ECON 2100 FINAL EXAM ECONOMICS COURSE 2026/2027 |
COMPLETE MASTER REVIEW | GRADED A+ | 100% CORRECT |
VERIFIED STUDY SET FOR GUARANTEED SUCCESS | HIGH-YIELD
CONCEPTS, MICRO & MACROECONOMICS APPLICATION INSIGHTS
FOR EXCELLENCE
The idea that an action should be undertaken if and only if the benefits exceed
the costs is known as the concept of - CORRECT ANSWER - economic
efficiency
Which of the following is the most fundamental function of government? -
CORRECT ANSWER - protection of individuals and their property
In economics, man-made resources such as tools, equipment, and structures that
are used to produce other goods and services are referred to as - CORRECT
ANSWER - capital
Corn and soybeans are alternatives that could be grown by most farmers. If
government subsidies for ethanol lead to higher corn prices, this will -
CORRECT ANSWER - decrease the supply of soybeans
The production possibilities curve illustrates the basic principle that -
CORRECT ANSWER - if the resources of an economy are being used
efficiently, more of one good can be produced only if less of another is
produced
Which of the following is an example of a rational decision - CORRECT
ANSWER - Jayla, a burglar who breaks into houses, decides to break into the
house at 265 Elm Street, rather than the house next door because the house next
door has a sign in the yard that says "home protected by a security system
Which of the following is not a function of prices in a market system -
CORRECT ANSWER - Prices ensure an equitable distribution of goods and
services among consumers
,Which of the following is a positive economic statement - CORRECT
ANSWER - If taxes are over 50 percent of national income, job creation falls
Which of the following is most likely to lead to an increase in the rental price of
apartments near your campus - CORRECT ANSWER - an unexpected
increase in enrollment at your college
According to the law of supply - CORRECT ANSWER - producers are willing
to supply larger amounts of a good as its price increases
According to the law of comparative advantage, both individuals and nations
will be able to produce a larger joint output if each productive activity is
undertaken by - CORRECT ANSWER - the low opportunity cost producer
Middlemen are individuals who - CORRECT ANSWER - provide services
that reduce the cost of transactions and help achieve additional gains from trade
Suppose a new law requires all piercing studios to pass tougher licensing tests
and to begin using more costly sterilization methods. Other things constant, this
law would cause - CORRECT ANSWER - a decrease in the supply of
piercings and a higher price for piercings.
Which of the following statements about exchange is false - CORRECT
ANSWER - If one trading partner gains, the other must lose.
Which of the following is true regarding value and exchange? - CORRECT
ANSWER - Voluntary exchange creates value by channeling goods into the
hands of people who value them most.
A point inside the production possibilities curve represents a combination of
goods that is - CORRECT ANSWER - unattainable
, A decrease in the expected future price of a good will cause the current demand
for the good to - CORRECT ANSWER - increase, which is a shift to the left
of the demand curve
The equilibrium market price of coffee would be - CORRECT ANSWER - $6
per pound
Which of the following events would increase producer surplus - CORRECT
ANSWER - Sellers' costs stay the same and the price of the good increases
Refer to Table 2-3. The opportunity cost of 1 pound of meat for the farmer is -
CORRECT ANSWER - 4 pounds of potatoes
The value of a good - CORRECT ANSWER - depends on many factors,
including who uses it and under what circumstances
Entrepreneurs have a strong incentive to - CORRECT ANSWER - do all of
the above
If consumer purchases of a good are not very sensitive to the price of the good,
economists say the demand for the good is relatively - CORRECT ANSWER -
inelastic
The economic way of thinking stresses that - CORRECT ANSWER -
incentives matter--when an option becomes less costly, people will be more
likely to choose it
If the citizens of a country were to work harder and take less leisure time, it
would - CORRECT ANSWER - shift the production possibilities curve
outward
COMPLETE MASTER REVIEW | GRADED A+ | 100% CORRECT |
VERIFIED STUDY SET FOR GUARANTEED SUCCESS | HIGH-YIELD
CONCEPTS, MICRO & MACROECONOMICS APPLICATION INSIGHTS
FOR EXCELLENCE
The idea that an action should be undertaken if and only if the benefits exceed
the costs is known as the concept of - CORRECT ANSWER - economic
efficiency
Which of the following is the most fundamental function of government? -
CORRECT ANSWER - protection of individuals and their property
In economics, man-made resources such as tools, equipment, and structures that
are used to produce other goods and services are referred to as - CORRECT
ANSWER - capital
Corn and soybeans are alternatives that could be grown by most farmers. If
government subsidies for ethanol lead to higher corn prices, this will -
CORRECT ANSWER - decrease the supply of soybeans
The production possibilities curve illustrates the basic principle that -
CORRECT ANSWER - if the resources of an economy are being used
efficiently, more of one good can be produced only if less of another is
produced
Which of the following is an example of a rational decision - CORRECT
ANSWER - Jayla, a burglar who breaks into houses, decides to break into the
house at 265 Elm Street, rather than the house next door because the house next
door has a sign in the yard that says "home protected by a security system
Which of the following is not a function of prices in a market system -
CORRECT ANSWER - Prices ensure an equitable distribution of goods and
services among consumers
,Which of the following is a positive economic statement - CORRECT
ANSWER - If taxes are over 50 percent of national income, job creation falls
Which of the following is most likely to lead to an increase in the rental price of
apartments near your campus - CORRECT ANSWER - an unexpected
increase in enrollment at your college
According to the law of supply - CORRECT ANSWER - producers are willing
to supply larger amounts of a good as its price increases
According to the law of comparative advantage, both individuals and nations
will be able to produce a larger joint output if each productive activity is
undertaken by - CORRECT ANSWER - the low opportunity cost producer
Middlemen are individuals who - CORRECT ANSWER - provide services
that reduce the cost of transactions and help achieve additional gains from trade
Suppose a new law requires all piercing studios to pass tougher licensing tests
and to begin using more costly sterilization methods. Other things constant, this
law would cause - CORRECT ANSWER - a decrease in the supply of
piercings and a higher price for piercings.
Which of the following statements about exchange is false - CORRECT
ANSWER - If one trading partner gains, the other must lose.
Which of the following is true regarding value and exchange? - CORRECT
ANSWER - Voluntary exchange creates value by channeling goods into the
hands of people who value them most.
A point inside the production possibilities curve represents a combination of
goods that is - CORRECT ANSWER - unattainable
, A decrease in the expected future price of a good will cause the current demand
for the good to - CORRECT ANSWER - increase, which is a shift to the left
of the demand curve
The equilibrium market price of coffee would be - CORRECT ANSWER - $6
per pound
Which of the following events would increase producer surplus - CORRECT
ANSWER - Sellers' costs stay the same and the price of the good increases
Refer to Table 2-3. The opportunity cost of 1 pound of meat for the farmer is -
CORRECT ANSWER - 4 pounds of potatoes
The value of a good - CORRECT ANSWER - depends on many factors,
including who uses it and under what circumstances
Entrepreneurs have a strong incentive to - CORRECT ANSWER - do all of
the above
If consumer purchases of a good are not very sensitive to the price of the good,
economists say the demand for the good is relatively - CORRECT ANSWER -
inelastic
The economic way of thinking stresses that - CORRECT ANSWER -
incentives matter--when an option becomes less costly, people will be more
likely to choose it
If the citizens of a country were to work harder and take less leisure time, it
would - CORRECT ANSWER - shift the production possibilities curve
outward
