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Econ 101 Exam Final Exam Questions And Already Correct Answers.
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  • Econ 101
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  • Econ 101

The basic concern for microeconomics is: (a) to prove that capitalism is better than socialism (b) to use unlimited resources to produce goods and services to satisfy limited wants (c) to keep business firms from losing money. (d) to study the choices people make. - Answer D A new...

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  • October 9, 2024
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  • 2024/2025
  • Exam (elaborations)
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Econ 101 Exam Final Exam Questions
And Already Correct Answers.
The basic concern for microeconomics is:

(a) to prove that capitalism is better than socialism



(b) to use unlimited resources to produce goods and

services to satisfy limited wants



(c) to keep business firms from losing money.



(d) to study the choices people make. - Answer D



A new fast-food restaurant offered a free meal (valued at $5) a week for a year to its first 100 customers.
Ramona camped out for 48 hours before the opening to be one of the first 100 customers. The cost of
the free meal a week for a year for Ramona was:

(a) The cost is impossible to determine.



(b)whatever else she would have done with the 48 hours.



(c)$260.



(d)zero. - Answer B



Margo spends $10,000 on one year's college tuition. The opportunity cost of spending one year in
college for Margo is:

(a) whatever she would have earned had she not been in college.



(b) whatever she would have purchased with the $10,000 plus whatever she would have earned had she
not been in college.

, (c) $10,000.



(d) whatever she would have purchased with the $10,000 instead. - Answer B



For which of the following would be a best example of things that are not scarce?



(a) air



(b) everything



(c) time



(d) corn - Answer A



A choice made _____ is a choice whether to do a little more or a little less of something.

(a) at the front end



(b) in the beginning



(c)at the margin



(d)ceteris paribus - Answer C



You are selling your 1996 Mustang. You have already spent $1000 on repairs. At the last minute, the
transmission dies. You can pay $600 to have it repaired, or sell the car "as is." In the following scenario,
should you have the transmission repaired? Blue book value (what you could get for the car) is $6500 if
transmission works, $5700 if it doesn't



(a)Do not pay $600 to fix it.

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