USU Econ 1500 Final Exam Questions
and Answers 2026 Update
What is the "invisible hand"? - Correct Answers ✅The idea
that people pursuing their own self-interest actually benefit
the public at large
In economics, we study how people make decisions for the
best outcome given ____ resources. - Correct Answers
✅scarce
The following are examples of incentives, except for... -
Correct Answers ✅influence
The opportunity cost of a choice is: - Correct Answers ✅the
value of the opportunities lost
Why do people specialize? - Correct Answers
✅Specialization increases productivity
If I produce 10 test questions a week but consider the costs
and benefits of adding 1 more question per week, I would be
using what economic principle? - Correct Answers
✅Thinking on the Margin
True or False: In a two-product world with two producers, one
producer can have a comparative advantage in both goods. -
Correct Answers ✅False
, USU Econ 1500 Final Exam Questions
and Answers 2026 Update
If labor in China is less productive than labor in the United
States in all areas of production, then: - Correct Answers
✅Both the United States and China can benefit from trade
True or False: A price change causes a change in quantity
demanded. - Correct Answers ✅True
If price increases... - Correct Answers ✅quantity demanded
decreases
True or False: If demand decreases for a given product
(because of a demand shifter), equilibrium price would
increase. - Correct Answers ✅False
Which of these is not a supply shifter?
Opportunity costs
Price of the good
Technologies
Taxes and Subsidies - Correct Answers ✅Price of the good
If production technology for EV batteries improves, which
increases supply, we would expect the equilibrium price to
_______ and the equilibrium quantity to _______. - Correct
Answers ✅decrease, increase
and Answers 2026 Update
What is the "invisible hand"? - Correct Answers ✅The idea
that people pursuing their own self-interest actually benefit
the public at large
In economics, we study how people make decisions for the
best outcome given ____ resources. - Correct Answers
✅scarce
The following are examples of incentives, except for... -
Correct Answers ✅influence
The opportunity cost of a choice is: - Correct Answers ✅the
value of the opportunities lost
Why do people specialize? - Correct Answers
✅Specialization increases productivity
If I produce 10 test questions a week but consider the costs
and benefits of adding 1 more question per week, I would be
using what economic principle? - Correct Answers
✅Thinking on the Margin
True or False: In a two-product world with two producers, one
producer can have a comparative advantage in both goods. -
Correct Answers ✅False
, USU Econ 1500 Final Exam Questions
and Answers 2026 Update
If labor in China is less productive than labor in the United
States in all areas of production, then: - Correct Answers
✅Both the United States and China can benefit from trade
True or False: A price change causes a change in quantity
demanded. - Correct Answers ✅True
If price increases... - Correct Answers ✅quantity demanded
decreases
True or False: If demand decreases for a given product
(because of a demand shifter), equilibrium price would
increase. - Correct Answers ✅False
Which of these is not a supply shifter?
Opportunity costs
Price of the good
Technologies
Taxes and Subsidies - Correct Answers ✅Price of the good
If production technology for EV batteries improves, which
increases supply, we would expect the equilibrium price to
_______ and the equilibrium quantity to _______. - Correct
Answers ✅decrease, increase
