Page 1 of 40
2026/2027 ECON 110 FINAL EXAM CURRENT
TESTING QUESTION AND DETAILED CORRECT
ANSWER (VERIFIED) GUARANTEED PASS/TOP-
RATED A+.
ECON 110
Maximize your success on ECON 110 Final Exam with focused
preparation that strengthens your understanding of fundamental
economic principles, including supply and demand, market
structures, and macroeconomic indicators. This exam resource
is ideal for students to assess their mastery of key theories and
applications in the course.
Fundamentally, economics deals with ...... ANSWER .......
scarcity
which of the following statements best represents the
principle represented by the adage, there ain't no such thing
as a free lunch? ...... ANSWER ....... Benjamin must
decide between going to Florida or Brazil for summer
vacation
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The property of society getting the most it can from its
scarce resources is called ...... ANSWER .......
efficiency
When computing the opportunity cost of attending a pro
football game as a spectator, you should include ......
ANSWER ....... the price you pay for the ticket and the
value of your time
Making rational decisions "at the margin" means that people
...... ANSWER ....... compare the marginal costs and
marginal benefits of each decision
If China decides to trade with France, we know that ......
ANSWER ....... France and China can both benefit
Which of the following observations was made famous by
Adam Smith in his book The Wealth of Nations? ......
ANSWER ....... Households and firms interacting in
markets are guided by an "invisible hand" that leads
them to desirable market outcomes
, Page 3 of 40
The ability of an individual to own an exercise control over
scarce resources is called ...... ANSWER ....... property
rights
the primary determinant of a country's standard of living is
...... ANSWER ....... the country's ability to produce
goods and services
In the short run, an increase in the money supply is likely to
lead to ...... ANSWER ....... lower unemployment and
higher inflation
Which of the following steps does an economist not take
when studying the economy? ...... ANSWER ....... conduct
a laboratory experiment in order to generate data
economists make assumptions to ...... ANSWER .......
simplify the complex world, make it easier to
understand
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in the circular-flow diagram, which of the following is not a
factor of production ...... ANSWER ....... output
another term for goods and services is ...... ANSWER .......
output
where can an economy not produce ...... ANSWER .......
outside its production possibilities frontier
the production possibilities frontier provides an illustration
of the principle that ...... ANSWER ....... people face
trade-offs
which of the following would likely be studied by a
macroeconomist rather than a microeconomist ......
ANSWER ....... the effect on the economy of changes in
the nation's unemployment rate
which of the following statements is correct about the roles
of economists ...... ANSWER ....... in trying to improve
the world, economists are policy advisers
2026/2027 ECON 110 FINAL EXAM CURRENT
TESTING QUESTION AND DETAILED CORRECT
ANSWER (VERIFIED) GUARANTEED PASS/TOP-
RATED A+.
ECON 110
Maximize your success on ECON 110 Final Exam with focused
preparation that strengthens your understanding of fundamental
economic principles, including supply and demand, market
structures, and macroeconomic indicators. This exam resource
is ideal for students to assess their mastery of key theories and
applications in the course.
Fundamentally, economics deals with ...... ANSWER .......
scarcity
which of the following statements best represents the
principle represented by the adage, there ain't no such thing
as a free lunch? ...... ANSWER ....... Benjamin must
decide between going to Florida or Brazil for summer
vacation
, Page 2 of 40
The property of society getting the most it can from its
scarce resources is called ...... ANSWER .......
efficiency
When computing the opportunity cost of attending a pro
football game as a spectator, you should include ......
ANSWER ....... the price you pay for the ticket and the
value of your time
Making rational decisions "at the margin" means that people
...... ANSWER ....... compare the marginal costs and
marginal benefits of each decision
If China decides to trade with France, we know that ......
ANSWER ....... France and China can both benefit
Which of the following observations was made famous by
Adam Smith in his book The Wealth of Nations? ......
ANSWER ....... Households and firms interacting in
markets are guided by an "invisible hand" that leads
them to desirable market outcomes
, Page 3 of 40
The ability of an individual to own an exercise control over
scarce resources is called ...... ANSWER ....... property
rights
the primary determinant of a country's standard of living is
...... ANSWER ....... the country's ability to produce
goods and services
In the short run, an increase in the money supply is likely to
lead to ...... ANSWER ....... lower unemployment and
higher inflation
Which of the following steps does an economist not take
when studying the economy? ...... ANSWER ....... conduct
a laboratory experiment in order to generate data
economists make assumptions to ...... ANSWER .......
simplify the complex world, make it easier to
understand
, Page 4 of 40
in the circular-flow diagram, which of the following is not a
factor of production ...... ANSWER ....... output
another term for goods and services is ...... ANSWER .......
output
where can an economy not produce ...... ANSWER .......
outside its production possibilities frontier
the production possibilities frontier provides an illustration
of the principle that ...... ANSWER ....... people face
trade-offs
which of the following would likely be studied by a
macroeconomist rather than a microeconomist ......
ANSWER ....... the effect on the economy of changes in
the nation's unemployment rate
which of the following statements is correct about the roles
of economists ...... ANSWER ....... in trying to improve
the world, economists are policy advisers
