1|Page
ECON 202 Ole Miss Hayes Midterm Newest / ECON
202 Ole Miss Hayes Midterm Exam Preparation /ECON
202 Ole Miss Hayes Midterm Practice Exam With
Complete Questions And Correct Detailed Answers
|Already Graded A+ (Latest Version!!!)|| Verified
Exam!!!
For economists, the word "utility" means
A. versatility and flexibility
B. rationality
C. pleasure or satisfaction
D. purposefulness - Answer-C. pleasure or satisfaction
A person should consume more of something when its
marginal
A.benefit exceeds its marginal cost.
B. cost exceeds its marginal benefit.
C. cost equals its marginal benefit.
D. benefit is still better. - Answer-D. benefit exceeds its
marginal
,2|Page
Macroeconomics explains the behavior of individual
households and business firms; microeconomics is
concerned with the behavior of aggregates or the
economy as a whole.
True/False - Answer-false
The production possibilities curve shows various
combinations of two products that an economy can
produce when achieving full employment.
True/False - Answer-true
Choices entail marginal costs because resources are
scarce.
True/False - Answer-true
In deciding whether to study for an economics quiz or go
to a concert, one is confronted by the idea(s) of
,3|Page
A. scarcity and opportunity costs.
B. money and real capital.
C. complementary economic goals.
D. full production. - Answer-scarcity and opportunity costs
The budget line shows the various incomes that an
individual can earn from different jobs.
True/False - Answer-false
The study of economics is not useful for consumers,
because economic analysis focuses only on businesses
and the economy.
True/False - Answer-false
An increase in immigration would shift the production
possibilities curve to the left.
True/False - Answer-false
, 4|Page
Normative statements are expressions of facts.
True/False - Answer-false
The Latin term "ceteris paribus" means
A. that if event A precedes event B, A has caused B.
B. that economics deals with facts, not values.
C. other things equal.
D. prosperity inevitably follows recession. - Answer-other
things equal
Economic resources are also called
A. free gifts of nature.
B. consumption goods.
C. units of money capital.
D. factors of production. - Answer-factors of production
A production possibilities curve illustrates
ECON 202 Ole Miss Hayes Midterm Newest / ECON
202 Ole Miss Hayes Midterm Exam Preparation /ECON
202 Ole Miss Hayes Midterm Practice Exam With
Complete Questions And Correct Detailed Answers
|Already Graded A+ (Latest Version!!!)|| Verified
Exam!!!
For economists, the word "utility" means
A. versatility and flexibility
B. rationality
C. pleasure or satisfaction
D. purposefulness - Answer-C. pleasure or satisfaction
A person should consume more of something when its
marginal
A.benefit exceeds its marginal cost.
B. cost exceeds its marginal benefit.
C. cost equals its marginal benefit.
D. benefit is still better. - Answer-D. benefit exceeds its
marginal
,2|Page
Macroeconomics explains the behavior of individual
households and business firms; microeconomics is
concerned with the behavior of aggregates or the
economy as a whole.
True/False - Answer-false
The production possibilities curve shows various
combinations of two products that an economy can
produce when achieving full employment.
True/False - Answer-true
Choices entail marginal costs because resources are
scarce.
True/False - Answer-true
In deciding whether to study for an economics quiz or go
to a concert, one is confronted by the idea(s) of
,3|Page
A. scarcity and opportunity costs.
B. money and real capital.
C. complementary economic goals.
D. full production. - Answer-scarcity and opportunity costs
The budget line shows the various incomes that an
individual can earn from different jobs.
True/False - Answer-false
The study of economics is not useful for consumers,
because economic analysis focuses only on businesses
and the economy.
True/False - Answer-false
An increase in immigration would shift the production
possibilities curve to the left.
True/False - Answer-false
, 4|Page
Normative statements are expressions of facts.
True/False - Answer-false
The Latin term "ceteris paribus" means
A. that if event A precedes event B, A has caused B.
B. that economics deals with facts, not values.
C. other things equal.
D. prosperity inevitably follows recession. - Answer-other
things equal
Economic resources are also called
A. free gifts of nature.
B. consumption goods.
C. units of money capital.
D. factors of production. - Answer-factors of production
A production possibilities curve illustrates
