ECON 2106: Principles of
Microeconomics, Final Exam
Study Guide (36 questions
and answers)
An economic model is - answer A simplified version of some aspect of
economic life used to analyze an economic issue
In the field of economics the starting point for discussion of human behavior
is - answer Scarcity
The opportunity cost of attending college that does not explicitly show up in
our expenditures is - answer Time
The opportunity cost of a choice is - answer The value of the forgone activity
not chosen
The expenditure that is least appropriate to include in the opportunity cost of
attending college is - answer Room and board
A factor of production that has been produced for use in the production of
other goods and services is - answer Capital
In a market economy, the determination of which goods are produced is
primarily based on - answer Profitability
Ceteris paribus means - answer Holding other things unchanged
Microeconomics, Final Exam
Study Guide (36 questions
and answers)
An economic model is - answer A simplified version of some aspect of
economic life used to analyze an economic issue
In the field of economics the starting point for discussion of human behavior
is - answer Scarcity
The opportunity cost of attending college that does not explicitly show up in
our expenditures is - answer Time
The opportunity cost of a choice is - answer The value of the forgone activity
not chosen
The expenditure that is least appropriate to include in the opportunity cost of
attending college is - answer Room and board
A factor of production that has been produced for use in the production of
other goods and services is - answer Capital
In a market economy, the determination of which goods are produced is
primarily based on - answer Profitability
Ceteris paribus means - answer Holding other things unchanged
