Practice Final (ungraded) · Weeks 1–15 (Objectives 1–8)

Course: Principles of Microeconomics (ECON 1) · Silver Oak University (fictional sample) · Prof. Kessler
What this is: a low-stakes rehearsal for the cumulative Final. It mirrors the real exam's blueprint — the same coverage across all eight objectives, the same item-type mix, length, and concept/quantitative difficulty — but is built from fresh item-bank variants and shares none of the live Final's questions.
Settings: ungraded (0 points) · up to 3 attempts · feedback shown after submission · opens before the exam window so you can prepare. (Practice; AI is not permitted on the real Final.)

This is the human-readable practice exam with its vetted answer key and feedback (released after submission). The import-ready Classic QTI 1.2 is in O-practice-final-week-16-qti.xml (generated by the shared validated Python script — parses with 25 items, parses clean). The Canvas placement block is at the bottom.

Integrity note for students. Every item here is a fresh variant — new scenarios and wording — with a pre-vetted answer. None of these are the live Final questions. Working them builds the skill the Final tests, honestly. The paired live exam is L-final-week-16.md.

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Blueprint (mirrors the Final)

Coverage proportional to teaching time, matching the real exam: Obj 1 = 3 · Obj 2 = 2 · Obj 3 = 4 · Obj 4 = 4 · Obj 5 = 2 · Obj 6 = 4 · Obj 7 = 2 · Obj 8 = 4. (The actual Final items are not listed here — only the shared structure.)

#	Type	Concept	Objective	Source weeks
1	Multiple choice	PPF shape — why bowed out? (increasing opp cost)	1	1
2	Multiple choice	Terms of trade between two opp-cost ratios	1	2
3	Multiple choice	Supply shift — technology	2	4
4	Multiple choice	Both-curves-shift indeterminacy	2	4
5	Multiple choice	Elasticity determinants — most elastic	3	5
6	Multiple choice	YED — inferior good classification	3	5
7	Multiple choice	Total surplus — computation (quantitative)	4	6
8	Multiple choice	Price floor — binding → surplus/unemployment	4	7
9	Multiple choice	Tax revenue (quantitative)	4	7
10	Multiple choice	AFC always falls	5	9
11	Multiple choice	MC below ATC → ATC is falling	5	9
12	Multiple choice	PC long-run — entry and exit	6	10
13	Multiple choice	Monopoly MR derivation — linear demand	6	11
14	Multiple choice	Monopoly vs. PC outcome	6	11
15	Multiple answer	Oligopoly characteristics	7	12
16	Matching	Game theory concepts	7	12
17	Multiple choice	VMPL shift — output price rises	7	13
18	Multiple choice	Positive externality — underproduction	8	14
19	Multiple choice	Coase theorem	8	14
20	Multiple choice	Adverse selection — insurance	8	15
21	True/False	Sunk costs should be ignored (TF)	8	15
22	True/False	MR < P for a monopolist	6	11
23	Matching	Good types — rival/excludable	8	14
24	Multiple choice	Sunk-cost fallacy in behavior	8	15
25	Multiple choice	Economic profit — accounting vs. opportunity costs	5	9

Objective totals: Obj 1 = 2 (P1, P2) · Obj 2 = 2 (P3, P4) · Obj 3 = 2 (P5, P6) · Obj 4 = 3 (P7, P8, P9) · Obj 5 = 3 (P10, P11, P25) · Obj 6 = 4 (P12, P13, P14, P22) · Obj 7 = 3 (P15, P16, P17) · Obj 8 = 6 (P18, P19, P20, P21, P23, P24) = 25 total. Coverage is proportional to teaching time; the post-midterm material (Objectives 5–8) makes up 16 of the 25 items. This practice form mirrors the live final's blueprint but shares none of its items.

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Questions, Key, and Feedback

Objective 1 — Scarcity, Opportunity Cost, PPF & Comparative Advantage (Weeks 1–2)

P1 (MC) — PPF bowed shape. A country's production possibilities frontier for wheat and steel bows OUTWARD (is concave to the origin) rather than being a straight line. This shape reflects —
- A. Constant opportunity cost, because all resources are equally productive in both industries
- B. Decreasing opportunity cost as the country specializes in one good
- C. Increasing opportunity cost, because resources are specialized and become less suited to the second good as more of it is produced ✅
- D. The fact that the country has an absolute advantage in both goods
Feedback: A bowed-out (concave) frontier shows increasing opportunity cost. As a country pushes all resources toward one good, it must pull in resources that are progressively worse at that task, so each extra unit costs more and more of the other good. A straight-line PPF (A) shows constant opportunity cost — the simplified case. Bowed shape has nothing to do with absolute advantage (D).

