102 Final Exam Practice Questions PRINCIPLE OF ECONOMICS.doc

102 Final Exam Practice Questions PRINCIPLE OF ECONOMICS.doc

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102 Final Exam Practice Questions PRINCIPLE OF ECONOMICS

Final Exam Practice Questions Chapter 1: 1. Jack has a ticket to see Smashmouth which he paid $30 for yesterday. He takes an unpaid day off from work to get ready for the concert. When he arrives at the concert, 5 different people offer him $70 for his ticket. The cost to Jack of seeing Smashmouth is A) $30. D) $70 plus his forgone earnings. B) $40. E) his forgone earnings. C) $70. Answer: C Use the following to answer questions 2-3: Learning Objective: Pitfall 4 Level of Learning: Application Type: Calculation Problem Source: Unique Page: 11 2. The average cost of 5 units of activity is A) $1 B) $2 C) $3 D) $4 E) $5 Answer: C 3. The marginal benefit of the 6th unit of activity is A) $1 B) $2 C) $4 D) $6 E) $10 Answer: C Chapter 2: 1. Stripped to its essential, the benefit of specialization is A) greater total output. D) less diversity in output. B) greater interest in work. E) less detailed knowledge. C) less job related stress. Answer: A 2. When each individual concentrates on performing the tasks and producing the goods for which he or she has the lowest opportunity cost, they are producing in accordance with the Principle of: A) cost-benefit. B) not all costs and benefits matter equally. C) comparative advantage. D) scarcity E) low-hanging-fruit. Answer: C 3. Which of the following statements is always true? A) Comparative advantage implies absolute advantage. B) Absolute advantage implies comparative advantage. C) Comparative advantage does not require absolute advantage. D) Absolute advantage requires comparative advantage. E) Comparative advantage requires absolute advantage. Answer: C Chapter 3: 1. Suppose that both the equilibrium price and quantity of mustard rise. The most consistent explanation for these observations is A) a decrease in demand for mustard with no change in supply. B) a decrease in the supply of mustard with no

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