1|Page
ECON 2030 FINAL AND STUDY GUIDE (LSU) NEWEST
2026/2027 ACTUAL EXAM TEST BANK||VERIFIED
EXAM!!|| LSU ECON 2030 FINAL EXAM REVIEW WITH
COMPLETE 500 REAL EXAM QUESTIONS AND
CORRECT VERIFIED ANSWERS/ ALREADY GRADED
A+ (NEWEST EXAM!!)
microeconomics - Answer--issues that affect individuals,
firms, specific industries, specific jobs, specific markets,
etc.
-ex: dentist, sales manager, beef market, coffee market
macroeconomics - Answer--issues that affect the whole
economy
-ex: inflation --> affects all prices/markets, unemployment
rates --> affects all jobs, growth --> affects well being of all
individuals
reminder: economic growth=macroeconomic
"How has employment in the United States changed over
the last 12 months?" is an example of a _____ question. -
Answer-macroeconomic
,2|Page
"Eli Lilly is shedding 3,500 workers—over 8% of its global
staff—and closing several facilities in a bid to cut $500
million in annual costs. The American drugmaker's
revenues were up 8% in the first half of 2017, at more than
$11 billion. But tougher times lie ahead as patents on
blood-thinning and ADHD treatments expire." This quote is
an example of a news item about a _____ issue. - Answer-
microeconomic (only talking about one company, eli lilly)
"The European Central Bank said the euro zone grew
faster than expected in the first half of the year, and raised
its growth forecast for the bloc for 2017, to 2.2%—the
fastest pace in ten years. France's president, Emmanuel
Macron, threw his weight behind a German proposal for a
European Monetary Fund to dampen euro-zone economic
shocks." This is an example of a news item about a _____
issue. - Answer-macroeconomic
benefit - Answer-what is recieved
opportunity cost - Answer-what is given up; benefit from
the best alternative not chosen
,3|Page
rationality - Answer-do something if the benefit is at least
as great as the opportunity cost at the time of the decision;
benefit ≥ Opportunity Cost
sunk cost - Answer-a monetary expenditure incurred
regardless of the option chosen; irrelevant to the decision
marginal cost - Answer-the extra cost of doing one more
unit of something
Suppose Remus decides to go fishing at Lake Pescaccio
on his day off from work, but he faces a choice: he can fish
the east, south, or west side of the lake. His expected
catch for the day is as follows: 3 fish on the east side, 7
fish on the south side, or 5 fish on the west side.
Everything else held constant, Remus' benefit of fishing
the east side of the lake is _____ fish. - Answer-3
Suppose Remus decides to go fishing at Lake Pescaccio
on his day off from work, but he faces a choice: he can fish
the east, south, or west side of the lake. His expected
catch for the day is as follows: 3 fish on the east side, 7
fish on the south side, or 5 fish on the west side.
Everything else held constant, Remus' opportunity cost of
, 4|Page
fishing the east side of the lake is _____ fish. What would
be the answer if east=west? What about if east=south? -
Answer-7; 7; 5
Suppose Remus decides to go fishing at Lake Pescaccio
on his day off from work, but he faces a choice: he can fish
the east, south, or west side of the lake. His expected
catch for the day is as follows: 3 fish on the east side, 7
fish on the south side, or 5 fish on the west side. Suppose
further that Remus chose to fish the east side of the lake.
Was Remus' decision rational? - Answer-no
Suppose rational decision-maker Harry faces a choice: he
can either see Zoe Boekbinder or Beth Patterson in
concert. Suppose further that tickets to see Zoe are $10
each while tickets to see Beth are $15 each and Harry has
not yet obtained a ticket to see either performer. What is
Harry's benefit from seeing Beth in concert? - Answer-the
experience of seeing beth live
Suppose rational decision-maker Harry faces a choice: he
can either see Zoe Boekbinder or Beth Patterson in
concert. Suppose further that tickets to see Zoe are $10
each while tickets to see Beth are $15 each and Harry has
not yet obtained a ticket to see either performer. What is
ECON 2030 FINAL AND STUDY GUIDE (LSU) NEWEST
2026/2027 ACTUAL EXAM TEST BANK||VERIFIED
EXAM!!|| LSU ECON 2030 FINAL EXAM REVIEW WITH
COMPLETE 500 REAL EXAM QUESTIONS AND
CORRECT VERIFIED ANSWERS/ ALREADY GRADED
A+ (NEWEST EXAM!!)
microeconomics - Answer--issues that affect individuals,
firms, specific industries, specific jobs, specific markets,
etc.
