ECO 232 FINAL EXAM 2025/2026
QUESTIONS AND ANSWERS 100% PASS
The word economy comes from the Greek word for - ANS one who manages the household
Economics deals primarily with the concept of - ANS scarcity
A good is considered scarce in a society when - ANS everyone in that society cannot have all
they want of the good
Economist use the word equality to describe a situation in which - ANS the benefits of
society's resources are distributed fairly among society's members
Economic is the study of - ANS hoe a society manages its scarce resources
What you give up to obtain an item is called your - ANS opportunity cost
People make decisions at the margin by - ANS comparing costs and benefits
A rational decision maker takes an action only if - ANS marginal benefit is greater than the
marginal cost
According to the table, the Rancher has a comparative advantage in - ANS Meat
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, According to the table, the farmer and rancher both could benefit by the Farmer specializing in
- ANS potatoes
If Shawn can produce more donuts in one day than Sue can produce in one day, then -
ANS Shawn has the comparative advantage
Comparative advantage is based on - ANS trade among nations
the country that has a comparative advantage in a product should do what to that product -
ANS export it
imports - ANS goods produced abroad and sold domestically
exports - ANS goods produced domestically and sold abroad
One result of a drought in the midwest could be an increase in - ANS cost of wheat products
Buyers determine _________ and sellers determine ________ - ANS demand supply
For each good produced in a market economy, demand and supply determine - ANS both
price and quantity
a competitive market is one in which - ANS the firm has little ability to influence market
prices
Each of the following are determinants of demand EXCEPT - ANS technology
If a good is normal, then an increase in income will result in - ANS an increase in the demand
for the good
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
QUESTIONS AND ANSWERS 100% PASS
The word economy comes from the Greek word for - ANS one who manages the household
Economics deals primarily with the concept of - ANS scarcity
A good is considered scarce in a society when - ANS everyone in that society cannot have all
they want of the good
Economist use the word equality to describe a situation in which - ANS the benefits of
society's resources are distributed fairly among society's members
Economic is the study of - ANS hoe a society manages its scarce resources
What you give up to obtain an item is called your - ANS opportunity cost
People make decisions at the margin by - ANS comparing costs and benefits
A rational decision maker takes an action only if - ANS marginal benefit is greater than the
marginal cost
According to the table, the Rancher has a comparative advantage in - ANS Meat
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
, According to the table, the farmer and rancher both could benefit by the Farmer specializing in
- ANS potatoes
If Shawn can produce more donuts in one day than Sue can produce in one day, then -
ANS Shawn has the comparative advantage
Comparative advantage is based on - ANS trade among nations
the country that has a comparative advantage in a product should do what to that product -
ANS export it
imports - ANS goods produced abroad and sold domestically
exports - ANS goods produced domestically and sold abroad
One result of a drought in the midwest could be an increase in - ANS cost of wheat products
Buyers determine _________ and sellers determine ________ - ANS demand supply
For each good produced in a market economy, demand and supply determine - ANS both
price and quantity
a competitive market is one in which - ANS the firm has little ability to influence market
prices
Each of the following are determinants of demand EXCEPT - ANS technology
If a good is normal, then an increase in income will result in - ANS an increase in the demand
for the good
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
