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ECO 415 Final Exam
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1.   According to Figure 1.3, The Production Possibilities Curve. the point
     where only satellites are produced is:
     a. R
     b. S
     c. T
     d. V



2.   According to Figure 1.3, at which point is it possible for the economy
     to produce more of both goods?
     a. R
     b. S
     c. T
     d. U


3.   According to Figure 1.3, which point cannot be obtained without an
     increase in production technology?
     a. S
     b. T
     c. U
     d. W

4.   The principle that the cost of something is what is sacrificed to get
     it, is known as the:
     a. marginal principle.
     b. principle of opportunity cost.
     c. principle of diminishing returns.
     d. reality principle.

5.   The opportunity cost of going to college:
     a. is zero if your parents pay your tuition.
b. is equal to the cost of tuition, room and board, and other expenses.
c. includes wages you lose by going to school instead of working.
d. is the same for all students at a particular school who pay full
   tuition.
PAGE 2

6.   A demand curve is defined as the relationship between
     a. the price of a good and the quantity of that good that consumers are
        willing to buy
     b. the price of a good and the quantity of that good that producers are
        willing to sell
     c. the income of consumers and the quantity of a good that consumers are
        willing to buy
     d. the income of consumers and the quantity of a good that producers are
        willing to sell

7.   The law of demand states that quantity demanded of a product increases
     as
     a. consumer income rises
     b. the prices of other products fall
     c. the price of the product rises
     d. the price of the product falls



8.   The law of supply states that
     a. Firms supply more of a product   as   consumer income rises
     b. Firms supply more of a product   as   consumer income falls
     c. Firms supply more of a product   as   the price of the product rises
     d. Firms supply more of a product   as   the price of the product falls

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Eco 415 final exam

  • 1. ECO 415 Final Exam Click here for the Solution 1. According to Figure 1.3, The Production Possibilities Curve. the point where only satellites are produced is: a. R b. S c. T d. V 2. According to Figure 1.3, at which point is it possible for the economy to produce more of both goods? a. R b. S c. T d. U 3. According to Figure 1.3, which point cannot be obtained without an increase in production technology? a. S b. T c. U d. W 4. The principle that the cost of something is what is sacrificed to get it, is known as the: a. marginal principle. b. principle of opportunity cost. c. principle of diminishing returns. d. reality principle. 5. The opportunity cost of going to college: a. is zero if your parents pay your tuition.
  • 2. b. is equal to the cost of tuition, room and board, and other expenses. c. includes wages you lose by going to school instead of working. d. is the same for all students at a particular school who pay full tuition.
  • 3. PAGE 2 6. A demand curve is defined as the relationship between a. the price of a good and the quantity of that good that consumers are willing to buy b. the price of a good and the quantity of that good that producers are willing to sell c. the income of consumers and the quantity of a good that consumers are willing to buy d. the income of consumers and the quantity of a good that producers are willing to sell 7. The law of demand states that quantity demanded of a product increases as a. consumer income rises b. the prices of other products fall c. the price of the product rises d. the price of the product falls 8. The law of supply states that a. Firms supply more of a product as consumer income rises b. Firms supply more of a product as consumer income falls c. Firms supply more of a product as the price of the product rises d. Firms supply more of a product as the price of the product falls