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) ||VERIFIED EXAM
|ALREADY GRADED A+| ||PROFESSOR VERIFIED||
||NEWEST EXAM!!!||
The opportunity cost of undertaking an activity includes
any sunk cost - Answer-False
Deciding what the distribution income should be is an
example of normative economics - Answer-true
Only marginal costs, not sunk costs, affect economic
decisions if individuals are rational - Answer-true
the production possibility model can be used to
demonstrate the concept of opportunity cost - Answer-true
Two nations with differing comparative advantages will be
able to consume more if each produces the good for which
the opportunity costs is highest and trades for the good for
which opportunity cost is lowest - Answer-false
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In a market economy, society relies on the self-interest of
individuals to determine what, how, and for whom to
produce - Answer-true
Governments establish the laws that regulate the
interaction between businesses and households but do
not serve as actors in the economy themselves - Answer-
false
The law of supply states that more of a good will be
supplied the lower its price, other things constant. -
Answer-false
When quantity demanded is greater than quantity
supplied, the resulting shortage causes the price to fall -
Answer-false
An increase in demand causes equilibrium price and
quantity to rise, other things constant - Answer-true
The quantity go goods and services available to society -
Answer-b. depends on human actions
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Which of the following best defines rational behavior -
Answer-b. improving net gain by pursuing decisions as
longs as the marginal benefits exceed the marginal costs
Economic reasoning would argue that there is an
opportunity cost to - Answer-a. all choices
Economic forces: - Answer-a. are a reaction to scarcity
Structural unemployment is caused by: - Answer-d. people
losing a job when their skills become obsolete due to
technological innovations
What will likely lower cyclical unemployment? - Answer-c.
the economy expands
Globalization has: - Answer-b. raised the target rate of
unemployment
Immigration is: - Answer-c. both good and bad for the US
economy
QUEEN’S ECON 110 FINAL EXAM -SPRING NEWEST
EXAM LATEST 2026 ACTUAL EXAM WITH COMPLETE
QUESTIONS AND CORRECT DETAILED ANSWERS
(100% VERIFIED ANSWERS) ||VERIFIED EXAM
|ALREADY GRADED A+| ||PROFESSOR VERIFIED||
||NEWEST EXAM!!!||
The opportunity cost of undertaking an activity includes
any sunk cost - Answer-False
Deciding what the distribution income should be is an
example of normative economics - Answer-true
Only marginal costs, not sunk costs, affect economic
decisions if individuals are rational - Answer-true
the production possibility model can be used to
demonstrate the concept of opportunity cost - Answer-true
Two nations with differing comparative advantages will be
able to consume more if each produces the good for which
the opportunity costs is highest and trades for the good for
which opportunity cost is lowest - Answer-false
,2|Page
In a market economy, society relies on the self-interest of
individuals to determine what, how, and for whom to
produce - Answer-true
Governments establish the laws that regulate the
interaction between businesses and households but do
not serve as actors in the economy themselves - Answer-
false
The law of supply states that more of a good will be
supplied the lower its price, other things constant. -
Answer-false
When quantity demanded is greater than quantity
supplied, the resulting shortage causes the price to fall -
Answer-false
An increase in demand causes equilibrium price and
quantity to rise, other things constant - Answer-true
The quantity go goods and services available to society -
Answer-b. depends on human actions
, 3|Page
Which of the following best defines rational behavior -
Answer-b. improving net gain by pursuing decisions as
longs as the marginal benefits exceed the marginal costs
Economic reasoning would argue that there is an
opportunity cost to - Answer-a. all choices
Economic forces: - Answer-a. are a reaction to scarcity
Structural unemployment is caused by: - Answer-d. people
losing a job when their skills become obsolete due to
technological innovations
What will likely lower cyclical unemployment? - Answer-c.
the economy expands
Globalization has: - Answer-b. raised the target rate of
unemployment
Immigration is: - Answer-c. both good and bad for the US
economy