-ex: dentist, sales manager, beef market, coffee market
macroeconomics - Answer--issues that affect the whole
economy
-ex: inflation --> affects all prices/markets, unemployment
rates --> affects all jobs, growth --> affects well being of all
individuals
reminder: economic growth=macroeconomic
"How has employment in the United States changed over
the last 12 months?" is an example of a _____ question. -
Answer-macroeconomic
,2|Page
"Eli Lilly is shedding 3,500 workers—over 8% of its global
staff—and closing several facilities in a bid to cut $500
million in annual costs. The American drugmaker's
revenues were up 8% in the first half of 2017, at more than
$11 billion. But tougher times lie ahead as patents on
blood-thinning and ADHD treatments expire." This quote is
an example of a news item about a _____ issue. - Answer-
microeconomic (only talking about one company, eli lilly)
"The European Central Bank said the euro zone grew
faster than expected in the first half of the year, and raised
its growth forecast for the bloc for 2017, to 2.2%—the
fastest pace in ten years. France's president, Emmanuel
Macron, threw his weight behind a German proposal for a
European Monetary Fund to dampen euro-zone economic
shocks." This is an example of a news item about a _____
issue. - Answer-macroeconomic
benefit - Answer-what is recieved
opportunity cost - Answer-what is given up; benefit from
the best alternative not chosen
,3|Page
rationality - Answer-do something if the benefit is at least
as great as the opportunity cost at the time of the decision;
benefit ≥ Opportunity Cost
sunk cost - Answer-a monetary expenditure incurred
regardless of the option chosen; irrelevant to the decision
marginal cost - Answer-the extra cost of doing one more
unit of something
Suppose Remus decides to go fishing at Lake Pescaccio
on his day off from work, but he faces a choice: he can fish
the east, south, or west side of the lake. His expected
catch for the day is as follows: 3 fish on the east side, 7
fish on the south side, or 5 fish on the west side.
Everything else held constant, Remus' benefit of fishing
the east side of the lake is _____ fish. - Answer-3
Suppose Remus decides to go fishing at Lake Pescaccio
on his day off from work, but he faces a choice: he can fish
the east, south, or west side of the lake. His expected
catch for the day is as follows: 3 fish on the east side, 7
fish on the south side, or 5 fish on the west side.
Everything else held constant, Remus' opportunity cost of
, 4|Page
fishing the east side of the lake is _____ fish. What would
be the answer if east=west? What about if east=south? -
Answer-7; 7; 5
Suppose Remus decides to go fishing at Lake Pescaccio
on his day off from work, but he faces a choice: he can fish
the east, south, or west side of the lake. His expected
catch for the day is as follows: 3 fish on the east side, 7
fish on the south side, or 5 fish on the west side. Suppose
further that Remus chose to fish the east side of the lake.
Was Remus' decision rational? - Answer-no
Suppose rational decision-maker Harry faces a choice: he
can either see Zoe Boekbinder or Beth Patterson in
concert. Suppose further that tickets to see Zoe are $10
each while tickets to see Beth are $15 each and Harry has
not yet obtained a ticket to see either performer. What is
Harry's benefit from seeing Beth in concert? - Answer-the
experience of seeing beth live
Suppose rational decision-maker Harry faces a choice: he
can either see Zoe Boekbinder or Beth Patterson in
concert. Suppose further that tickets to see Zoe are $10
each while tickets to see Beth are $15 each and Harry has
not yet obtained a ticket to see either performer. What is
