main difference between the short run
and the long run is that: ...... ANSWER ....... in the long
run all resources are variable, while in the short run at
least one resource is fixed.
Marginal product is ...... ANSWER ....... the change in
total output attributable to the employment of one more
worker
,2|Page
If a variable input is added to some fixed input, beyond some
point the resulting extra output will decline. This statement
describes: ...... ANSWER ....... law of diminishing
returns
Fixed cost is ...... ANSWER ....... any cost that does not
change when the firm changes its output.
The total product curve graphically shows how much ......
ANSWER ....... Output the firm an produce with various
quantities of input
Marginal cost can be defined as the ...... ANSWER .......
Change in total cost resulting from one more unit of
production
Variable costs change directly with output ...... ANSWER
....... True
law of diminishing returns explains why short run marginal
curves are upsloping ...... ANSWER ....... True
, 3|Page
Economies and Diseconomies of Scale explain ......
ANSWER ....... why the firm's long-run average total
cost curve is U-shaped.
economies of scale ...... ANSWER ....... factors that
cause a producer's average cost per unit to fall as output
rises
diseconomies of scale ...... ANSWER ....... the property
whereby long-run average total cost rises as the quantity of
output increases
A firm's economic profit is usually higher than its accounting
profit. ...... ANSWER ....... False
economic profit ...... ANSWER ....... total revenue
minus total cost, including both explicit and implicit costs
accounting profit ...... ANSWER ....... total revenue
minus total explicit cost
When a firm does no re of something, it gets better at it. This
learning-by-doing is:
