ECON 205 FINAL EXAM STUDY GUIDE   Exam #1   1. A resource is anything that: A)can be used in production. B) you pay for. C) is in scarce supply. D) can be consumed.   2

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ECON 205 FINAL EXAM STUDY GUIDE

Exam #1

1. A wealth is anything that:

                A)can be used in sourceation.

                B) you pay for.

C) is in unusual minister.

D) can be consumed.

2. Rarity in economics media:

A)not having ample wealths to cheerful-tempered-natured-tempereds all the result and drudge we absence.

                B) the absences of herd are scant.

C) there must be weak herd in opulent countries.

D) economics are evidently not doing their jobs.

3. Occasion require is:

A) environing half of the monetary require of a emanation.

                B) the dollar liquidation for a emanation.

C) the blessing separateial from a emanation.

D)the appraise of the best opinion forgone in making any dainty.

4. Margo wastes $10,000 on one year’s seed-plot training. The occasion require of wasteing one year in seed-plot for Margo is:

A) $10,000

                B) whatever she would enjoy purchased delay the $10,000 instead.

C) whatever she would enjoy achieveed had she not been in seed-plot.

D)whatever she would enjoy purchased delay the $10,000 instead and whatever she would enjoy achieveed had she not been in seed-plot.

5. We are robust to cheerful-tempered-natured-tempereds daintys owing of:

A) commissionation.

                B) aptitude.

C)scarcity.

D) the edge.

6. A dainty made ________ is a dainty whether to do a petty balance or a petty hither of notability.

A) at the fringe

                B) in the initiatening

C)at the edge

D) forthcoming the fact

7. A sourceation possibility frontier illustrates the ______ oppositeness an synod that ______ simply two result.

A) values; sells

                B)trade-offs; cheerful-tempered-natured-temperedss

C) commerce-offs; consumes

D) bluntages; cheerful-tempered-natured-temperedss

8. When tender concurrently a sourceation possibility frontier, the occasion require to company of getting balance of one cheerful:

A) is perpetual.

                B) is measured in dollar stipulations.

C)is measured by the bulk of the cheerful that must be consecrated up.

D) usually wanes.

Use the forthcoming to response inquirys 9-11:

Figure: Guns and Butter

9.

(Figure: Guns and Butter) On this shape, summits A, B, E,and F:

A)evince combinations of guns and butter that company can cheerful-tempered-natured-tempereds using all of its factor efficiently.

B) demonstration that the occasion require of balance guns growths, but that of balance butter wanes.

C) evince that company absences butter balance than it absences guns.

D) evince perpetual requires for guns and increasing requires for butter.

10. (Figure: Guns and Butter) This possibility frontier is:

A)anfractuous out from the source owing of increasing occasion requires.

                B) anfractuous in inland the source owing of increasing  occasion requires.

C) anfractuous in inland the source owing of perpetual  requires of guns and butter.

D) direct owing of perpetual requires.

11. (Figure: Guns and Butter) If the synod were open at summit B, pliant 16 separates of guns and 12 separates of butter per epoch, a determination to propose to summit E and cheerful-tempered-natured-tempereds 18 separates of butter:

A) evinces you can enjoy balance butter and guns concertedly.

                B) cheerful-tempered-natured-temperedss it pure that this synod experiences decreasing occasion requires.

C)involves a missing of 8 separates of guns per epoch.

D) involves a missing of 4 separates of guns per epoch.

12. An synod is said to enjoy a proportionately usage in the sourceation of one cheerful if it:

A) can cheerful-tempered-natured-tempereds balance of all result than another state.

                B) can cheerful-tempered-natured-tempereds hither of all result than another state.

C) has the prominent occasion require for pliant a point cheerful.

D)has the meanest occasion require for pliant a point cheerful.

13. In one hour, the United States can cheerful-tempered-natured-tempereds 25 tons of steel or 250 automobiles. In one hour, Japan can cheerful-tempered-natured-tempereds 30 tons of steel or 275 automobiles. This counsel implies that:

A) Japan has a proportionately usage in the sourceation of automobiles.

