Page 1 of 95
ECO 211 FINAL & MIDTERM EXAM 2026-2027
COMPLETE 250 QUESTIONS AND VERIFIED
SOLUTIONS LATEST UPDATE THIS YEAR
ECO 211 Final Exam!
1: The difference between quantity restrictions and price ceilings as to their effect on the
market is that
while some consumers gain from price ceilings, no consumers gain from quantity restrictions.
only quantity restrictions make the market inefficient.
while price ceilings are efficient, quantity restrictions are not.
only price ceilings make the market inefficient.
while some consumers gain from price ceilings, no consumers gain from quantity restrictions.
1: An example of a black market is
a farmer's market.
a discount market.
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the market for high fashions.
the hiring of undocumented workers.
the hiring of undocumented workers.
1: Macroeconomics is concerned with studying the
behavior of individual decision makers.
behavior of the economy as a whole.
wants of individuals.
prices of specific companies' stocks.
behavior of the economy as a whole.
1: The slope of a straight line
is the same at all points along that line.
changes from one point to the next on that line.
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is always equal to zero.
cannot be defined.
is the same at all points along that line.
*not necessarily a horizontal line, simply a straight line.
2: Carlos is an executive of a major corporation. Boris is a baker. Carlos earns a salary ten
times as large as the salary Boris earns, and Carlos has a much larger oven for baking break.
Carlos can make a loaf of bread that tastes better than Boris's bread but Boris can bake
faster.
Carlos has an absolute and comparative advantage over Boris in making bread.
Carlos had a comparative but not absolute advantage over Boris in making bread.
Carlos has an absolute but not comparative advantage over Boris in making bread.
Carlos does not have an absolute or comparative advantage over Boris in making bread.
Carlos has an absolute but not comparative advantage over Boris in making bread.
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2: The tasks performed by the chef at your favorite restaurant could be categorized as
a service or intangible good.
a good.
an economic good.
All of the above are correct.
All of the above are correct.
5: Refer to above figure in which negative externality existed. The government imposes a
$1.00 pollution tax on the producer. Supply shifts leftward.
This tax will be borne entirely by the producer.
The amount of the tax shifted to the consumer depends on the consumer's reaction.
This tax will be shifted entirely to the consumer.
The tax will be divided into equal amounts between consumer and producer.
The amount of the tax shifted to the consumer depends on the consumer's reaction.
ECO 211 FINAL & MIDTERM EXAM 2026-2027
COMPLETE 250 QUESTIONS AND VERIFIED
SOLUTIONS LATEST UPDATE THIS YEAR
ECO 211 Final Exam!
1: The difference between quantity restrictions and price ceilings as to their effect on the
market is that
while some consumers gain from price ceilings, no consumers gain from quantity restrictions.
only quantity restrictions make the market inefficient.
while price ceilings are efficient, quantity restrictions are not.
only price ceilings make the market inefficient.
while some consumers gain from price ceilings, no consumers gain from quantity restrictions.
1: An example of a black market is
a farmer's market.
a discount market.
,Page 2 of 95
the market for high fashions.
the hiring of undocumented workers.
the hiring of undocumented workers.
1: Macroeconomics is concerned with studying the
behavior of individual decision makers.
behavior of the economy as a whole.
wants of individuals.
prices of specific companies' stocks.
behavior of the economy as a whole.
1: The slope of a straight line
is the same at all points along that line.
changes from one point to the next on that line.
,Page 3 of 95
is always equal to zero.
cannot be defined.
is the same at all points along that line.
*not necessarily a horizontal line, simply a straight line.
2: Carlos is an executive of a major corporation. Boris is a baker. Carlos earns a salary ten
times as large as the salary Boris earns, and Carlos has a much larger oven for baking break.
Carlos can make a loaf of bread that tastes better than Boris's bread but Boris can bake
faster.
Carlos has an absolute and comparative advantage over Boris in making bread.
Carlos had a comparative but not absolute advantage over Boris in making bread.
Carlos has an absolute but not comparative advantage over Boris in making bread.
Carlos does not have an absolute or comparative advantage over Boris in making bread.
Carlos has an absolute but not comparative advantage over Boris in making bread.
, Page 4 of 95
2: The tasks performed by the chef at your favorite restaurant could be categorized as
a service or intangible good.
a good.
an economic good.
All of the above are correct.
All of the above are correct.
5: Refer to above figure in which negative externality existed. The government imposes a
$1.00 pollution tax on the producer. Supply shifts leftward.
This tax will be borne entirely by the producer.
The amount of the tax shifted to the consumer depends on the consumer's reaction.
This tax will be shifted entirely to the consumer.
The tax will be divided into equal amounts between consumer and producer.
The amount of the tax shifted to the consumer depends on the consumer's reaction.
