Liberty University ECON 213 Quiz 1 Complete Solutions Correct Answers Key

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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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Question15Asanewfirmintheapplepickingbusiness,youhaveconsideredaddinganeconomisttoyourmanagementteam.Whatwouldthiseconomistbeunabletohelpyourmanagerial team with?Question 16 Public buildings in the United States are required to be accessible to the disabledand, as a result, almost all have an elevator. What would be an example of a positive directincentive for those who can use stairs?Question 17 A person has a comparative advantage in the production of a good when she or hecan produce the product at a(n) ________ opportunity cost compared to another person.Question 18 In economics, choices are necessary because of the presence of:Question 19 Macroeconomics is the study of:Question 20 Many stores are open 24 hours a day. When store managers make the decision tostay open 24 hours, it must be the case that:Version B QuizQuestion 1 Economics professors are well aware of the importance of incentives. Which of thefollowing situations shows the use of a positive incentive?Question 2 Some public transit systems use an “honor system” whereby patrons have to showthattheyhavepaid theirfare onlywhenasked foritbyanenforcementofficer. Withwhatpopulation would such a system be successful?Question 3 As a new firm in the applepicking business, you have considered adding an economistto your management team. What would this economist be unable to help your managerial teamwith?Question 4 Indirect incentives create:Question 5 What is the opportunity cost of taking this exam?Question 6 When most economists wake up in the morning, their first decision is whether or notto hit the snooze bar on the alarm clock. What statement best represents their thought process asa rational decisionmaker?

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