ECO 201 final Exam Questions and
Answers 100% Pass
True or false: Computers are not capital:
False, technology is the same thing as computers.
True, computers are technology and capital is another form of resource.
True, capital is a resource and computers are technology.
None of these are correct.
False, it is more efficient to use technology than capital as they are complements -
✔✔none of these are correct
The only reason for international trade is import goods that a nation cannot produce
themselves.
False, comparative advantage is not necessary for trade.
None of these
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,True, there is no reason to import goods on can produce at home.
False, if each country specializes in goods that they can produce at a lower opportunity
cost than each country can have more goods overall.
True, absolute advantage is necessary for trade to exist - ✔✔False, if each country
specializes in goods that they can produce at a lower opportunity cost than each
country can have more goods overall.
In a recent article it was suggested that a new machine designed to pick strawberries in
Florida could be faster and less expensive than human strawberry pickers. This is an
example of
All of these
none of these
The substitution of relatively inexpensive capital for relatively expensive labor
A change in technology
A change in the process used to produce strawberries - ✔✔all of these
an example of a normative statement is
The Unemployment Rate is too high
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,none of these
all of these
We are experiencing record unemployment - ✔✔The unemployment rate is too high
Time is a resource
false
uncertain
true - ✔✔false
Economics can best be defined as the study of how
to make money
to eliminate the problem of scarce resources
the governments should deal with unemployment and inflation
individuals decide to use scarce resources in an attempt to satisfy unlimited wants
none of these - ✔✔individuals decide to use scarce resources in an attempt to satisfy
unlimited wants
money is a resource
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, false
uncertain
true - ✔✔false
Which of the following is (are) an example of land?
fish in the ocean
a dirt road
a dam on a river
none of these
all of these - ✔✔fish in the ocean
Technology is:
Computers because technology is lowest cost way to produce goods
a resource
The recipe by which we bring resources together to create goods
all of these - ✔✔The recipe by which we bring resources together to create goods
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Answers 100% Pass
True or false: Computers are not capital:
False, technology is the same thing as computers.
True, computers are technology and capital is another form of resource.
True, capital is a resource and computers are technology.
None of these are correct.
False, it is more efficient to use technology than capital as they are complements -
✔✔none of these are correct
The only reason for international trade is import goods that a nation cannot produce
themselves.
False, comparative advantage is not necessary for trade.
None of these
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 1
,True, there is no reason to import goods on can produce at home.
False, if each country specializes in goods that they can produce at a lower opportunity
cost than each country can have more goods overall.
True, absolute advantage is necessary for trade to exist - ✔✔False, if each country
specializes in goods that they can produce at a lower opportunity cost than each
country can have more goods overall.
In a recent article it was suggested that a new machine designed to pick strawberries in
Florida could be faster and less expensive than human strawberry pickers. This is an
example of
All of these
none of these
The substitution of relatively inexpensive capital for relatively expensive labor
A change in technology
A change in the process used to produce strawberries - ✔✔all of these
an example of a normative statement is
The Unemployment Rate is too high
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 2
,none of these
all of these
We are experiencing record unemployment - ✔✔The unemployment rate is too high
Time is a resource
false
uncertain
true - ✔✔false
Economics can best be defined as the study of how
to make money
to eliminate the problem of scarce resources
the governments should deal with unemployment and inflation
individuals decide to use scarce resources in an attempt to satisfy unlimited wants
none of these - ✔✔individuals decide to use scarce resources in an attempt to satisfy
unlimited wants
money is a resource
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 3
, false
uncertain
true - ✔✔false
Which of the following is (are) an example of land?
fish in the ocean
a dirt road
a dam on a river
none of these
all of these - ✔✔fish in the ocean
Technology is:
Computers because technology is lowest cost way to produce goods
a resource
The recipe by which we bring resources together to create goods
all of these - ✔✔The recipe by which we bring resources together to create goods
EMILY CHARLENE © 2025, ALL RIGHTS RESERVED 4
