UNT ECON 1100 – Principles of Microeconomics Final
Exam Study Guide
Complete study guide for the University of North Texas ECON 1100 Final Exam. Includes
summaries of all key concepts from the entire course—supply and demand, elasticity, market
structures (perfect competition, monopoly, monopolistic competition, oligopoly), production costs,
consumer behavior, and government policy. Organized for easy review with definitions, formulas,
graphs, and practice examples to help you prepare confidently and score higher.
Tags: ECON 1100, UNT, Principles of Microeconomics, Final Exam, Study Guide, Economics
Notes, College Study Material
UNT ECON 1100 Final Exam
"McDonald's should raise the wage it pays to all of its hourly
employees" is an example of a: - CORRECT ANSWER ✔✔✔✔✔
Normative microeconomic statement
The study of economics is centered around the condition of: -
CORRECT ANSWER ✔✔✔✔✔ Scarcity, Which forces all societies to
make decisions about how to allocate scarce resources among
competing uses.
Beth quit her job as a computer programmer for a large corporation to
begin her own computer repair business in her garage. To do this she
took $10,000 out of her retirement fund and hired her brother, Will, on an
hourly basis. As a factor of production, Beth is best classified as
____________ and Will is best classified as ____________. - CORRECT
ANSWER ✔✔✔✔✔ An entrepreneur; Labor
The opportunity cost to a student of attending a class lecture is the: -
CORRECT ANSWER ✔✔✔✔✔ Value of the next best alternative use
of the student's time.
1
Exam Study Guide
Complete study guide for the University of North Texas ECON 1100 Final Exam. Includes
summaries of all key concepts from the entire course—supply and demand, elasticity, market
structures (perfect competition, monopoly, monopolistic competition, oligopoly), production costs,
consumer behavior, and government policy. Organized for easy review with definitions, formulas,
graphs, and practice examples to help you prepare confidently and score higher.
Tags: ECON 1100, UNT, Principles of Microeconomics, Final Exam, Study Guide, Economics
Notes, College Study Material
UNT ECON 1100 Final Exam
"McDonald's should raise the wage it pays to all of its hourly
employees" is an example of a: - CORRECT ANSWER ✔✔✔✔✔
Normative microeconomic statement
The study of economics is centered around the condition of: -
CORRECT ANSWER ✔✔✔✔✔ Scarcity, Which forces all societies to
make decisions about how to allocate scarce resources among
competing uses.
Beth quit her job as a computer programmer for a large corporation to
begin her own computer repair business in her garage. To do this she
took $10,000 out of her retirement fund and hired her brother, Will, on an
hourly basis. As a factor of production, Beth is best classified as
____________ and Will is best classified as ____________. - CORRECT
ANSWER ✔✔✔✔✔ An entrepreneur; Labor
The opportunity cost to a student of attending a class lecture is the: -
CORRECT ANSWER ✔✔✔✔✔ Value of the next best alternative use
of the student's time.
1
