MACROECONOMICS FINAL
EXAM
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✓ This Exam contains: Macroeconomics final exam
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,Question 1
Sunk costs:
Correct Answer
are irrelevant to economic reasoning.
Question 2
Refer to the graph above. If the marginal cost of each weekend trip this year is $299 no matter how many
trips Jim takes, then assuming he is rational, Jim will take how many trips?
Correct Answer
2 trips this year.
Question 3
The opportunity cost for a student of attending college for a year is best measured by the:
Correct Answer
value of the next-best activity forgone by attending college.
Question 4
The statement "government should provide affordable health care coverage for every member of society"
is what?
Correct Answer
a normative statement.
,Question 5
Refer to the graph above. Given the production possibility curve, which point is unattainable?
Correct Answer
B.
Question 6
Refer to the graph above. Which point is inefficient?
Correct Answer
D.
Question 7
If the price of chicken rises and the price of beef does not rise, how will consumers will respond?
Correct Answer
substituting beef for chicken (buy more beef less chicken).
Question 8
The law of supply states that, other things equal, as the price of a good goes:
Correct Answer
up, the quantity supplied goes up.
Question 9
If the price of steel rises, according to the law of supply assuming all else constant what will happen?
Correct Answer
quantity supplied of steel will increase.
, Question 10
Refer to the graph above. Which of the following could be responsible for the shift of the supply curve for
snow skis from S1 to S2?
Correct Answer
An increase in the price of the fiberglass used in ski production.
Question 11
Refer to the graph above. At a price of 60 cents which is true?
Correct Answer
there is a shortage of 2000.
Question 12
Refer to the graph above. At a price of 90 cents which is true?
Correct Answer
quantity demanded is just equal to quantity supplied.
Question 13
Refer to the graph above. At a price of $1.20 which is true?
Correct Answer
there is a surplus of 2000.
EXAM
120+ (Latest 2025-2026 Edition) 100% Verified Q&A + Answer Key
Solutions
100% Guarantee Pass
✓ This Exam contains: Macroeconomics final exam
✓ 100% Accurate Questions and Answers
✓ 100% Guarantee Pass - Verified by Experts
✓ Each Question Includes The Correct Answer
✓ Expert-Verified
,Question 1
Sunk costs:
Correct Answer
are irrelevant to economic reasoning.
Question 2
Refer to the graph above. If the marginal cost of each weekend trip this year is $299 no matter how many
trips Jim takes, then assuming he is rational, Jim will take how many trips?
Correct Answer
2 trips this year.
Question 3
The opportunity cost for a student of attending college for a year is best measured by the:
Correct Answer
value of the next-best activity forgone by attending college.
Question 4
The statement "government should provide affordable health care coverage for every member of society"
is what?
Correct Answer
a normative statement.
,Question 5
Refer to the graph above. Given the production possibility curve, which point is unattainable?
Correct Answer
B.
Question 6
Refer to the graph above. Which point is inefficient?
Correct Answer
D.
Question 7
If the price of chicken rises and the price of beef does not rise, how will consumers will respond?
Correct Answer
substituting beef for chicken (buy more beef less chicken).
Question 8
The law of supply states that, other things equal, as the price of a good goes:
Correct Answer
up, the quantity supplied goes up.
Question 9
If the price of steel rises, according to the law of supply assuming all else constant what will happen?
Correct Answer
quantity supplied of steel will increase.
, Question 10
Refer to the graph above. Which of the following could be responsible for the shift of the supply curve for
snow skis from S1 to S2?
Correct Answer
An increase in the price of the fiberglass used in ski production.
Question 11
Refer to the graph above. At a price of 60 cents which is true?
Correct Answer
there is a shortage of 2000.
Question 12
Refer to the graph above. At a price of 90 cents which is true?
Correct Answer
quantity demanded is just equal to quantity supplied.
Question 13
Refer to the graph above. At a price of $1.20 which is true?
Correct Answer
there is a surplus of 2000.
