1|Page
QUEEN’S ECON 110 FINAL EXAM -SPRING NEWEST EXAM LATEST
2026 ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (100% VERIFIED ANSWERS) |ALREADY
GRADED A+| ||PROFESSOR VERIFIED|| ||BRANDNEW!!!||
a baker recently has come to expect higher prices for bread in the
near future. we would expect - ANSWER-the baker to supply less
bread now than she was supplying previously
refer to figure above. at a price of $10 there would be a -
ANSWER-shortage of 600 units
refer to figure above. which of the following movments would
illustrate the effect of an increase in the incomes of parents with
school-aged children on the market for soccer lessons? -
ANSWER-point C to Point B
Who gets scarce resources in a market economy - ANSWER-
whoever is willing and able to pay the price
Economists often find it worthwhile to make assumptions that do
not necessarily describe the real world. t/f - ANSWER-true
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If a major union goes on strike, then the country would be
operating inside its production possibilities frontier. t/f - ANSWER-
true
government policies that improve equality usually increase
efficiency at the same time t/f - ANSWER-false
the "invisible hand: influences market behavior through trade t/f -
ANSWER-false
some countries win in international trade, while other countries
lose t/f - ANSWER-false
the production possibilities frontier shows the trade-off that the
producer faces but does not identify the choice the producer will
make t/f - ANSWER-true
a price ceiling set above the equilibrium price is not binding t/f -
ANSWER-true
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a tax of $1 on buyers always decreases the equilibrium price by
$1 t/f - ANSWER-false
a decrease in the price of a product an an increase in the number
of buyers in the marker affect the demand curve in the same
general way t/f - ANSWER-false
a decrease in supply will cause an increase in price, which will
cause a decrease in quantity demanded t/f - ANSWER-true
In a simple circular-flow diagram, total income and total
expenditure are - ANSWER-always equal because every
transaction has a buyer and a seller.
2. If the price of a dress is three times the price of a pair of shoes,
then a pair of shoes contributes - ANSWER-exactly one-third as
much to GDP as does a dress.
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A farmer produces lemons and sells them to Fresh Juice, which
makes lemon juice. The
lemons produced by the farmer are called - ANSWER-(d)
intermediate goods.
4. U.S. GDP and U.S. GNP are related as follows: - ANSWER-
(d)GNP = GDP - Income earned by foreigners in the U.S. +
Income earned by U.S.
citizens abroad.
5. Social Security payments are - ANSWER-excluded form the
Gdp because they do not reflect the econonmy's production
If net exports is a negative number for a particular year, then -
ANSWER-the value of foreign goods purchased exceeded the
value of goods sold to foreigners
during the year.
The country of Caspir produces only cereal and milk. Quantities
and prices of these goods for the last
QUEEN’S ECON 110 FINAL EXAM -SPRING NEWEST EXAM LATEST
2026 ACTUAL EXAM WITH COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (100% VERIFIED ANSWERS) |ALREADY
GRADED A+| ||PROFESSOR VERIFIED|| ||BRANDNEW!!!||
a baker recently has come to expect higher prices for bread in the
near future. we would expect - ANSWER-the baker to supply less
bread now than she was supplying previously
refer to figure above. at a price of $10 there would be a -
ANSWER-shortage of 600 units
refer to figure above. which of the following movments would
illustrate the effect of an increase in the incomes of parents with
school-aged children on the market for soccer lessons? -
ANSWER-point C to Point B
Who gets scarce resources in a market economy - ANSWER-
whoever is willing and able to pay the price
Economists often find it worthwhile to make assumptions that do
not necessarily describe the real world. t/f - ANSWER-true
,2|Page
If a major union goes on strike, then the country would be
operating inside its production possibilities frontier. t/f - ANSWER-
true
government policies that improve equality usually increase
efficiency at the same time t/f - ANSWER-false
the "invisible hand: influences market behavior through trade t/f -
ANSWER-false
some countries win in international trade, while other countries
lose t/f - ANSWER-false
the production possibilities frontier shows the trade-off that the
producer faces but does not identify the choice the producer will
make t/f - ANSWER-true
a price ceiling set above the equilibrium price is not binding t/f -
ANSWER-true
,3|Page
a tax of $1 on buyers always decreases the equilibrium price by
$1 t/f - ANSWER-false
a decrease in the price of a product an an increase in the number
of buyers in the marker affect the demand curve in the same
general way t/f - ANSWER-false
a decrease in supply will cause an increase in price, which will
cause a decrease in quantity demanded t/f - ANSWER-true
In a simple circular-flow diagram, total income and total
expenditure are - ANSWER-always equal because every
transaction has a buyer and a seller.
2. If the price of a dress is three times the price of a pair of shoes,
then a pair of shoes contributes - ANSWER-exactly one-third as
much to GDP as does a dress.
, 4|Page
A farmer produces lemons and sells them to Fresh Juice, which
makes lemon juice. The
lemons produced by the farmer are called - ANSWER-(d)
intermediate goods.
4. U.S. GDP and U.S. GNP are related as follows: - ANSWER-
(d)GNP = GDP - Income earned by foreigners in the U.S. +
Income earned by U.S.
citizens abroad.
5. Social Security payments are - ANSWER-excluded form the
Gdp because they do not reflect the econonmy's production
If net exports is a negative number for a particular year, then -
ANSWER-the value of foreign goods purchased exceeded the
value of goods sold to foreigners
during the year.
The country of Caspir produces only cereal and milk. Quantities
and prices of these goods for the last