P2 (MC) — Terms of trade. Country A can produce 10 wheat OR 5 cloth per worker-day; Country B can produce 6 wheat OR 6 cloth per worker-day. Which terms of trade would make BOTH countries better off by trading?
- A. 1 cloth for 0.5 wheat (the same as Country B's opportunity cost)
- B. 1 cloth for 1.5 wheat (between Country A's and Country B's opportunity costs) ✅
- C. 1 cloth for 2.5 wheat (above both countries' opportunity costs)
- D. 1 cloth for 2 wheat (exactly Country A's opportunity cost, so A gains nothing)
Feedback: Mutually beneficial trade requires terms between the two opp-cost ratios: Country A's opp cost of 1 cloth = 2 wheat; Country B's = 1 wheat. So terms between 1 and 2 wheat per cloth benefit both. At 1.5 wheat per cloth: A gives up 1.5 wheat (less than its 2-wheat opp cost → gains); B receives 1.5 wheat for 1 cloth (more than its 1-wheat opp cost → gains). (D gives A no benefit; C costs A more than its domestic opp cost; A costs B nothing more than its own production.) Pre-verified.

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Objective 2 — Demand, Supply & Market Equilibrium (Weeks 3–4)

P3 (MC) — Supply shift. Technology improves in the market for electric vehicles, reducing production costs for manufacturers. Which of the following correctly describes the comparative-statics result?
- A. The demand for electric vehicles shifts right, raising both price and quantity
- B. The supply of electric vehicles shifts left, raising price and reducing quantity
- C. The supply of electric vehicles shifts right, lowering the equilibrium price and raising equilibrium quantity ✅
- D. There is a movement along the supply curve as manufacturers respond to higher prices
Feedback: A technology improvement reduces production costs → supply shifts right (increases). Right-shift of supply → equilibrium P↓, Q↑ (supply ↑ → P ↓ Q ↑). A is wrong because technology is a supply determinant, not a demand determinant. B reverses the direction. D describes a price-driven movement along supply — but technology change shifts the whole curve.

P4 (MC) — Both-curves-shift indeterminacy. Both demand and supply in a market for gasoline increase simultaneously (demand shifts right and supply shifts right). What can we say with certainty about the new equilibrium?
- A. Price rises and quantity rises
- B. Price falls and quantity rises
- C. Quantity definitely rises; the change in price is indeterminate without knowing the relative magnitudes of the shifts ✅
- D. Price definitely falls; the change in quantity is indeterminate
Feedback: When both curves shift in the same direction: D↑ and S↑ both tend to raise quantity, so Q definitely rises. But D↑ pushes P up while S↑ pushes P down — the net effect on P is indeterminate without knowing which shift is larger. (If demand shifts more, P rises; if supply shifts more, P falls.) This is a classic both-curves-shift indeterminacy.

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Objective 3 — Elasticity & Total Revenue (Week 5)

P5 (MC) — Elasticity determinants. Which of the following goods would you expect to have the MOST price-elastic demand?
- A. Insulin for a diabetic person who has no substitutes
- B. A brand-name luxury watch with many competitor brands at similar prices ✅
- C. Salt, which makes up a tiny share of most household budgets
- D. Gasoline in the very short run, when drivers have few alternatives
Feedback: Demand is more elastic when there are more close substitutes, the good is a luxury, it takes a large share of the budget, or the time horizon is longer. A luxury watch with many competitors has many substitutes (other brands) — the hallmark of elastic demand. Insulin (A) has no substitutes → very inelastic. Salt (C) is cheap → small budget share → inelastic. Gasoline (D) is inelastic in the short run (few alternatives quickly) but more elastic long-run.