                B) the Unites States has an despotic usage in the sourceation of steel.

C) Japan has a proportionately usage in the sourceation of twain result.

D) the United States has a proportionately usage in the sourceation of automobiles.

14. Free commerce among countries:

A) should be established on despotic usage.

                B) procure confess rich countries to commission hither plain nations.

C) procure shelve the domiciliary sourceation possibility frontier to the proper.

D)procure confess for senior razes of waste than delayout commerce.

Use the forthcoming to response inquirys 15-17:

Figure: Proportionately Advantage

Eastland and Westland cheerful-tempered-natured-tempereds simply two result, peaches and ochreous-flame-flames, and this shape demonstrations each nation’s sourceation possibility frontier for the two helps.

15. (Figure: Proportionately Advantage) The occasion require of pliant 1 separate of peaches for Westland is:

A) 1 separate of ochreous-flame-flames.

                B) ¼ separate of ochreous-flame-flames.

C) 4 separates of ochreous-flame-flames.

D) 10 separates of ochreous-flame-flames

16. (Figure: Proportionately Advantage) Westland has an despotic usage in pliant:

A) ochreous-flame-flames simply.

                B)peaches simply.

C) twain ochreous-flame-flames and peaches.

D) neither ochreous-flame-flames or peaches.

17. (Figure: Proportionately Advantage) Eastland has a proportionately usage in pliant:

A)oranges simply.

                B) peaches simply.

C) twain ochreous-flame-flames and peaches.

D) neither ochreous-flame-flames or peaches.

18. The synod’s factors of sourceation are not similar appropriate for pliant contrariant types of result. The faculty generates:

A) economic enlargement.

                B) technical aptitude.

C) wealth underutilization.

D)the law of increasing occasion require.

19. Economists generally value that a state should specialize in the sourceation of a cheerful or drudge if:

A) the sourceation possibility frontier is larger than that of any other state.

                B) the sourceation possibility frontier is smaller than that of any other state.

C) the state can cheerful-tempered-natured-tempereds the emanation using fewer wealths than any other state.

D)the state can cheerful-tempered-natured-tempereds the emanation while forgoing fewer opinion emanations than any other state.

20. The ask-for deflexion for videos has shelveed to the proper. What could enjoy facultyd it?

A) a descend in the value of videos

                B) an growth in the value of videos

C) an growth in the minister of videos

D)an growth in the proceedss of buyers

21. The law of ask-for states other things similar:

A) as the value growths, the bulk ask-fored procure growth.

                B) as the value wanes, the ask-for deflexion procure shelve to the proper.

C) as the value growths, the ask-for procure wane.

D)as the value growths, the bulk ask-fored procure wane.

22. A shelve of the ask-for deflexion for Luis’s Pizza would not be facultyd by a qualify in the:

A) buyer’s proceedss.

                B)value of Luis’s Pizza.

C) value of Humberto’s Pizza.

D) popularity of Luis’s Pizza.

23. If result A and B are substitutes, a wane in the value of cheerful B procure:

A) growth the ask-for for cheerful A.

                B) growth the ask-for for cheerful B.

C) wane the ask-for for cheerful A.

D) growth the ask-for for cheerful B and wane the ask-for for cheerful A.

Use the forthcoming to response inquirys 24-25:

Figure: Ask-for for Coconuts

24. (Figure: Ask-for for Coconuts) If a coconut is a regular cheerful and the value of coconuts growths, then the proposement that would capture settle in the design could be:

A) A to B.

                B) B to A.

C) C to A.

D) E to B.

25. (Figure Ask-for for Coconuts) If coconuts are considered a regular cheerful and there is an confluence on the separate of consumers that the values of coconuts procure fuse significantly in the neighboring advenient, then the proposement that would capture settle in the design could be:

A) C to A.

                B) A to B.

C) B to E.

D)E to B.

26. When the value of gas goes up and the ask-for for tires goes down, this media tires and gas are:

A) substitutes.

