PAGE 1
ECON 200 – FINAL EXAM BANK 2025 |
ACCURATE REAL EXAM CURRENTLY
TESTING AND FREQUENTLY TESTING
EXAM QUESTIONS WITH EXPERT
VERIFIED ANSWERS AND RATIONALES
FOR GUARANTEED PASS | LATEST UPDATE
The one word that best defines the conomic problem is - ANSWER ✔✔-
scarcity
Maria goes to a concert after her mother asked her not to go. The ticket
price was $100, and Maria's mom found out and now doesn't trust her.
What is the opportunity cost of Maria's choice to go to the concert? -
ANSWER ✔✔- Both the $100 and loss of trust
Maria goes to a concert without telling her mother, and her mother no
longer trusts her. This loss of trust is called an - ANSWER ✔✔- implicit
cost
You enjoy listening to classical music, but not enough that you are
willing to pay money to buy it. This makes classical music a(n) ____ to
you - ANSWER ✔✔- good
, PAGE 2
When you do what you think is going to maximize your utility, even
including doing something that your friends think is crazy such as
knocking on your apartment door three times before you open it, you are
following what economist call ___ behavior - ANSWER ✔✔- rational
Capital is defined as - ANSWER ✔✔- human made goods used to make
other goods
Natural law, as described as Aquinas, implies laws that - ANSWER
✔✔- (wrong) everything knows, including animals and people
can be observed by studying nature
Classical liberalism is a theory promoting individual freedom and choice
based on: - ANSWER ✔✔- a common framework of law
Mercantilism is a theory that says that whenever there is a trade, whether
between people, or between countries: - ANSWER ✔✔- there is always
a winner and a loser
The person responsible for the philosophy of individual rights and
property that Thomas Jefferson used in the Declaration of Independence
was: - ANSWER ✔✔- John Locke
, PAGE 3
Where modern economists use the word "equilibrium," Adam Smith
would have used the word - ANSWER ✔✔- natural
Which of the following is not on our list of reasons for market failure? -
ANSWER ✔✔- natural resource scarcity
Which of the following nations has been purely socialist? - ANSWER
✔✔- no country is and has been pure
In capitalism, the three basic economic questions are answered by the: -
ANSWER ✔✔- market
Adam smith argued that, if you pursue your ____, you will be lead by an
"invisible hand" to do what's best for society. - ANSWER ✔✔- own
self-interest
Which of the following is not on economists' list of positives from
capitalism? - ANSWER ✔✔- natural monopolies
Which of the following is not one of the criticisms of capitalism we hear
about in the modern world? - ANSWER ✔✔- Lack of entrepreneurship
The anti-labor attitude among the Robber Barrons and the US presidents
in the late 1800s, the ___ movement started in the US. Teddt Roosevelt
, PAGE 4
was the first president who belonged to this movement - ANSWER ✔✔-
Progressive
The Utopian Socialists differed from the Scientific Socialists becasue the
Utopians thought we would work together to create socialism, while the
scientific folks believed that armed revolution was necessary to create
socialism - ANSWER ✔✔- true
According to Karl Marx, history is - ANSWER ✔✔- a struggle between
classes
Marx beleived that the value of goods came - ANSWER ✔✔- only from
labor
Marx theory says - ANSWER ✔✔- workers have become an appendage
of machines
Marx predicted the first revolution would happen in ___ - ANSWER
✔✔- Germany
Capitalism creates incentives for workers, socialism does not -
ANSWER ✔✔- False
ECON 200 – FINAL EXAM BANK 2025 |
ACCURATE REAL EXAM CURRENTLY
TESTING AND FREQUENTLY TESTING
EXAM QUESTIONS WITH EXPERT
VERIFIED ANSWERS AND RATIONALES
FOR GUARANTEED PASS | LATEST UPDATE
The one word that best defines the conomic problem is - ANSWER ✔✔-
scarcity
Maria goes to a concert after her mother asked her not to go. The ticket
price was $100, and Maria's mom found out and now doesn't trust her.
What is the opportunity cost of Maria's choice to go to the concert? -
ANSWER ✔✔- Both the $100 and loss of trust
Maria goes to a concert without telling her mother, and her mother no
longer trusts her. This loss of trust is called an - ANSWER ✔✔- implicit
cost
You enjoy listening to classical music, but not enough that you are
willing to pay money to buy it. This makes classical music a(n) ____ to
you - ANSWER ✔✔- good
, PAGE 2
When you do what you think is going to maximize your utility, even
including doing something that your friends think is crazy such as
knocking on your apartment door three times before you open it, you are
following what economist call ___ behavior - ANSWER ✔✔- rational
Capital is defined as - ANSWER ✔✔- human made goods used to make
other goods
Natural law, as described as Aquinas, implies laws that - ANSWER
✔✔- (wrong) everything knows, including animals and people
can be observed by studying nature
Classical liberalism is a theory promoting individual freedom and choice
based on: - ANSWER ✔✔- a common framework of law
Mercantilism is a theory that says that whenever there is a trade, whether
between people, or between countries: - ANSWER ✔✔- there is always
a winner and a loser
The person responsible for the philosophy of individual rights and
property that Thomas Jefferson used in the Declaration of Independence
was: - ANSWER ✔✔- John Locke
, PAGE 3
Where modern economists use the word "equilibrium," Adam Smith
would have used the word - ANSWER ✔✔- natural
Which of the following is not on our list of reasons for market failure? -
ANSWER ✔✔- natural resource scarcity
Which of the following nations has been purely socialist? - ANSWER
✔✔- no country is and has been pure
In capitalism, the three basic economic questions are answered by the: -
ANSWER ✔✔- market
Adam smith argued that, if you pursue your ____, you will be lead by an
"invisible hand" to do what's best for society. - ANSWER ✔✔- own
self-interest
Which of the following is not on economists' list of positives from
capitalism? - ANSWER ✔✔- natural monopolies
Which of the following is not one of the criticisms of capitalism we hear
about in the modern world? - ANSWER ✔✔- Lack of entrepreneurship
The anti-labor attitude among the Robber Barrons and the US presidents
in the late 1800s, the ___ movement started in the US. Teddt Roosevelt
, PAGE 4
was the first president who belonged to this movement - ANSWER ✔✔-
Progressive
The Utopian Socialists differed from the Scientific Socialists becasue the
Utopians thought we would work together to create socialism, while the
scientific folks believed that armed revolution was necessary to create
socialism - ANSWER ✔✔- true
According to Karl Marx, history is - ANSWER ✔✔- a struggle between
classes
Marx beleived that the value of goods came - ANSWER ✔✔- only from
labor
Marx theory says - ANSWER ✔✔- workers have become an appendage
of machines
Marx predicted the first revolution would happen in ___ - ANSWER
✔✔- Germany
Capitalism creates incentives for workers, socialism does not -
ANSWER ✔✔- False
