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Econ 203 Final Exam Review Detailed Questions And Expert Answers 2024
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Econ 203 Final Exam Review Detailed Questions And Expert Answers 2024
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Econ 203 Final Exam Review Detailed QuestionsAnd Expert Answers 2024
The law of demand states that, other things equal, when the price of a good
a. rises, the demand for the good falls.
b. rises, the quantity demanded of the good rises.
c. falls, the quantity demanded of the good rises.
d. falls, the demand for the good rises.
falls, the quantity demanded of the good rises.
In this market for iPhones, the technology improves while all other factors remain
constant. Which curve(s) shift(s) and in which direction?
supply shifts to the right
If the government were to intervene in a market economy and fix the price of
visiting a health care provider below the market price, then we would expect,
relative to the market outcome,
a. an increase in the number of visits people want to make and an increase in the
number of visits health care providers want to provide.
b. a decrease in the number of visits people want to make and an increase in the
number of visits health care providers want to provide.
c. a decrease in the number of visits people want to make and a decrease in the
number of visits health care providers want to provide.
d. an increase in the number of visits people want to make and a decrease in the
number of visits health care providers want to provide.
,an increase in the number of visits people want to make and a decrease in the
number of visits health care providers want to provide
The "invisible hands" ability to coordinate the decisions of the firms and
households in the economy can be hindered by
a. increased competition in markets.
b. enforcement of property rights.
c. government actions that distort prices.
d. too much attention paid to efficiency.
government actions that distort prices.
After much consideration, you have chosen Ireland over Spain for your Study
Abroad program next year. However, the deadline for your final decision is still
months away and you may reverse this decision. Which of the following events
could prompt you to reverse this decision?
a. The marginal cost of going to Ireland decreases.
b. The marginal benefit of going to Ireland increases.
c. The marginal cost of going to Spain increases.
d. The marginal benefit of going to Spain increases.
The marginal benefit of going to Spain increases.
You have the afternoon free. You have a choice between going to the movies with
a friend or studying economics for three hours. If you go to the movies, you will
spend $8.00 on a ticket and $4.50 on popcorn. If you choose to study economics
for three hours, you will raise your exam grade by 10 points.
Refer to Scenario 1-1. What is your opportunity cost of going to the movies?
$12.50
The property of society getting the most it can from its scarce resources is called
a. equality.
b. productivity.
, c. externality.
d. efficiency.
efficiency.
A baker recently has come to expect higher prices for bread in the near future. We
would expect
a. the demand for bread to fall.
b. no change in the baker's current supply of bread; instead, future supply will be
affected.
c. the baker to supply less bread now than she was supplying previously.
d. the baker to supply more bread now than she was supplying previously.
the baker to supply less bread now than she was supplying previously.
If muffins and bagels are substitutes, a higher price for bagels would result in
a. a decrease in the demand for muffins.
b. a decrease in the demand for bagels.
c. an increase in the demand for muffins.
d. an increase in the demand for bagels.
an increase in the demand for muffins.
Ashley bakes bread that she sells at the local farmer's market. If she purchases a
new convection oven that reduces the costs of baking bread, the
a. supply of Ashley's bread will decrease.
b. supply of Ashley's bread will increase.
c. demand for Ashley's bread will increase.
d. demand for Ashley's bread will decrease.
supply of Ashley's bread will increase.
Economics is the study of how society manages its
a. limited wants and unlimited resources.
b. unlimited wants and unlimited resources.
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