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Liberty University ECON 213 Quiz 1 Complete Solutions Correct Answers Key

A comprehensive Quiz 1 solution for ECON 213, ensuring thorough exam preparation.

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Liberty University ECON 213 quiz 1 complete solutions correct answers keyTwo different versionsVersion A QuizQuestion 1 Microeconomics is the branch of economics that focuses on the:Question 2 The cost of a tradeoff is known as the ________ of that decision.Question 3 The U.S. federal government offers homeowners a tax deduction for their home loaninterest payments. This reduction in taxes may have encouraged too many people to own a home.If the tax deduction caused people who otherwise would have rented to own, the tax deductionserves as a(n):Question 4 In a growing number of cities, stores are required either not to make available plasticor paper bags or to do so only for an additional fee. If this fee can be refunded when you recyclethe bag, the refund acts as a(n):Question 5 More oranges are grown in Florida than North Dakota because Florida’s warm climategives it a ________ in growing oranges.Question 6 Because of scarcity:Question 7 Economists believe that optimal decisions are made up to the point where:Question 8 Why would economists find it surprising if the CEO of a large company does his orher own housework?Question 9 When consumers discard their gasolinepowered automobiles for electricpowered ones,this partially reflects the ________ of gasoline:Question 10 Opportunity cost is the ________ alternative forfeited when a choice is made.Question 11 Economists believe that individuals compare the benefits and costs of various optionswhen making a decision and in so doing act ________.Question 12 The basic goal of economics is:Question 13 The patent system:Question 14 Who benefits from voluntary trade?

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Document Details

University
Liberty University
Course
ECON 213
Subject
Economics

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