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ECON 200 UofA Exam 1 (2025) – Principles of Microeconomics
Study Guide, Key Concepts, and Practice Questions with Answers
Prepare for ECON 200 Exam 1 at the University of Arizona with a full microeconomics study
guide, key concepts, graphs, and practice test questions.
Ace your ECON 200 UofA Exam 1 (2025) with this complete Principles of Microeconomics
study guide. Review critical topics including supply and demand, elasticity, opportunity cost,
production possibilities frontier, market equilibrium, consumer and producer surplus, and
government interventions. Includes practice exam questions, graph interpretation exercises,
and answer explanations designed for University of Arizona ECON 200 students. Perfect for
those using Canvas, Pearson MyLab, or other UofA course resources to prepare for Exam 1.
• ECON 200 UofA exam 1 2025
• University of Arizona ECON 200 exam
• ECON 200 microeconomics study guide
• ECON 200 exam 1 answers UofA
Each box below describes a relationship between two variables that has been interpreted incorrectly.
Apply the appropriate label to each mistake.
omitted variable
reverse causation
People who visit the dentist are more likely to get a cavity.
Drinking a lot of water leads to sunburn.
,2|Page
People become tired when they wear athletic clothes.
Cars that mechanics work on regularly are more likely to break down. - ANSWER-People who visit the
dentist are more likely to get a cavity. - reverse
Drinking a lot of water leads to sunburn. - omitted
People become tired when they wear athletic clothes. - omitted
Cars that mechanics work on regularly are more likely to break down. - reverse
Calculate the slope of a line passing through point A at (2, 1) and point B at (4, 2). Calculate to one
decimal place. - ANSWER-1/2
Which of the following statements is normative rather than positive?
- Carla will get more exercise at the fair than at a movie.
- If you want to get better at tennis, you have to practice several hours a day.
- Income inequality should be minimized in a developed society.
- Most people lie at least occasionally. - ANSWER-Income inequality should be minimized in a developed
society.
What is the usual term for spending on infrastructure, production facilities, or anything else that will
increase future production possibilities?
- consumption
- human capital
- capital goods
- investment - ANSWER-correct:
- investment
incorrect:
- consumption
- human capital
- capital goods
, 3|Page
True or False: A bar graph is usually the best choice for graphing one variable to show proportions. -
ANSWER-False a pie chart is best
True or False: By comparing opportunity costs and gains from trade for two parties each making the
same two goods, one can determine the exact exchange ratio at which the parties should agree to trade.
- ANSWER-False: The opportunity cost test only determines a range of options, any of which would
benefit both parties.
Fill in the blanks to complete the passage about gains from trade.
To have ______ advantage means to be able to produce more using the same resources. To have ______
advantage means to have a lower _____. Comparative advantage is the basis for ______. It is _____ for
one producer to have a comparative advantage for every good. - ANSWER-To have AN ABSOLUTE
advantage means to be able to produce more using the same resources. To have A COMPARATIVE
advantage means to have a lower OPPORTUNITY COST. Comparative advantage is the basis for GAINS
FOR TRADE. It is TRADITIONAL for one producer to have a comparative advantage for every good.
Natalia notices that if she does not sleep a lot at night, she feels tired the next day. What relationship (if
any) exists between hours of sleep and degree of exhaustion?
- There is a positive correlation.
- There is an omitted variable.
- There is no correlation.
- There is a negative correlation. - ANSWER-There is a negative correlation.
Alicia and Christine are doctors at a hospital and can each perform two tasks: open-heart surgery and
liver transplants. Alicia is more efficient than Christine at both of these two tasks, but Alicia has a lower
opportunity cost in performing liver transplants. Identify the actions that lead to the hospital seeing
more patients.
- Christine and Alicia get equal time doing heart surgery and equal time doing liver transplants.
- Christine spends most of her time doing heart surgeries.
ECON 200 UofA Exam 1 (2025) – Principles of Microeconomics
Study Guide, Key Concepts, and Practice Questions with Answers
Prepare for ECON 200 Exam 1 at the University of Arizona with a full microeconomics study
guide, key concepts, graphs, and practice test questions.
Ace your ECON 200 UofA Exam 1 (2025) with this complete Principles of Microeconomics
study guide. Review critical topics including supply and demand, elasticity, opportunity cost,
production possibilities frontier, market equilibrium, consumer and producer surplus, and
government interventions. Includes practice exam questions, graph interpretation exercises,
and answer explanations designed for University of Arizona ECON 200 students. Perfect for
those using Canvas, Pearson MyLab, or other UofA course resources to prepare for Exam 1.
• ECON 200 UofA exam 1 2025
• University of Arizona ECON 200 exam
• ECON 200 microeconomics study guide
• ECON 200 exam 1 answers UofA
Each box below describes a relationship between two variables that has been interpreted incorrectly.
Apply the appropriate label to each mistake.
omitted variable
reverse causation
People who visit the dentist are more likely to get a cavity.
Drinking a lot of water leads to sunburn.
,2|Page
People become tired when they wear athletic clothes.
Cars that mechanics work on regularly are more likely to break down. - ANSWER-People who visit the
dentist are more likely to get a cavity. - reverse
Drinking a lot of water leads to sunburn. - omitted
People become tired when they wear athletic clothes. - omitted
Cars that mechanics work on regularly are more likely to break down. - reverse
Calculate the slope of a line passing through point A at (2, 1) and point B at (4, 2). Calculate to one
decimal place. - ANSWER-1/2
Which of the following statements is normative rather than positive?
- Carla will get more exercise at the fair than at a movie.
- If you want to get better at tennis, you have to practice several hours a day.
- Income inequality should be minimized in a developed society.
- Most people lie at least occasionally. - ANSWER-Income inequality should be minimized in a developed
society.
What is the usual term for spending on infrastructure, production facilities, or anything else that will
increase future production possibilities?
- consumption
- human capital
- capital goods
- investment - ANSWER-correct:
- investment
incorrect:
- consumption
- human capital
- capital goods
, 3|Page
True or False: A bar graph is usually the best choice for graphing one variable to show proportions. -
ANSWER-False a pie chart is best
True or False: By comparing opportunity costs and gains from trade for two parties each making the
same two goods, one can determine the exact exchange ratio at which the parties should agree to trade.
- ANSWER-False: The opportunity cost test only determines a range of options, any of which would
benefit both parties.
Fill in the blanks to complete the passage about gains from trade.
To have ______ advantage means to be able to produce more using the same resources. To have ______
advantage means to have a lower _____. Comparative advantage is the basis for ______. It is _____ for
one producer to have a comparative advantage for every good. - ANSWER-To have AN ABSOLUTE
advantage means to be able to produce more using the same resources. To have A COMPARATIVE
advantage means to have a lower OPPORTUNITY COST. Comparative advantage is the basis for GAINS
FOR TRADE. It is TRADITIONAL for one producer to have a comparative advantage for every good.
Natalia notices that if she does not sleep a lot at night, she feels tired the next day. What relationship (if
any) exists between hours of sleep and degree of exhaustion?
- There is a positive correlation.
- There is an omitted variable.
- There is no correlation.
- There is a negative correlation. - ANSWER-There is a negative correlation.
Alicia and Christine are doctors at a hospital and can each perform two tasks: open-heart surgery and
liver transplants. Alicia is more efficient than Christine at both of these two tasks, but Alicia has a lower
opportunity cost in performing liver transplants. Identify the actions that lead to the hospital seeing
more patients.
- Christine and Alicia get equal time doing heart surgery and equal time doing liver transplants.
- Christine spends most of her time doing heart surgeries.
