EXAM
Exam Solution
ms
Microeconomics exam 1 2026 A+ GRADE ASSURED CO ms ms ms ms ms ms ms
MPLETE SOLUTIONS AND VERIFIED ANSWERS (7A032)ms ms ms ms ms
QUESTION 1 ms
Scarcity refers to the __________ nature of society's resources.
ms ms ms ms ms ms ms ms
ANSWER
limited
QUESTION 2 ms
Which of the following statements refers to a macroeconomic issue?
ms ms ms ms ms ms ms ms ms
ANSWER
The national unemployment rate is currently 7.7%.
ms ms ms ms ms ms
QUESTION 3 ms
Economics is the study of how people allocate their ________ resources to satisfy their n
ms ms ms ms ms ms ms ms ms ms ms ms ms ms
early _________ wants.
ms ms
ANSWER
limited; unlimitedms
QUESTION 4 ms
Incentives can be classified as ms ms ms ms
ANSWER
Both of these are true.
ms ms ms ms
QUESTION 5 ms
, Think about a country where most economic production comes from factories that cre
ms ms ms ms ms ms ms ms ms ms ms ms
ate air pollution. What would be the trade-off of lower levels of pollution?
ms ms ms ms ms ms ms ms ms ms ms ms
ANSWER
lower incomes ms
QUESTION 6 ms
Opportunity cost is the ______________ alternative that must be sacrificed in order to get s
ms ms ms ms ms ms ms ms ms ms ms ms ms ms
omething else. ms
ANSWER
highest-valued
QUESTION 7 ms
The opportunity cost of attending college is likely to be highest for a high school grad
ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms
uate
ANSWER
who is capable of competing successfully in professional tennis
ms ms ms ms ms ms ms ms
QUESTION 8 ms
Judy spent eight hours studying for an exam. Normally, she would have spent that tim
ms ms ms ms ms ms ms ms ms ms ms ms ms ms
e watching TV instead of studying. She figures she could have made a "B" after only st
ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms
udying four hours, but she really wanted an "A." What is Judy's marginal cost in terms
ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms
of TV viewing to improve her grade from a "B" to an "A"?
ms ms ms ms ms ms ms ms ms ms ms ms ms
ANSWER
four hours ms
QUESTION 9 ms
Jewell attends a wedding reception where dinner is served. For her entrée, she has th
ms ms ms ms ms ms ms ms ms ms ms ms ms ms
e option of steak, chicken, or pasta. If she chooses the pasta, then her opportunity cos
ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms
t is ms
ANSWER
either the chicken or the steak—whichever would have been her second choice to the pasta
ms ms ms ms ms ms ms ms ms ms ms ms ms ms
QUESTION 10 ms
Exam Solution
ms
Microeconomics exam 1 2026 A+ GRADE ASSURED CO ms ms ms ms ms ms ms
MPLETE SOLUTIONS AND VERIFIED ANSWERS (7A032)ms ms ms ms ms
QUESTION 1 ms
Scarcity refers to the __________ nature of society's resources.
ms ms ms ms ms ms ms ms
ANSWER
limited
QUESTION 2 ms
Which of the following statements refers to a macroeconomic issue?
ms ms ms ms ms ms ms ms ms
ANSWER
The national unemployment rate is currently 7.7%.
ms ms ms ms ms ms
QUESTION 3 ms
Economics is the study of how people allocate their ________ resources to satisfy their n
ms ms ms ms ms ms ms ms ms ms ms ms ms ms
early _________ wants.
ms ms
ANSWER
limited; unlimitedms
QUESTION 4 ms
Incentives can be classified as ms ms ms ms
ANSWER
Both of these are true.
ms ms ms ms
QUESTION 5 ms
, Think about a country where most economic production comes from factories that cre
ms ms ms ms ms ms ms ms ms ms ms ms
ate air pollution. What would be the trade-off of lower levels of pollution?
ms ms ms ms ms ms ms ms ms ms ms ms
ANSWER
lower incomes ms
QUESTION 6 ms
Opportunity cost is the ______________ alternative that must be sacrificed in order to get s
ms ms ms ms ms ms ms ms ms ms ms ms ms ms
omething else. ms
ANSWER
highest-valued
QUESTION 7 ms
The opportunity cost of attending college is likely to be highest for a high school grad
ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms
uate
ANSWER
who is capable of competing successfully in professional tennis
ms ms ms ms ms ms ms ms
QUESTION 8 ms
Judy spent eight hours studying for an exam. Normally, she would have spent that tim
ms ms ms ms ms ms ms ms ms ms ms ms ms ms
e watching TV instead of studying. She figures she could have made a "B" after only st
ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms
udying four hours, but she really wanted an "A." What is Judy's marginal cost in terms
ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms
of TV viewing to improve her grade from a "B" to an "A"?
ms ms ms ms ms ms ms ms ms ms ms ms ms
ANSWER
four hours ms
QUESTION 9 ms
Jewell attends a wedding reception where dinner is served. For her entrée, she has th
ms ms ms ms ms ms ms ms ms ms ms ms ms ms
e option of steak, chicken, or pasta. If she chooses the pasta, then her opportunity cos
ms ms ms ms ms ms ms ms ms ms ms ms ms ms ms
t is ms
ANSWER
either the chicken or the steak—whichever would have been her second choice to the pasta
ms ms ms ms ms ms ms ms ms ms ms ms ms ms
QUESTION 10 ms
