Econ 101-8 (Turchi) Practice Final Exam, Fall 2015Final Examination on Tuesday, December 8, 2015 at 8 a.m. in Carroll Hall Rm 111****Review Session,Sunday, December 6th at 7:00 p.m. (CarrollHallRm111)For Exam: Students are responsible for all assigned text material, lecture material, andall handouts.Except: Game Theory (pp. 249-254) will not be covered in final Exam. Also you arenotresponsible forChapter 16 material, but I recommend it to balance out your understanding of the market system.Bring to Exam: (1) #2 pencil with functioning eraser, (2) calculator (for numerical calculations only)Remember: In addition to the following Practice Exam, three practice midterms and 3midterm exams are also available to you for review.Economics 101Fall 2015Professor TurchiPRACTICE F I N A L E X A M___________________________________________________________________________________________1.Economics is the science that deals primarily with1)the relationship between demand and supply3) microeconomics and macroeconomics2)the problem of scarcity4) how marginal changes affect the economy
2.What do economists mean when they say resources are scarce?
3.Why do we suppose that production possibility frontiers are generally curved?
4.If an economy is producing efficiently, it is producing
5.What impact does economic growth have on the production possibility frontier?1)no impact, they are not related2)the production possibility frontier will move inward3)the production possibility frontier will move outward4)we will move along the production possibility frontier