1|Page
ECON 202 Ole Miss Hayes Final Newest / ECON 202
Ole Miss Hayes Final Exam Preparation /ECON 202
Ole Miss Hayes Final Practice Exam With Complete
Questions And Correct Detailed Answers With
Rationales|Already Graded A+(Latest Version!!!)
Which of the following is not an example of scarcity?
a.
Each member of a household cannot get everything he or
she wants.
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.
Miranda has an unlimited supply of oranges in her
orchard. - Answer-D
A demand curve reflects each of the following except the
a.
,2|Page
highest price buyers are willing to pay for each quantity.
b.
willingness to pay of all buyers in the market.
c.
ability of buyers to obtain the quantity they desire.
d.
value each buyer in the market places on the good. -
Answer-C
If a market is allowed to move freely to its equilibrium price
and quantity, then an increase in supply will
a.
increase consumer surplus.
b.
reduce consumer surplus.
c.
not affect consumer surplus.
d.
Any of the above are possible. - Answer-A
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If the United States changed its laws to allow for the legal
sale of a kidney, which of the following is likely to occur?
a.
The price of kidneys would rise to balance supply and
demand.
b.
The gains from trade would make both buyers and sellers
better off.
c.
Thousands of lives would be saved.
d.
All of the above are correct - Answer-D
Market power refers to the
a.
government regulations imposed on the sellers in a
market.
b.
forces of supply and demand in determining equilibrium
price.
c.
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ability of market participants to influence price.
d.
side effects that may occur in a market. - Answer-C
If the current allocation of resources in the market for
wallpaper is efficient,
a.
producer surplus equals consumer surplus in the market
for wallpaper.
b.
the market for wallpaper is in equilibrium.
c.
on the last unit of wallpaper that was produced and sold,
the value to buyers exceeded the cost to sellers.
d.
All of the above are correct. - Answer-B
When a buyer's willingness to pay for a good is equal to
the price of the good, the
a.
ECON 202 Ole Miss Hayes Final Newest / ECON 202
Ole Miss Hayes Final Exam Preparation /ECON 202
Ole Miss Hayes Final Practice Exam With Complete
Questions And Correct Detailed Answers With
Rationales|Already Graded A+(Latest Version!!!)
Which of the following is not an example of scarcity?
a.
Each member of a household cannot get everything he or
she wants.
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.
Miranda has an unlimited supply of oranges in her
orchard. - Answer-D
A demand curve reflects each of the following except the
a.
,2|Page
highest price buyers are willing to pay for each quantity.
b.
willingness to pay of all buyers in the market.
c.
ability of buyers to obtain the quantity they desire.
d.
value each buyer in the market places on the good. -
Answer-C
If a market is allowed to move freely to its equilibrium price
and quantity, then an increase in supply will
a.
increase consumer surplus.
b.
reduce consumer surplus.
c.
not affect consumer surplus.
d.
Any of the above are possible. - Answer-A
,3|Page
If the United States changed its laws to allow for the legal
sale of a kidney, which of the following is likely to occur?
a.
The price of kidneys would rise to balance supply and
demand.
b.
The gains from trade would make both buyers and sellers
better off.
c.
Thousands of lives would be saved.
d.
All of the above are correct - Answer-D
Market power refers to the
a.
government regulations imposed on the sellers in a
market.
b.
forces of supply and demand in determining equilibrium
price.
c.
, 4|Page
ability of market participants to influence price.
d.
side effects that may occur in a market. - Answer-C
If the current allocation of resources in the market for
wallpaper is efficient,
a.
producer surplus equals consumer surplus in the market
for wallpaper.
b.
the market for wallpaper is in equilibrium.
c.
on the last unit of wallpaper that was produced and sold,
the value to buyers exceeded the cost to sellers.
d.
All of the above are correct. - Answer-B
When a buyer's willingness to pay for a good is equal to
the price of the good, the
a.
