ECON 2030 FINAL STERN-
AUBURN EXAM STUDY GUIDE.
GRADED A+. QUESTIONS AND
100% VERIFIED ANSWERS.
LATEST 2025/2026 UPDATE
Scarcity refers to the situation in which 1)
A) unlimited resources exceed limited wants. B) unlimited wants exceed limited
resources.
C) a country's population is larger than its resource base.
D) a nation's poverty level increases faster than its population. - Ans✔✔-B
Consider the following statements: 2) a. Soda drinkers purchase more soda
from a grocery store that sells soda at a lower price
than other rival grocery stores in the area.
b. Homeowners do not take steps to increase security even though they believe
it is more
costly to allow burglaries than to install security monitoring equipment.
c. Manufacturers produce less of a particular cell phone when its selling price
rises. - Ans✔✔-A
, Zane's Vanes is a service that restores old weather vanes. Zane has just spent
$125 4) purchasing a 1920s-era weather vane which he expects to restore and
sell for $500 once the
work is completed. After having spent $125, Zane realizes that he will need to
spend an
additional $200 on materials to complete the restoration. Alternatively, he can
sell the
weather vane without restoring it for $200. What should he do?
A) He should sell the weather vane now to make the most profit.
B) He should sell the weather vane back to the party he purchased it from and
cut his
losses.
C) He should finish the restoration and then sell the weather vane.
D) It does not matter what he does; he is going to take a loss on the project. -
Ans✔✔-C
Which of the following is a normative economic statement? 5) A) The price of
milk is too high.
B) When the price of milk rises, the quantity of milk purchased falls.
C) When the price of milk rises, the cost of milk-based products rises.
D) The current high price of milk is the result of reduced worldwide supply. -
Ans✔✔-A
Which of the following is a microeconomics question? A) Why do economies
experience periods of recession?
B) How will Apple decide on a selling price for the iPad?
C) Will government intervention lower the unemployment rate?
AUBURN EXAM STUDY GUIDE.
GRADED A+. QUESTIONS AND
100% VERIFIED ANSWERS.
LATEST 2025/2026 UPDATE
Scarcity refers to the situation in which 1)
A) unlimited resources exceed limited wants. B) unlimited wants exceed limited
resources.
C) a country's population is larger than its resource base.
D) a nation's poverty level increases faster than its population. - Ans✔✔-B
Consider the following statements: 2) a. Soda drinkers purchase more soda
from a grocery store that sells soda at a lower price
than other rival grocery stores in the area.
b. Homeowners do not take steps to increase security even though they believe
it is more
costly to allow burglaries than to install security monitoring equipment.
c. Manufacturers produce less of a particular cell phone when its selling price
rises. - Ans✔✔-A
, Zane's Vanes is a service that restores old weather vanes. Zane has just spent
$125 4) purchasing a 1920s-era weather vane which he expects to restore and
sell for $500 once the
work is completed. After having spent $125, Zane realizes that he will need to
spend an
additional $200 on materials to complete the restoration. Alternatively, he can
sell the
weather vane without restoring it for $200. What should he do?
A) He should sell the weather vane now to make the most profit.
B) He should sell the weather vane back to the party he purchased it from and
cut his
losses.
C) He should finish the restoration and then sell the weather vane.
D) It does not matter what he does; he is going to take a loss on the project. -
Ans✔✔-C
Which of the following is a normative economic statement? 5) A) The price of
milk is too high.
B) When the price of milk rises, the quantity of milk purchased falls.
C) When the price of milk rises, the cost of milk-based products rises.
D) The current high price of milk is the result of reduced worldwide supply. -
Ans✔✔-A
Which of the following is a microeconomics question? A) Why do economies
experience periods of recession?
B) How will Apple decide on a selling price for the iPad?
C) Will government intervention lower the unemployment rate?