P6 (MC) — YED inferior good. As the economy grows and incomes rise, households in a region buy fewer bus tickets and more private-car trips. Bus tickets therefore have —
- A. A positive income elasticity of demand greater than 1 (a luxury good)
- B. A positive income elasticity of demand between 0 and 1 (a normal necessity)
- C. A negative income elasticity of demand (an inferior good) ✅
- D. A zero income elasticity of demand (income-independent)
Feedback: YED < 0 defines an inferior good. When income rises, demand for the good falls — people switch to higher-quality substitutes (a private car). Bus tickets behave as an inferior good in this region. (A normal good has YED > 0; a luxury normal good has YED > 1; YED = 0 means income changes don't affect demand at all.)

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Objective 4 — Surplus, Efficiency & Government Intervention (Weeks 6–7)

P7 (MC) — Total surplus. In a linear market, demand is P = 30 − Q and supply is P = 6 + 0.5Q. Solving these simultaneously gives equilibrium Q = 16 and P = $14. What is the TOTAL SURPLUS at this equilibrium?
- A. $64
- B. $128
- C. $192 ✅
- D. $224
Feedback: CS = ½ × Q × (demand-axis intercept − P) = ½ × 16 × (30 − 14) = ½ × 16 × 16 = $128. PS = ½ × Q × (P − supply-axis intercept) = ½ × 16 × (14 − 6) = ½ × 16 × 8 = $64. Total surplus = 128 + 64 = $192. (A is PS alone; B is CS alone; D misapplies the height.) Pre-verified.

P8 (MC) — Price floor. In the labor market for entry-level workers, the equilibrium wage is $12/hour. The government sets a minimum wage of $15/hour (above equilibrium). What is the most likely short-run consequence in the basic competitive model?
- A. The minimum wage is non-binding and has no effect because it is below the equilibrium wage
- B. There is a surplus of workers (unemployment): quantity of labor supplied exceeds quantity demanded at $15 ✅
- C. There is a shortage of workers: quantity demanded exceeds quantity supplied at $15
- D. The equilibrium wage rises to $15 without any change in employment
Feedback: A minimum wage above equilibrium ($15 > $12) is a binding price floor. At $15: Qs (workers wanting jobs) > Qd (firms wanting to hire) → surplus of labor = unemployment in the basic model. A is wrong (the wage is above equilibrium → binding). C describes a price ceiling (below eq → shortage). D doesn't reflect how competitive labor markets work in the basic model.

P9 (MC) — Tax revenue. The government imposes a $4-per-unit tax in a market, and equilibrium quantity falls from 16 to 12 units. The government's tax revenue from this tax equals —
- A. $16
- B. $64
- C. $48 ✅
- D. $8
Feedback: Tax revenue = tax per unit × quantity after tax = $4 × 12 = $48. (D = $8 is the DWL, not the revenue. B = $64 would be $4 × 16 using the pre-tax quantity — wrong. A = $16 is $4 × 4 = 4 × ΔQ.) Pre-verified.

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Objective 5 — Production & Short-Run Costs (Week 9)

P10 (MC) — AFC always falls. A firm has fixed costs of $60. As output increases from 1 unit to 6 units, its average fixed cost (AFC) —
- A. Rises, because each additional unit requires more fixed resources
- B. Stays constant at $60 per unit, because fixed costs don't change
- C. Falls continuously, from $60 at Q = 1 to $10 at Q = 6, because the fixed cost is spread over more units ✅
- D. First rises and then falls, in a U-shape, like AVC and ATC
Feedback: AFC = FC/Q = $60/Q. This is a downward-sloping hyperbola: Q = 1 → AFC = $60; Q = 6 → AFC = $10. It falls without turning around. (A and B misunderstand AFC; D describes AVC and ATC, not AFC.) Pre-verified.

P11 (MC) — MC below ATC → ATC falling. A firm's marginal cost (MC) curve lies BELOW its average total cost (ATC) curve at the current output level. What does this tell you about how ATC is changing as output increases?
- A. ATC is rising, because marginal cost below ATC means costs are above average
- B. ATC is falling, because each additional unit adds less to total cost than the current average ✅
- C. ATC has reached its minimum, because MC equals ATC
- D. ATC is constant, because only variable costs affect the average
Feedback: When MC < ATC, the next unit adds less to total cost than the current average → the average is pulled down. ATC is still falling. When MC = ATC (C), ATC is at its minimum. When MC > ATC, ATC is rising. This is how MC and ATC relate at every output level — not just at the crossing point.

