1|Page
Queen’s Econ 110 Final Exam -Spring Newest 2026-
2027 Exam Preparation With Complete Questions
And Correct Answers With Rationales | Already
Graded A+||Brand New Version!!
economies where goods and services are traded directly for
other goods and services are called _______________
economies - ANSWER-barter
which of the following functions of money would be violated if
inflation were high - ANSWER-store of value
a car dealer sells you a car today in exchange for money in the
future. this illustrates which function of money - ANSWER-
standard of deferred payment
the federal reserves narrowest definition of the money supply is
- ANSWER-M1
in the united states, currency includes - ANSWER-paper money
and coins in circulation
,2|Page
credit card balances are - ANSWER-not part of the money
supply
the required reserves of a bank equal its ______________ the
required reserve ratio - ANSWER-deposits multiplied by
the more excess reserves banks choose to keep - ANSWER-the
smaller the deposit multiplier
the Federal Reserve was established in 1913 to - ANSWER-stop
bank panics by acting as a lender of last resort
which of the following is not a function of the federal reserve
system, or the fed - ANSWER-insuring deposits in the banking
system
which of the following statement about models is correct? -
ANSWER-because economic models omit many details, they
allow us to see what is truly important
,3|Page
refer to figure. chloe receives her first paycheck for working as a
pretzel vendor. To which of the arrows does this transaction
directly contribute? - ANSWER-C and D
which of the following is an example of a positive, as opposed
to normative, statment? - ANSWER-prices rise when the
government should be increase to offset the budget deficit
refer to the figure which of the following events would explain
the shift of the production of possibilities frontier from A to B? -
ANSWER-a general technological advance
while pollution regulations yield the benefit of a cleaner
environment and the improved health that comes with it, the
regulation come at the cost of reducing the incomes of the
regulated firm' owners, workers, and customers. This statement
illustrates the principe that - ANSWER-people face tradeoffs
for which of the following individuals would the opportunity
cost of going to college be highest - ANSWER-a famous highly
paid actor who wants to take time away from show business to
finish college and earn a degree
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which is the most accurate statement about trade - ANSWER-
trade can make every nation better off
in a market economy economic activity is guided by -
ANSWER-self interest and prices
the term used to describe a situation in which markets do not
allocate resources efficiently is - ANSWER-market failure
int he short run an increase in the money supply is likely to lead
to - ANSWER-lower unemployment and higher inflation
the business cycle is the - ANSWER-irregular fluctuations in
economic activity
the business cycle is the - ANSWER-irregular fluctuations in
economic activity
which of the following firms is likely to have the greatest market
power - ANSWER-a utillity company
Queen’s Econ 110 Final Exam -Spring Newest 2026-
2027 Exam Preparation With Complete Questions
And Correct Answers With Rationales | Already
Graded A+||Brand New Version!!
economies where goods and services are traded directly for
other goods and services are called _______________
economies - ANSWER-barter
which of the following functions of money would be violated if
inflation were high - ANSWER-store of value
a car dealer sells you a car today in exchange for money in the
future. this illustrates which function of money - ANSWER-
standard of deferred payment
the federal reserves narrowest definition of the money supply is
- ANSWER-M1
in the united states, currency includes - ANSWER-paper money
and coins in circulation
,2|Page
credit card balances are - ANSWER-not part of the money
supply
the required reserves of a bank equal its ______________ the
required reserve ratio - ANSWER-deposits multiplied by
the more excess reserves banks choose to keep - ANSWER-the
smaller the deposit multiplier
the Federal Reserve was established in 1913 to - ANSWER-stop
bank panics by acting as a lender of last resort
which of the following is not a function of the federal reserve
system, or the fed - ANSWER-insuring deposits in the banking
system
which of the following statement about models is correct? -
ANSWER-because economic models omit many details, they
allow us to see what is truly important
,3|Page
refer to figure. chloe receives her first paycheck for working as a
pretzel vendor. To which of the arrows does this transaction
directly contribute? - ANSWER-C and D
which of the following is an example of a positive, as opposed
to normative, statment? - ANSWER-prices rise when the
government should be increase to offset the budget deficit
refer to the figure which of the following events would explain
the shift of the production of possibilities frontier from A to B? -
ANSWER-a general technological advance
while pollution regulations yield the benefit of a cleaner
environment and the improved health that comes with it, the
regulation come at the cost of reducing the incomes of the
regulated firm' owners, workers, and customers. This statement
illustrates the principe that - ANSWER-people face tradeoffs
for which of the following individuals would the opportunity
cost of going to college be highest - ANSWER-a famous highly
paid actor who wants to take time away from show business to
finish college and earn a degree
, 4|Page
which is the most accurate statement about trade - ANSWER-
trade can make every nation better off
in a market economy economic activity is guided by -
ANSWER-self interest and prices
the term used to describe a situation in which markets do not
allocate resources efficiently is - ANSWER-market failure
int he short run an increase in the money supply is likely to lead
to - ANSWER-lower unemployment and higher inflation
the business cycle is the - ANSWER-irregular fluctuations in
economic activity
the business cycle is the - ANSWER-irregular fluctuations in
economic activity
which of the following firms is likely to have the greatest market
power - ANSWER-a utillity company
