Econ 2102 2025/2026 Exam Questions
and Correct Answers | New Update
Because resources are scarce society must make decisions about all of the
following except: - 🧠ANSWER ✔✔Whether scarcity exists or not.
Indicate if the following statement is True or False.
100 shares of GM stock is an example of capital - 🧠ANSWER ✔✔false
What is the opportunity cost of increasing the number of solar panels in use
in the United States? - 🧠ANSWER ✔✔The land that was used to produce
the solar panels that could have been used to produce something else.
Which of the following is an assumption under which the production-
possibilities curve is drawn? - 🧠ANSWER ✔✔The supply of resources is
fixed.
, the production possibilities curve demonstrates: - 🧠ANSWER ✔✔the law of
increasing opportunity costs.
Over time, an increase in a nation's stock of physical capital will: -
🧠ANSWER ✔✔shift the production possibilities curve outward.
Indicate if the following statement is True or False.
All output combinations that lie outside a production possibilities curve are
attainable with available resources and technology. - 🧠ANSWER ✔✔false
The law of demand is the principle that there is ____ relationship between
the price of a good and the quantity buyers are willing to purchase in a
defined time period, ceteris paribus. - 🧠ANSWER ✔✔an inverse
Indicate if the following statement is True or False.
The increase in the price of a plane ticket will cause a decrease in demand
for airline travel and a leftward shift in the demand curve. - 🧠ANSWER
✔✔false
A very hot summer in Charlotte will cause: - 🧠ANSWER ✔✔The demand for
jackets to decrease.
and Correct Answers | New Update
Because resources are scarce society must make decisions about all of the
following except: - 🧠ANSWER ✔✔Whether scarcity exists or not.
Indicate if the following statement is True or False.
100 shares of GM stock is an example of capital - 🧠ANSWER ✔✔false
What is the opportunity cost of increasing the number of solar panels in use
in the United States? - 🧠ANSWER ✔✔The land that was used to produce
the solar panels that could have been used to produce something else.
Which of the following is an assumption under which the production-
possibilities curve is drawn? - 🧠ANSWER ✔✔The supply of resources is
fixed.
, the production possibilities curve demonstrates: - 🧠ANSWER ✔✔the law of
increasing opportunity costs.
Over time, an increase in a nation's stock of physical capital will: -
🧠ANSWER ✔✔shift the production possibilities curve outward.
Indicate if the following statement is True or False.
All output combinations that lie outside a production possibilities curve are
attainable with available resources and technology. - 🧠ANSWER ✔✔false
The law of demand is the principle that there is ____ relationship between
the price of a good and the quantity buyers are willing to purchase in a
defined time period, ceteris paribus. - 🧠ANSWER ✔✔an inverse
Indicate if the following statement is True or False.
The increase in the price of a plane ticket will cause a decrease in demand
for airline travel and a leftward shift in the demand curve. - 🧠ANSWER
✔✔false
A very hot summer in Charlotte will cause: - 🧠ANSWER ✔✔The demand for
jackets to decrease.