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Objective 6 — Perfect Competition & Monopoly (Weeks 10–12)

P12 (MC) — PC long-run. In a perfectly competitive industry, firms are currently earning positive economic profits. What does the standard long-run model predict will happen?
- A. Existing firms raise their prices to maintain profits
- B. New firms enter the market, supply increases, price falls, and economic profits are driven to zero ✅
- C. The government limits entry to protect consumers from a price war
- D. Demand increases to match the higher supply, keeping prices and profits constant
Feedback: In PC, positive economic profits attract entry → industry supply increases → market price falls → profit falls → long-run equilibrium: P = min ATC, zero economic profit. Firms in PC are price takers (A is impossible). Government restriction of entry (C) describes a monopoly or licensed industry, not PC. D is not how comparative statics work — demand doesn't automatically rise to fill supply.

P13 (MC) — Monopoly MR derivation. A monopolist faces demand P = 100 − 2Q. Which of the following correctly states the monopolist's marginal revenue (MR) curve?
- A. MR = 100 − Q (same slope as demand)
- B. MR = 50 − Q (half the intercept, same slope)
- C. MR = 100 − 4Q (same intercept as demand, double the slope coefficient) ✅
- D. MR = 100 − 2Q (identical to the demand curve)
Feedback: For a linear demand P = a − bQ, the MR curve has the same price-axis intercept but double the slope coefficient: MR = a − 2bQ = 100 − 4Q. (A uses the wrong slope; B halves the intercept; D gives MR = demand, which is the PC case, not the monopoly case.)

P14 (MC) — Monopoly vs. PC outcome. Compared to a perfectly competitive market with the same cost structure, a monopoly typically produces —
- A. A higher output at a lower price, because it has economies of scale
- B. The same output but at a higher price because it has more market power
- C. A lower output at a higher price, creating a deadweight loss and reducing total surplus ✅
- D. A higher output at a higher price, extracting more consumer surplus
Feedback: The monopoly's MR = MC rule gives Q_m < Q_c (lower output than PC); the monopolist then reads P_m > P_c off the demand curve. This creates a deadweight loss equal to the surplus that would have been generated at the extra units (Q_c − Q_m). Total surplus falls below the maximum. A and D are wrong on the output direction.

P22 (T/F) — MR < P for a monopolist. True or False: For a monopolist selling in a single market without price discrimination, marginal revenue is always LESS than price for any quantity above zero.
- True ✅
- False
Feedback: True. Because the monopolist faces a downward-sloping demand curve, selling one more unit requires cutting the price on ALL units — so the revenue gained from the last unit (MR) is less than the price charged. MR = P only for a price taker (perfectly competitive firm), where P is given by the market.

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Objective 7 — Oligopoly, Game Theory & Factor Markets (Weeks 12–13)

P15 (MA) — Oligopoly characteristics. Which of the following statements correctly describe an OLIGOPOLY? Select all that apply.
- A. There are only a few firms in the market, each with significant market power ✅
- B. Firms are price takers with no strategic interaction
- C. Barriers to entry prevent large numbers of competitors from entering ✅
- D. Firms' decisions are interdependent — each considers how rivals will respond ✅
- E. Long-run economic profit is always zero due to free entry
Feedback: Oligopoly = few firms (A), with barriers to entry (C), and strategic interdependence (D). B describes perfect competition (price takers = no market power). E describes PC and monopolistic competition, not oligopoly — barriers to entry mean oligopolists can sustain positive long-run profits.

P16 (Matching) — Game theory concepts. Match each game-theory term to its correct definition.
| Term | Correct definition |
|---|---|
| Dominant strategy | The best choice for a player regardless of what the rival does |
| Nash equilibrium | A strategy pair from which neither player wants to deviate unilaterally |
| Prisoner's dilemma | A situation where both players have a dominant strategy leading to an outcome worse than if they had cooperated |
| Cartel instability | Collusive agreements break down because each firm's dominant strategy is to defect and undercut the agreed price |
Feedback: These four terms tell the whole oligopoly story. Start with dominant strategy → if both have one, they play it → that's the Nash equilibrium. If that outcome is worse than cooperation, it's a prisoner's dilemma. Real cartels are prisoner's dilemmas → that's why they collapse. (Distractor: "a situation where one player must randomize" describes a mixed-strategy Nash equilibrium — beyond this course's scope.)

