101 Sample Final - 1 101SampleFinalExamwithKey

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101 Sample Final Exam with Key Answer all questions. If more than one answer seems correct, choose the BEST one. McConnell - Chapter 01 1. Refer to the above diagram. Starting at point A , the opportunity cost of producing each successive unit of tractors is: a. a constant 2 units of bread. B . 2, 4, 6, and 8 units of bread. c. 8, 6, 4, and 2 units of bread. d. the reciprocal of the output of tractors. Econ: 12 Learning Objective: 1-5 Macro: 12 McConnell - Chapter 01 #134 Micro: 12 Status: New Topic: 7 Type: Graphical 1
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McConnell - Chapter 01 2. Refer to the above diagram. Which of the following positions relative to PP 1 would be the most likely to result in a future production possibilities curve of PP 3 , rather than PP 2 ? A . A . b. B. c. C. d. D. Econ: 17 Learning Objective: 1-5 Macro: 17 McConnell - Chapter 01 #187 Micro: 17 Status: New Topic: 8 Type: Complex Analysis 3. Unemployment: a. causes the production possibilities curve to shift outward. b. can exist at any point on a production possibilities curve. c. is illustrated by a point outside the production possibilities curve. D . is illustrated by a point inside the production possibilities curve. Econ: 14-15 Learning Objective: 1-5 Macro: 14-15 McConnell - Chapter 01 #99 Micro: 14-15 Status: New Topic: 7 Type: Application of Concept 2
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4. Which of the following would be most likely to shift the production possibilities curve to the right? a. a sudden and substantial expansion of consumer wants B . an improvement in the literacy level and general level of education c. a decline in the size of the population and labor force d. shifting resources from the production of capital goods to the production of consumer goods. Econ: 15 Learning Objective: 1-5 Macro: 15 McConnell - Chapter 01 #182 Micro: 15 Status: New Topic: 8 Type: Application of Concept McConnell - Chapter 01 5. Refer to the above diagram. The combination of computers and bicycles shown by point F : a. is unattainable, given currently available resources and technology. B . is attainable, but implies that the economy is not using all its resources. c. is irrelevant because it is inconsistent with consumer preferences. d. suggests that opportunity costs are constant. Econ: 15 Learning Objective: 1-5 Macro: 15 McConnell - Chapter 01 #158 Micro: 15 Status: New Topic: 7 Type: Graphical 3
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McConnell - Chapter 02 6. Refer to the above diagram. Arrows (3) and (4) represent: a. goods and services respectively. B . incomes and consumer expenditures respectively. c. resources and goods respectively. d. consumer expenditures and income respectively. Econ: 39 Learning Objective: 2-5 Macro: 39 McConnell - Chapter 02 #91 Micro: 39 Topic: 6 Type: Graphical 7. The market system's answer to the fundamental question "What will be produced?" is essentially: A . "Goods and services that are profitable." b. "Low cost goods and services." c. "Goods and service that can be produced using large amounts of capital." d. "Goods and services that possess lasting value."
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This note was uploaded on 12/21/2008 for the course ECON 3214 taught by Professor Corman during the Spring '08 term at Queens University.

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101 Sample Final - 1 101SampleFinalExamwithKey

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