                B)complements.

C) twain rich.

D) twain common.

27. Which of the forthcoming would shelve the ask-for deflexion for new textbook to the proper?

A) a wane in the value of paper

                B) a descend in the value of used textbooks

C)an growth in seed-plot enrollments

D) a descend in the value of new textbooks

28. A cheerful is regular if:

A) when proceeds growths, the ask-for trash unnatural.

                B) when proceeds growths, the ask-for wanes.

C)when proceeds growths, the ask-for growths.

D) proceeds and the ask-for are unconnected.

Exam #2

1. The regular minister deflexion illustrates that:

A) other things similar, the bulk arranged for a cheerful is inversely connected to the value of a cheerful.

                B) other things similar, the minister of the cheerful created its own ask-for for the cheerful.

C)other things similar, the bulk arranged for a cheerful is expressly connected to the value of a cheerful.

D)value and bulk arranged are unconnected.

2. Which of the forthcoming is not a determinant of minister?

A) confluences touching advenient values

                B) the technology of sourceation

C) the require of sourceation

D) consumer tastes

Use the forthcoming to response inquirys 3-5:

Figure: Minister of Coconuts

3. (Figure: Minister of Coconuts) If the value of coconuts wanes, then the proposement that would capture settle in the design could be:

A)A to B

                B) B to A

C) C to A

D) E to B

4. (Figure: Minister of Coconuts) If the values of inputs (e.g. drudge, fertilizer, and fuel) used to cheerful-tempered-natured-tempereds and enravishment coconuts are increasing, then the proposement in the design could be:

A) A to B

                B) B to A

C)C to A

D) E to B

5. (Figure: Minister of Coconuts)If there is an progress in the technology used to outgrowth coconuts (e.g. a faster, hither rich coconut picker), then the proposement in the design could be:

A)A to C

                B) B to A

C) C to A

D) Bto E

6. The trade for soybeans is initially in makeweight. Owing of “mad cow sickness,” creation satisfy cheerful-tempered-natured-temperedsrs resolute to resettle annoyance asceticism delay soybeans in creation satisfy. The mitigated cheerful-tempered-natured-tempereds is that:

A)the makeweight value and bulk of soybeans procure fuse.

                B) the makeweight value and bulk of soybeans procure descend.

C) the makeweight bulk of soybeans procure fuse, but we can’t specificize what procure betide to the makeweight value.

D)the makeweight value of soybeans procure fuse, but we can’t specificize what procure betide to the makeweight bulk.

7. Extravagance minister occurs when:

A) the value is aloft the makeweight value.

                B) the bulk ask-fored exceeds the bulk arranged.

C) the value is underneath makeweight value.

D) the bulk ask-fored exceeds the bulk arranged and when the value is underneath the makeweight bulk.

8. The trade for still is initially in makeweight. Still cheerful-tempered-natured-temperedsrs now gain in a requirely advertising program to submit still drinking. Assume that the advertising antagonism succeeds in shelveing consumer tastes inland drinking still and that still cheerful-tempered-natured-temperedsrs arrove balance still to the trade. Balance still cheerful-tempered-natured-temperedsrs penetrate the trade. Standard ask-for and minister segregation tells us that:

A) the makeweight value and bulk of still procure fuse.

B) the makeweight value and bulk of still procure descend.

C)the makeweight bulk of still procure fuse, but we can’t specificize how the makeweight value procure be unsupposable.

D) )the makeweight value of still procure fuse, but we can’t specificize how the makeweight bulk procure be unsupposable.

Use the forthcoming to response inquiry 9:

Figure: DVD Market

9. (Figure: DVD Market) At a rental value of $3, there procure be

A) makeweight in the rental trade for DVDs.

                B) an growth in ask-for.

C) an extravagance minister of 40 DVD rentals.

D)an extravagance ask-for of 40 DVD rentals.

10. In the trade for corn tortilla driblets, what would faculty a value growth?

A) Your savant tells you that you cannot enjoy junk help anymore.

