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ECO 212 Final Exam (1) 100% Correct
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1) The decision of which assumptions to make is
A. Usually regarded as an art in scientific thinking.
B. Not a particularly important decision for an economist.
C. Usually regarded as the easiest part of the scientific method.
D. An easy decision for an economist, but a difficult decision for a physicist or a chemist.

2) Economic models
A. Must incorporate all aspects of the economy if those models are to be useful.
B. Were once thought to be useful, but that is no longer true.
C. Can be useful, even if they are not particularly realistic.
D. Cannot be useful if they are based on false assumptions

3) When studying the effects of public policy changes, economists
A. Always refrain from making assumptions.
B. Consider only the short-run effects of those policy changes and not the long-run effects.
C. Sometimes make different assumptions about the short run and the long run.
D. Consider only the direct effects of those policy changes and not the indirect effects.

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ECO 212 Final Exam (2) 100% Correct
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1) The art in scientific thinking is
A. Finding the right problem to study.
B. Deciding which assumptions to make.
C. Not something in which economists have to be skilled.
D. The ability to make an abstract subject easy to understand

2) When studying the effects of public policy changes, economists
A. Always refrain from making assumptions.
B. Sometimes make different assumptions about the short run and the long run.
C. Consider only the short-run effects of those policy changes and not the long-run effects.
D. Consider only the direct effects of those policy changes and not the indirect effects.

3) Economists make use of assumptions, some of which are unrealistic, for the purpose of
A. Developing models when the scientific method cannot be used.
B. Advancing their political agendas.
C. Focusing their thinking.
D. Teaching economics to people who have never before studied economics.

4) The forces that make market economies work are
A. Regulation and restraint.
B. Demand and sup

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ECO 212 Final Exam (3) 100% Correct
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1. Economics deals primarily with the concept of
a. scarcity.
b. poverty.
c. change.
d. power.
2. Which of the following products would be considered scarce?
a. golf clubs
b. Picasso paintings
c. apples
d. All of the above are correct.
3. Which of the following statements best represents the principle represented by the adage, "There is no such thing as a free lunch"?
a. Melissa can attend the concert only if she takes her sister with her.
b. Greg is hungry and homeless.
c. Brian must repair the tire on his bike before he can ride it to class.
d. Kendra must decide between going to Colorado or Cancun for spring break.
4. Mallory decides to spend three hours working overtime rather than watching a video with her friends. She earns $8 an hour. Her opportunity cost of working is
a. the $24 she earns working.
b. the $24 minus the enjoyment she would have received from watching the video.
c. the enjoyment she would have received had she watched the video.
d. nothing, since she would have re