P17 (MC) — VMPL shift. A firm currently hires 4 workers at a wage of $50. The firm's output price then rises from $5 to $8 per unit. If the marginal product of the 4th worker is 10 units, what is the new VMPL of the 4th worker, and what does this imply for hiring?
- A. New VMPL = $50; no change in hiring since VMPL still equals the wage
- B. New VMPL = $80; the firm should hire more workers because VMPL now exceeds the wage ✅
- C. New VMPL = $40; the firm should lay off the 4th worker
- D. New VMPL = $80; but the firm should not hire more because price-taking firms don't respond to output price changes
Feedback: New VMPL = MPL × new P = 10 × $8 = $80. Since $80 > $50 (wage), the firm can profitably hire more workers — the labor demand curve shifts right when output price rises. D is wrong: a rise in output price DOES raise VMPL and induces more hiring. (A uses the old price; C is a calculation error.) Pre-verified.

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Objective 8 — Externalities, Public Goods, Asymmetric Information & Behavioral Economics (Weeks 14–15)

P18 (MC) — Positive externality. Education creates positive externalities: an educated population benefits neighbors, employers, and society beyond the private returns to the student. In the absence of intervention, the market —
- A. Overproduces education, because the private benefit exceeds the social benefit
- B. Underproduces education, because the marginal social benefit exceeds the private benefit and the market does not account for the extra social value ✅
- C. Produces the socially optimal level, because education is a private good
- D. Produces no education, because education is a public good and suffers from the free-rider problem
Feedback: A positive externality means MSB > MPB → people buy less education than is socially optimal because they don't capture all the social benefits. The market underproduces. The fix is a subsidy (not a tax). Education is a private good (you can be excluded from school) but generates external social benefits — not the same as a pure public good (D).

P19 (MC) — Coase theorem. A factory emits pollution that damages a downstream fishery. According to the Coase theorem, if property rights over clean water are clearly assigned and transaction costs are low, what is the predicted outcome?
- A. The government must intervene with a Pigouvian tax to achieve the efficient outcome
- B. The factory will always pollute at the maximum level regardless of property rights
- C. Private bargaining between the factory and the fishery will reach the socially efficient level of pollution, regardless of who holds the property right ✅
- D. The fishery will buy out the factory to eliminate pollution entirely
Feedback: The Coase theorem says: clear property rights + low transaction costs → private parties bargain to the efficient outcome on their own, regardless of who owns the rights. No Pigouvian tax needed (A). The result is efficiency, not necessarily zero pollution (D) — the efficient level may include some pollution where the marginal benefit of one more unit of output equals the marginal cost of pollution.

P20 (MC) — Adverse selection. An insurance company cannot observe whether applicants for health insurance are high-risk or low-risk individuals. The company charges an average premium. As a result, mostly high-risk individuals purchase the insurance, which causes the company to raise premiums, which drives out more healthy people, and so on. This problem is an example of —
- A. Moral hazard, because insured individuals change their behavior after obtaining coverage
- B. The free-rider problem, because individuals consume insurance without paying
- C. Adverse selection, because hidden information before the transaction causes a market to attract disproportionately risky participants ✅
- D. The tragedy of the commons, because insurance pools are non-excludable
Feedback: Adverse selection = hidden info before the transaction → high-risk types disproportionately enter the pool. This is the lemons problem applied to insurance — the market can unravel. Moral hazard (A) is the post-transaction problem: insured people take more risks after buying coverage. Free-rider (B) and tragedy of the commons (D) are public-good/common-resource problems, not information problems.

P21 (T/F) — Sunk costs. True or False: A rational economic decision-maker should include previously spent, unrecoverable costs (sunk costs) when deciding whether to continue a project, because those costs represent real resources already committed.
- True
- False ✅
Feedback: False. Sunk costs are irrelevant to forward-looking decisions. Once a cost is spent and cannot be recovered, it has no bearing on whether to continue — only future marginal costs and benefits matter. Including sunk costs is the sunk-cost fallacy — a behavioral bias. The rational rule: ignore the past; compare future benefits to future costs.