                B) There is a technological aggression in the tortilla driblet sourceation regularity.

C) There is a fungus that kills ample of the corn outgrowth in Nebraska.

D) The value of salsa triples.

11. Consumer balanceplus for an specific buyer is similar to:

A)the consumer’s procureingness to pay for the cheerful, minus the edgeal require of pliant the cheerful.

                B)the value of the cheerful, minus the edgeal require od pliant the cheerful.

C)the consumer’s procureingness to pay for the cheerful, minus the value of the cheerful.

D)the edgeal require of the cheerful, minus the consumer’s procureingness to pay for the cheerful.

12. Concurrently a consecrated ask-for deflexion, an growth in the value of a cheerful procure faculty consumer balanceplus to:

A)increase.

                B)decrease.

C)not qualify.

D)cannot be specificized delayout counsel environing the minister deflexion.

Use the forthcoming to response inquirys 13-14:

Figure: Consumer Overplus II

13. (Figure: Consumer Overplus II) At a value of P1, consumer balanceplus similars the area:

A) ABP2

                B) AFP1

C) BGF

D) P1P2BF

14. (Figure: Consumer Overplus II) If the value fuses from P1 to P2, consumer balanceplus wanes by the area:

A) ABP2

                B) AFP1

C) BGF

D) P1P2BF

15. The value resilientity of ask-for measures the responsiveness of the qualify in:

A)bulk ask-fored to a qualify in value.

                B)value to a qualify in bulk ask-fored.

C)the acception of the ask-for deflexion to a qualify in value.

D)the acception of the ask-for deflexion to a qualify in bulk ask-fored.

16. Suppose the value resilientity of ask-for for cheeseburgers similars 0.37. This media the balanceall ask-for for cheeseburgers is:

A)value resilient.

                B)value resolute.

C)value separate-elastic.

D)exactly value resolute.

Use the forthcoming to response inquiry 17:

Figure: Consumer Overplus III

17. (Figure Consumer Overplus III) If the value of the cheerful is $2, consumer balanceplus procure similar:

A) $30.

                B) $45.

C) $60.

D) $90.

18. Suppose at a value of $10 the bulk ask-fored is 100. When the value descends to $8, the bulk ask-fored growths to 130. The value resilientity of ask-for among the valued of $10 and $8, using the midsummit manner, is approximately:

A) 1.17

                B) 1.50

C) 0.85

D) 1.00

19. The publisher of an economics textbook finds that when the book’s value is inferiored from $70 to $60, sales fuse from 10,000 to 15,000. Using the midsummit manner, you can investigate that the value resilientity of ask-for is:

A) 500

                B) 50%

C) 3.5

D) 2.6

20. If completion proceeds goes down when value descends, the value resilientity of ask-for is said to be:

A)price-inelastic

                B)value separate-elastic

C)price-elastic

D)positive

21. To say that two result are complements, their cross-value resilientity’s of ask-for should be:

A)hither than 0

                B)similar to 0

C)positive, yet almost similar to 0

D)senior than 0

22. A exactly resilient minister deflexion is:

A)horizontal

                B)downward-sloping

C)upward-sloping

D)vertical

23. The proceeds resilientity of ask-for of a regular cheerful is:

A)among 1 and 0

                B)hither than 0

C)similar to 0

                D) senior than 0

24. To maximize her action in economics, Stacey should con-balance until:

A)her edgeal require of con-overing initiates to growth.

                B)her edgeal blessing of con-overing initiates to wane.

C)her edgeal blessing of con-overing similars her edgeal require of con-overing.

D)her edgeal require of con-overing reaches nothing.

25. According to the optimal output synod, if edgeal blessing:

A)exceeds edgeal require, an disposition should be cheap.

                B)is hither than edgeal require, an disposition should be cheap.

C)is similar to edgeal require, an disposition should be cheap.

D)exceeds edgeal require, net blessing is maximized.

26. To maximize completion net blessing, consumers and robusts evaluate each disposition at the:

A)average.

                B)top.

C)margin.

D)end.

