ECO 320 Final Exam 2025 Questions
and Answers
In a command economy, the ______ either makes economic decisions itself of at
least strongly influences how the decisions are made. - ANSWER-Government
In a _________, mot economic decisions about what to produce, how to produce
it and whom to prove it are made by buyers and sellers. - ANSWER-Market-
oriented economy.
The basic difference between macroeconomics and microeconomics is that: -
ANSWER-Microeconomics is concerned with the trees (Individual markets) while
macro economics is concerned with the Forrest (aggregate Markets)
Attending college is a case where the ________________ exceeds the monetary
cost. - ANSWER-opportunity cost
The opportunity cost of attending university is likely to include all except which of
the following? - ANSWER-the cost of haircuts received during the school term
The marginal benefit of a slice of pizza is the: - ANSWER-maximum amount that
a consumer is willing to pay for the slice.
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
, Gross domestic product equals $1.2 trillion. If consumptions equals $690 billion,
investment equals $200 billion, and government spending equals $260 billion, then:
- ANSWER-Exports exceed imports by $50 billion.
Which of the following is included in GDP calculations? - ANSWER-the
university tuition paid to enroll in a course
The gap between exports and imports in a nation's economy is called the
________. - ANSWER-Trade Balance.
To achieve a high standard of living, a nation should: - ANSWER-promote
economic growth
In the long run, the most important source of increase in a nations standard of
living is a: - ANSWER-high rate of economic growth.
Which of the following best describes the relationship between economic growth
and literacy? - ANSWER-Increased literacy stimulates economic growth by raising
labor productivity, and as the economy grows, people consume more education.
Reginald looked for work for six months but could not find a job to his liking. He
now spends his time at the beach. For purposes of employment he is considered: -
ANSWER-out of the labor force
The most significant real economic cost of high unemployment is: - ANSWER-the
potential goods and services that might have been produced but weren't.
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
and Answers
In a command economy, the ______ either makes economic decisions itself of at
least strongly influences how the decisions are made. - ANSWER-Government
In a _________, mot economic decisions about what to produce, how to produce
it and whom to prove it are made by buyers and sellers. - ANSWER-Market-
oriented economy.
The basic difference between macroeconomics and microeconomics is that: -
ANSWER-Microeconomics is concerned with the trees (Individual markets) while
macro economics is concerned with the Forrest (aggregate Markets)
Attending college is a case where the ________________ exceeds the monetary
cost. - ANSWER-opportunity cost
The opportunity cost of attending university is likely to include all except which of
the following? - ANSWER-the cost of haircuts received during the school term
The marginal benefit of a slice of pizza is the: - ANSWER-maximum amount that
a consumer is willing to pay for the slice.
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
, Gross domestic product equals $1.2 trillion. If consumptions equals $690 billion,
investment equals $200 billion, and government spending equals $260 billion, then:
- ANSWER-Exports exceed imports by $50 billion.
Which of the following is included in GDP calculations? - ANSWER-the
university tuition paid to enroll in a course
The gap between exports and imports in a nation's economy is called the
________. - ANSWER-Trade Balance.
To achieve a high standard of living, a nation should: - ANSWER-promote
economic growth
In the long run, the most important source of increase in a nations standard of
living is a: - ANSWER-high rate of economic growth.
Which of the following best describes the relationship between economic growth
and literacy? - ANSWER-Increased literacy stimulates economic growth by raising
labor productivity, and as the economy grows, people consume more education.
Reginald looked for work for six months but could not find a job to his liking. He
now spends his time at the beach. For purposes of employment he is considered: -
ANSWER-out of the labor force
The most significant real economic cost of high unemployment is: - ANSWER-the
potential goods and services that might have been produced but weren't.
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 2
