ECON 110 ZIRLOTT COMPREHENSIVE
FINAL SCRIPT 2026 FULL ANSWERS
GRADED A+
◉ microeconomics. Answer: study of how households and firms
make decisions and how they interact in markets; ti examine
behavior and operation of the individual consumers and firms that
make up economy.
◉ macroeconomics. Answer: study of economy wide phenomena,
including inflation, unemployment, and economic growth
◉ equality / equity. Answer: the property of distributing economic
prosperity uniformly among the members of society
◉ scarcity. Answer: the limited nature of society's resources
◉ efficiency. Answer: the property of society getting the most it can
from its scarce resources
◉ tradeoff. Answer: to achieve greater equality. getting more of one
good requires sacrificing some of the other
, ◉ going to a party the night before your midterm leaves less time for
studying -> what is this an example of. Answer: tradeoff
◉ having more money to buy stuff requires working longer hours,
which leaves less time for leisure -> what is this an example of.
Answer: tradeoff
◉ protecting the environment requires resources that could
otherwise be used to produce consumer goods -> what is this an
example of. Answer: tradeoff
◉ opportunity cost. Answer: whatever must be given up to obtain
some item
◉ give an example of opportunity cost. Answer: college athletes who
can earn millions if they drop out of school and play professional
sports are aware that the opportunity cost of their attending college
is very high. Not surprising they often decide that the benefit of a
college education is not worth the cost.
◉ rational people. Answer: people who systematically and
purposefully do the best they can to achieve their objectives
◉ thinking at the margin. Answer: make decisions by evaluating
costs and benefits of marginal changes (incremental adjustments to
an existing plan)
FINAL SCRIPT 2026 FULL ANSWERS
GRADED A+
◉ microeconomics. Answer: study of how households and firms
make decisions and how they interact in markets; ti examine
behavior and operation of the individual consumers and firms that
make up economy.
◉ macroeconomics. Answer: study of economy wide phenomena,
including inflation, unemployment, and economic growth
◉ equality / equity. Answer: the property of distributing economic
prosperity uniformly among the members of society
◉ scarcity. Answer: the limited nature of society's resources
◉ efficiency. Answer: the property of society getting the most it can
from its scarce resources
◉ tradeoff. Answer: to achieve greater equality. getting more of one
good requires sacrificing some of the other
, ◉ going to a party the night before your midterm leaves less time for
studying -> what is this an example of. Answer: tradeoff
◉ having more money to buy stuff requires working longer hours,
which leaves less time for leisure -> what is this an example of.
Answer: tradeoff
◉ protecting the environment requires resources that could
otherwise be used to produce consumer goods -> what is this an
example of. Answer: tradeoff
◉ opportunity cost. Answer: whatever must be given up to obtain
some item
◉ give an example of opportunity cost. Answer: college athletes who
can earn millions if they drop out of school and play professional
sports are aware that the opportunity cost of their attending college
is very high. Not surprising they often decide that the benefit of a
college education is not worth the cost.
◉ rational people. Answer: people who systematically and
purposefully do the best they can to achieve their objectives
◉ thinking at the margin. Answer: make decisions by evaluating
costs and benefits of marginal changes (incremental adjustments to
an existing plan)
