1
UNT ECON 1100 EXAM LATEST UPDATE -2025/2026- 100+
QUESTIONS AND VERIFIED ANSWERS ALL THE BEST
An outward shift of a production possibilities frontier illustrates that:
economic growth has occurred.
If the demand for electricity is inelastic but not perfectly inelastic, a 10% increase
in the price of electricity is likely to:
lead to a decrease in the quantity demanded of electricity of less than 10%.
If quantity demanded is 30 when price is $3 and quantity demanded is 20 when
price is $5, then total revenue __________ if price increases from $3 to $5,
implying that demand is _________.
increases; inelastic
In the market for used cars, a surplus of used cars would, ceteris paribus:
put downward pressure on the price of used cars.
In the graph below, a shift from PPF1 to PPF2 will occur as a result of:
an increase in the resources and technology used to produce food and clothing.
Initially, assume Country A is producing and consuming 10 cars and 20 boats,
while Country B is producing and consuming 20 cars and 40 boats. The two
countries then decide to specialize according to comparative advantage and
engage in trade. The potential gains from trade for both countries combined work
out to be:
20 boats, to be divided between the two countries.
Which of the following is an example of capital as a factor of production?
, 2
Kitchen equipment for a new restaurant venture
The demand for a life-saving drug is likely to be:
inelastic because the drug is a necessity.
When wants and needs exceed the resources available to satisfy them:
scarcity exists and decisions must be made about how to allocate limited
resources among competing uses
The ceteris paribus assumption is used to:
isolate the relationship between two variables by holding other influences on the
relationship constant
For a normal good, an increase in consumer income leads to:
an increase in demand and an increase in both equilibrium price and quantity.
Which of the following pairs of goods is most likely to have a cross elasticity of
demand coefficient of 1.2?
bagels and toast
The primary difference between a change in supply and a change in the quantity
supplied is:
a change in quantity supplied is caused by a change in the price of the good itself,
and a change in supply is caused by a change in a non-price determinant of supply
We have an expert-written solution to this problem!
Which of the following will cause a decrease in the demand for batteries?
An increase in the price of digital cameras, a complement for batteries
Based on the information in the table below, the opportunity cost of producing
one clock in Mexico is:
Clock Radio
Spain 4 hours 2 hours
UNT ECON 1100 EXAM LATEST UPDATE -2025/2026- 100+
QUESTIONS AND VERIFIED ANSWERS ALL THE BEST
An outward shift of a production possibilities frontier illustrates that:
economic growth has occurred.
If the demand for electricity is inelastic but not perfectly inelastic, a 10% increase
in the price of electricity is likely to:
lead to a decrease in the quantity demanded of electricity of less than 10%.
If quantity demanded is 30 when price is $3 and quantity demanded is 20 when
price is $5, then total revenue __________ if price increases from $3 to $5,
implying that demand is _________.
increases; inelastic
In the market for used cars, a surplus of used cars would, ceteris paribus:
put downward pressure on the price of used cars.
In the graph below, a shift from PPF1 to PPF2 will occur as a result of:
an increase in the resources and technology used to produce food and clothing.
Initially, assume Country A is producing and consuming 10 cars and 20 boats,
while Country B is producing and consuming 20 cars and 40 boats. The two
countries then decide to specialize according to comparative advantage and
engage in trade. The potential gains from trade for both countries combined work
out to be:
20 boats, to be divided between the two countries.
Which of the following is an example of capital as a factor of production?
, 2
Kitchen equipment for a new restaurant venture
The demand for a life-saving drug is likely to be:
inelastic because the drug is a necessity.
When wants and needs exceed the resources available to satisfy them:
scarcity exists and decisions must be made about how to allocate limited
resources among competing uses
The ceteris paribus assumption is used to:
isolate the relationship between two variables by holding other influences on the
relationship constant
For a normal good, an increase in consumer income leads to:
an increase in demand and an increase in both equilibrium price and quantity.
Which of the following pairs of goods is most likely to have a cross elasticity of
demand coefficient of 1.2?
bagels and toast
The primary difference between a change in supply and a change in the quantity
supplied is:
a change in quantity supplied is caused by a change in the price of the good itself,
and a change in supply is caused by a change in a non-price determinant of supply
We have an expert-written solution to this problem!
Which of the following will cause a decrease in the demand for batteries?
An increase in the price of digital cameras, a complement for batteries
Based on the information in the table below, the opportunity cost of producing
one clock in Mexico is:
Clock Radio
Spain 4 hours 2 hours
