ECON 103 Final Exam Questions & Answers (rated A+)

Melody decides to spend three hours working overtime rather than going to the park with her friends. She earns $20 per hour for overtime work. Her opportunity cost of working is - ANSWER-the enjoyment she would have received had she gone to the park If a tax is levied on the buyers of a product, then the demand curve will - ANSWER-shift down Which of the following is not an example of a graph of a single variable a) a pie chart b) bar graph c) time-series graph d) a scatterplot - ANSWER-a scatterplot Prof Petry mentioned in lecture that he prefers to think of economics as the study of prosperity. In this context, the term prosperity includes all of the following concepts except a) GDP per capita b) longevity c) satisfaction or happiness d) health e) all of the above concepts - ANSWER-all of the above concepts Which of the following statements best represents the principle represented by the adage, "There is no such thing as a free lunch" a) Michelle can attend the concert only if she takes her sister with her b) Michael is hungry and homeless c) Andrea must repair the tire on her bike before she can ride it to class d) Dani must decide between going to Florida or Brazil for spring break - ANSWER-Dani must decide between going to Florida or Brazil for spring break Suppose that someone makes the argument that because empty alcohol containers are found at many accidents, the containers cause accidents. This would be an example of - ANSWER-omitted variables