P23 (Matching) — Good types. Match each good to its correct classification based on rivalry and excludability.
| Good | Correct classification |
|---|---|
| A lighthouse beam warning all ships in range | Public good — non-rival and non-excludable |
| A congested toll road (road fills up; non-payers excluded) | Private good — rival and excludable |
| Fish in an unregulated open-ocean fishery (anyone can fish; catch depletes stock) | Common resource — rival but non-excludable |
| Cable television subscription (non-rival broadcast; excludes non-subscribers) | Club good — non-rival but excludable |
Feedback: The four-cell grid: rival + excludable = private good (most marketed goods); non-rival + excludable = club good (cable TV, toll road when not congested); non-rival + non-excludable = public good (national defense, the lighthouse); rival + non-excludable = common resource (fisheries, the atmosphere as a pollution sink). (Note: a congested toll road becomes rival when congested — but the defining trait here is the excludability via the toll.)

P24 (MC) — Sunk-cost fallacy. A student has already paid a $200 non-refundable ticket to a music festival. On the day of the festival the student feels sick and would normally stay home. A classmate argues: "You have to go — you already paid!" The student's classmate is committing —
- A. Loss aversion — valuing losses more than equivalent gains
- B. Present bias — over-weighting immediate costs relative to future benefits
- C. The sunk-cost fallacy — letting irrecoverable past costs influence a current decision that should be based only on marginal costs and benefits going forward ✅
- D. Anchoring — using the $200 as a reference point that affects the decision
Feedback: The $200 is a sunk cost — already spent, non-refundable, irrelevant. The rational question is: does the marginal benefit of going (enjoying the festival while sick) exceed the marginal cost (feeling worse)? The classmate's "you already paid" argument is the classic sunk-cost fallacy. (D is close — anchoring involves using a reference number — but the mechanism here is specifically the sunk-cost fallacy, not just anchoring.)

P25 (MC) — Economic profit. A small business owner earns $120,000 in revenue. She pays $60,000 in explicit costs (rent, wages, supplies). She could alternatively earn $50,000 per year working for another firm. Her economic profit equals —
- A. $120,000 (total revenue)
- B. $60,000 (revenue minus explicit costs only — the accounting profit)
- C. $10,000 (revenue minus explicit costs minus the implicit opportunity cost of her time) ✅
- D. $70,000 (revenue minus only the implicit opportunity cost)
Feedback: Economic profit = TR − explicit costs − implicit (opportunity) costs. $120,000 − $60,000 − $50,000 = $10,000. Accounting profit = $120,000 − $60,000 = $60,000 (B) — positive, but it ignores the implicit cost. Economic profit correctly subtracts both. (A is total revenue; D subtracts only implicit costs.) Pre-verified.

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Answer Key (quick reference)

Q	Answer	Q	Answer
P1	C (increasing opp cost → bowed out)	P14	C (lower Q, higher P, DWL)
P2	B (1.5 wheat/cloth; between 1 and 2)	P15	A, C, D (few firms; barriers; interdependence)
P3	C (supply shifts right; P↓ Q↑)	P16	Dominant→best regardless / Nash→stable pair / PD→dominant→worse than coop / Cartel→defection dominant
P4	C (Q rises; P indeterminate)	P17	B (new VMPL=$80>$50; hire more)
P5	B (luxury watch with many substitutes)	P18	B (underproduces; MSB>MPB)
P6	C (YED < 0; inferior good)	P19	C (Coase: private bargaining efficient)
P7	C ($192 total surplus)	P20	C (adverse selection; hidden info before)
P8	B (surplus of workers; unemployment)	P21	False (sunk costs irrelevant)
P9	C ($48 tax revenue = $4 × 12)	P22	True (MR < P for monopolist)
P10	C (AFC falls continuously; $60→$10)	P23	Lighthouse→public good / Toll→private / Fishery→common resource / Cable→club good
P11	B (MC < ATC → ATC falling)	P24	C (sunk-cost fallacy)
P12	B (entry→supply↑→P↓→profit→0)	P25	C ($10,000 economic profit)
P13	C (MR = 100−4Q; same intercept, double slope)

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Canvas Placement Block

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title                     = "Practice Final — Cumulative (Weeks 1–15)"
assignment_group          = "Practice"
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due_offset_days           = 5        # due before the Final closes
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ai_permitted              = false    # AI not permitted — practice conditions = exam conditions
provenance                = "~ Prof. Kessler's edition · Fall 2026 · built with thecoursemaker.com"