Use the forthcoming to response inquiry 27:

Figure: Ultimate Require Curve

27. (Figure: Ultimate Require Curve) Using the edgeal require deflexion in the shape arranged, we can specificize that the completion require of mowing five lawns is approximately:

A) $68.50

                B) $100

C) $50

D) $10

28. If the edgeal blessing ordinary from a cheerful is senior than the edgeal require of sourceation, then:

A)society’s success can be improved if sourceation growths.

                B)society’s success can be improved if sourceation wanes.

C)society’s success cannot be improved by changing sourceation.

D)the trade is pliant too ample of the cheerful.

Exam #3

1. The bulk by which an attached separate of a cheerful or drudge growths a consumer’s completion benefit, all other things unnatural, is:

A) edgeal benefit

                B) completion benefit

C) mediocre benefit

D) required benefit

2. The faculty of diminishing edgeal benefit media that when Sarah eats pizza, her atonement from the avoid slice of pizza is probably:

A) senior than that from the pristine.

                B) similar to that from the pristine.

C) hither than that from the pristine.

D) not similar to that of the pristine.

3. Assume that the edgeal utilities for the pristine three separates of a cheerful consumed are 200,150, and 125, respectively. The completion benefit when two separates are consumed is:

A) 150

                B) 200

C) 350

D) 475

4. Suzy apprehends she has maximized her benefit, owing she is on her budget engagement and:

A) waste of Cheerful X similars waste of God Y

                B) what is sent on Cheerful X similars what is spent on Cheerful Y

C) MUx/Px = MUy/Py

D) MUx = MUy

5. Joesph consumes pizza and soda. He is currently consuming three separates of pizza and two separates of soda. The value of pizza is $5 and the value of soda is $1. If he is consuming the optimal waste parcel and his edgeal benefit of pizza is 50, then his edgeal benefit of soda is:

A) 50

                B) 10

C) 5

D) unusable to specificize unhither you apprehend Joseph’s proceeds.

6. While at the grocery ammunition, Sidney sees that the value of Grape-Nuts is twice that of Cheerios. If Sidney buys twain result, then Sidney must:

A) get twice as ample edgeal benefit from Grape-Nuts as from Cheerios.

                B) get twice as ample edgeal benefit from Cheerios as from Grape-Nuts.

C) not be maximizing her benefit.

D) buy twice as ample Cheerios.

Use the forthcoming to anser inquirys 7-8:

Figure: Budget Lines for Oranges and Apples

7. (Figure: Budget Lines for Oranges and Apples) For some spell, Sylvester has had $5 per month to waste on ochreous-flame-flames and apples. The value of an ochreous-flame-flame-flame is $0.50 and the value of an apple is $.025. Which of the charts demonstrations what procure betide to his budget sequence if his proceeds wanes to $2.50?

A) Chart A

                B) Chart B

C) Chart C

D) Chart D

8. (Figure: Budget Lines for Oranges and Apples) For some spell, Sylvester has had $5 per month to waste on ochreous-flame-flames and apples. The value of an ochreous-flame-flame-flame is $0.50 and the value of an apple is $.025. Which of the charts demonstrations what procure betide to his budget sequence if the value of an ochreous-flame-flame-flame descends to $0.25?

A) Chart A

                B) Chart B

C) Chart C

D) Chart D

Use the forthcoming to response inquirys 9-10:

Table: Completion Emanation and Ultimate Product

9. (Table: Completion Emanation and Ultimate Product) The edgeal emanation of the avoid worker is:

A) 10

                B) 15

C) 20

D) 30

10. (Table: Completion Emanation and Ultimate Product) Negative edgeal effect initiate when the _______ worker is pretended.

A) fifth

                B) sixth

C) seventh

D) eighth

11. A planning epoch during which all of a robust’s wealths are substituteable is the:

A) crave run

                B) unwandering run

C) blunt run

D) ostensible run

Use the forthcoming to response inquiry 15:

Figure: Short-Run Costs

15. (Figure: Short-Run Costs) A is the _______ require deflexion.

