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Econ 102 Exam Questions And Answers 100% Guaranteed Pass What are the 4 categories of resources? - Answer-Land -Labor -Physical Capital -Human Capital Explain what kinds of things are included in each of the 4 categories of resources: - Answer- Labor: all human time on task -Land: all natur...

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  • January 16, 2025
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • econ 102 exam questions and answers 100 guarantee

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Econ 102 Exam Questions And Answers
100% Guaranteed Pass


What are the 4 categories of resources? - Answer✔-Land
-Labor
-Physical Capital
-Human Capital

Explain what kinds of things are included in each of the 4 categories of resources: - Answer✔-
Labor: all human time on task
-Land: all natural resources
-Physical Capital: machinery, equipment, physical infrastructure
-Human Capital: skill & knowledge embodied in the labor force

Is money included in the physical capital category of resources? - Answer✔No, money isn't a
resource - it's a CLAIM to resources. The term capital refers to physical goods that are used to
produce other goods - not money.
When a chef creates a dinner plate of food for a customer, which represents physical capital?
A) the chef
B) the oven
C) the food ingredients
D) the chef's training and experience I think this may be a redundant answer to "A" -
Answer✔B) oven
Which is not an example of a resource?
A) land
B) labor
C) capital


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D) production - Answer✔D) production
Which can best be considered the resources used in the production of computers?
A) money from investors
B) wages of computer engineers
C) computer engineers

D) taxes paid on the profits from the sale of the computers - Answer✔C) computer engineers

Opportunity Cost - Answer✔Value of the most highly-valued alternative necessarily sacrificed
You have a free coupon that can be used to buy either a taco, a burrito, or an order of nachos.
Given your tastes, the value of a taco to you is about $3.50, the value of a burrito is $5, and the
value of an order of nachos is $2. If you buy a burrito, the value of your most highly-valued
sacrificed alternative is ______________. - Answer✔$3.50 - the value of the burrito.
You have a free coupon that can be used to buy either a taco, a burrito, or an order of nachos.
Given your tastes, the value of a taco to you is about $3.50, the value of a burrito is $5, and the
value of an order of nachos is $2. The opportunity cost of buying the burrito is
A) zero, because the coupon was free.
B) the $3.50 value you would have enjoyed by buying the taco.
C) the $3.50 value of the taco plus the $2 value of the nachos.
D) the sum of the $5 value of the burrito, the $3.50 value of the taco, and the $2 value

of the nachos. - Answer✔B) the $3.50 value you would have enjoyed by buying the taco
Khalil is offered a free ticket to the opera. His opportunity cost of going to the opera is:
A) zero—the tickets were free.
B) the price listed on the ticket.
C) whatever Khalil would have done had he not gone to the opera.
D) the price listed on the ticket or whatever Khalil would have done had he not gone to the
opera. - Answer✔C) whatever Khalil would have done had he not gone to the opera
The cost of leaving a championship soccer match before it ends is ________, while the cost of
staying for the entire match is ________.
A) the opportunity cost of not seeing the winning goal with two minutes to go;
zero—the ticket to the match is already paid so there is no cost
B) the opportunity cost of not seeing the winning goal with two minutes to go; the

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opportunity cost of what else you could have done during that time
C) zero—you don't have to pay to leave; zero—the ticket to the match is already paid
so there is no cost

D) the cost of the ticket; also the cost of the ticket - Answer✔B) the opportunity cost of not
seeing the winning goal with two minutes to go; the
opportunity cost of what else you could have done during that time
*An economy that produces only corn and oats has three fields available to it, each of which can
be used to produce either corn or oats. Each field has a maximum capacity of 100 bushels of corn
per period - but the three fields differ in their suitability for oat production. Field A can produce
at most 100 bushels of oats; Field B can produce at most 50 bushels of oats, and Field C can
produce at most 10 bushels of oats. The individual production possibility frontiers of the three
fields are shown. What is the opportunity cost of a bushel of oats if it's produced in Field B?
A) 100 bushels of corn
B) 50 bushels of oats
C) 2 bushels of corn

D) 0 bushels of corn - Answer✔C) 2 bushels of corn
*An economy that produces only corn and oats has three fields available to it, each of which can
be used to produce either corn or oats. Just as in the previous question, each field has a maximum
capacity of 100 bushels of corn per period - but the three fields differ in their suitability for oat
production. The individual production possibility frontiers of the three fields are shown above
Question #12. Refer to those graphs to
figure out which of the PPFs shown when it uses all three fields?
A) PPFA
B) PPFB
C) PPFC

D) PPFD - Answer✔B) PPFB
*A tropical island economy has 100 workers. 60 of those workers can produce either 1 fish per
day or 1 coconut per day. The other 40 workers can each produce 1 fish per day, but none of
them can produce any coconuts. Which of the graphs shown is an accurate representation of the
island's production possibility frontier?
A) Production Possibility Frontier A
B) Production Possibility Frontier B


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