Microeconomic Principles ECON 103 ACTUAL
EXAM Q&A LATEST UPDATED AND VERIFIED
NAME ______________________________
ECON 103
Microeconomic Principles
,ECON 103 Dr. Jin Qin
Spring 2021
Dr. Jin Qin
Final Exam Practice
Instructions:
1. Print your name, LAST NAME FIRST.
2. This examination consists of 40 multiple-choice questions with each one worth 2.5 points, 100 points
total. Make sure you have a complete examination.
3. Please write neatly. If I can’t read an answer, you will receive no credit for it.
4. If you have difficulties with a question, skip it and move on...once you come back to the troubling
question, you may find that other questions have triggered some new thought patterns.
5. Now, try to relax and do your best...
Honor pledge: I have neither given nor received unauthorized aid on this examination.
Signed _______________________________________________________________________________
1. Which of the following statements is true?
A. Scarcity is no longer a problem in the United States.
B. If resources are used efficiently and fully employed in the United States this
year, then the U.S. output of medical services can increase without reducing the
output of any other good or service.
C. A reduction in defense spending in the United States will cause the nation’s
production possibilities frontier to shift inward this year.
D. If resources are used efficiently and fully employed this year, then an increase in
the output of police protection services will decrease the output of other goods
or services.
2
, ECON 103 Dr. Jin Qin
2. John is visiting New York City this week and would like to go to the opera. A
ticket to the opera costs $100 and this price reflects the marginal cost of going
to see the opera. Even though he wants to see the opera, John decides not to
go. It follows that
A. the marginal benefit of going to the opera for John must be greater than $100,
assuming that John is rational.
B. John cannot possibly be rational.
C. the marginal benefit of going to the opera for John must be less than $100,
assuming that John is rational.
D. John’s net gain from buying a ticket for the opera is positive.
3. When resources are not fully employed in a nation
A. production will be at a point on the nation’s production possibilities frontier.
B. production will be at a point above points on the nation’s production
possibilities frontier.
C. the nation’s production possibilities frontier will shift inward.
D. production will be at a point below points on the nation’s production
possibilities frontier.
4. Which of the following can cause the U.S. production possibilities frontier to shift
outward?
A. A reduction in the size of the labor force for the economy.
B. A reallocation of resources this year from the production of medical services to
the production of automobiles.
C. An improvement in manufacturing technology.
D. A reduction in investment.
5. Karl spends all of his income on compact discs and pizza. The price of a compact
disc is $10 and the price of a pizza is $5. The opportunity cost of buying another
compact disc for Karl is
3
EXAM Q&A LATEST UPDATED AND VERIFIED
NAME ______________________________
ECON 103
Microeconomic Principles
,ECON 103 Dr. Jin Qin
Spring 2021
Dr. Jin Qin
Final Exam Practice
Instructions:
1. Print your name, LAST NAME FIRST.
2. This examination consists of 40 multiple-choice questions with each one worth 2.5 points, 100 points
total. Make sure you have a complete examination.
3. Please write neatly. If I can’t read an answer, you will receive no credit for it.
4. If you have difficulties with a question, skip it and move on...once you come back to the troubling
question, you may find that other questions have triggered some new thought patterns.
5. Now, try to relax and do your best...
Honor pledge: I have neither given nor received unauthorized aid on this examination.
Signed _______________________________________________________________________________
1. Which of the following statements is true?
A. Scarcity is no longer a problem in the United States.
B. If resources are used efficiently and fully employed in the United States this
year, then the U.S. output of medical services can increase without reducing the
output of any other good or service.
C. A reduction in defense spending in the United States will cause the nation’s
production possibilities frontier to shift inward this year.
D. If resources are used efficiently and fully employed this year, then an increase in
the output of police protection services will decrease the output of other goods
or services.
2
, ECON 103 Dr. Jin Qin
2. John is visiting New York City this week and would like to go to the opera. A
ticket to the opera costs $100 and this price reflects the marginal cost of going
to see the opera. Even though he wants to see the opera, John decides not to
go. It follows that
A. the marginal benefit of going to the opera for John must be greater than $100,
assuming that John is rational.
B. John cannot possibly be rational.
C. the marginal benefit of going to the opera for John must be less than $100,
assuming that John is rational.
D. John’s net gain from buying a ticket for the opera is positive.
3. When resources are not fully employed in a nation
A. production will be at a point on the nation’s production possibilities frontier.
B. production will be at a point above points on the nation’s production
possibilities frontier.
C. the nation’s production possibilities frontier will shift inward.
D. production will be at a point below points on the nation’s production
possibilities frontier.
4. Which of the following can cause the U.S. production possibilities frontier to shift
outward?
A. A reduction in the size of the labor force for the economy.
B. A reallocation of resources this year from the production of medical services to
the production of automobiles.
C. An improvement in manufacturing technology.
D. A reduction in investment.
5. Karl spends all of his income on compact discs and pizza. The price of a compact
disc is $10 and the price of a pizza is $5. The opportunity cost of buying another
compact disc for Karl is
3