A) mediocre completion

                B) mediocre substituteable

C) edgeal

D) completion

16. If edgeal require is senior than mediocre completion require, then:

A) mediocre completion require is increasing.

                B) mediocre completion require is decreasing.

C) mediocre completion require is unnatural.

D) edgeal require is decreasing.

17. A robust’s edgeal require is:

A) the reference of the qualify in unwandering require to the qualify in the bulk of output.

                B) the acception of the completion require deflexion.

C) the acception of the mediocre substituteable require deflexion.

D) the reference of the qualify in completion output to the qualify in the bulk of drudge.

18. When an growth in the robust’s output reduces its crave-run mediocre completion require, it experiences:

A) economies of layer

                B) diseconomies of layer

C) perpetual effect to layer

D) substituteable effect to layer

19. In the design of unexceptionable two-of-a-trade:

A) the consumer is at the benefit of mighty robusts that can set values wherever they further.

                B) specific robusts can bias the value, but simply subordinately.

C) no specific or robust has ample ability to enjoy any application on value.

D) the value is specificized by how manifold years are left in the emanation’s dubious.

Use the forthcoming to response inquiry 20:

Figure: Short-Run Costs

20. (Figure: Short-Run Costs) At the consecrated value, the most beneficial raze of output occurs at bulk:

A) N

                B) P

C) S

D) T

21. In unexceptionable two-of-a-trade, the self-confidence of quiet register and departure implies that:

A) in the crave run all robusts in the toil procure achieve nothing economic receipts.

                B) in the blunt run all robusts in the toil procure achieve express economic receipts.

C) in the blunt run all robusts in the toil procure achieve nothing economic receipts.

D) in the crave run all robusts in the toil procure achieve nothing economic receipts and in the blunt run all robusts in the toil procure achieve express economic receipts.

22. If a exactly competitive robust is pliant a bulk that generates P > MC, then acquisition:

A) is maximized

                B) can be waned by increasing value.

C) can be growthd by decreasing value.

D) can be growthd by increasing sourceation.

Use the forthcoming to response inquiry 23:

Figure: A Exactly Competitive Robust in the Blunt Run

23. (Figure: A Exactly Competitive Robust in the Blunt Run) The robust’s completion economic acquisition at its most beneficial raze of output is:

A) 0GHB

                B) EFJS

C) EGHS

D) FGLK

24. If it cheerful-tempered-natured-temperedss, a exactly competitive robust procure maximize receipts by pliant at the bulk at which:

A) edgeal proceeds similars edgeal require.

                B) edgeal proceeds similars value.

C) value similars mediocre completion require.

D) value exceeds edgeal require.

25. Compared to a exactly competitive trade, a monopolist procure cheerful-tempered-natured-tempereds _______ and qualify a _______ value.

A) hither; higher

                B) hither; inferior

C) balance; higher

D) balance; inferior

Use the forthcoming to response inquiry 26:

Figure: Appropriation Model

26 (Figure: Appropriation Model) The acquisition maximizing bulk is the one evinced by the distance:

A) W

                B) J

C) K

D) L

27. A unless appropriation exists whenever a only robust:

A) is owned and produced by the federal or national synod.

B) is invertor-owned but has been granted the esoteric proper by the synod to produce in a trade.

C) experiences economics of layer balance the all rove of sourceation that is bearing to its trade.

D)has gained govern balance a strategic input of an great sourceation regularity.

28. Compared to unexceptionable two-of-a-trade:

A)appropriation cheerful-tempered-natured-temperedss balance at a inferior value.

B)appropriation cheerful-tempered-natured-temperedss where MR > MC and a exactly competitively robust cheerful-tempered-natured-temperedss where P = MC.

C)appropriation may enjoy economic receipts in the crave run, but in unexceptionable two-of-a-trade in the crave run economic receipts are nothing.

D)unexceptionable two-of-a-trade may enjoy nothing economic receipts in the crave run, but in appropriation the crave run economic receipts are nothing.


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