Liberty ECON 213 Quiz 1 Answers Complete Solutions

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Question 1

What is the strongest argument for why we need more economists today than ever before?

Question 2

Google has started a project to scan all books and make those that are not copyrighted available to people free of charge. Why is it important that only books without a copyright are available?

Question 3

How are changes in opportunity cost related to decision­making behavior?

Question 4

If you don’t like changing the oil in your car and pay your father to do it for you, you have provided him with a(n):

Question 5

The United States is able to experience economic growth to the extent that:

Question 6

Economists believe that individuals compare the benefits and costs of various options when making a decision and in so doing act ________.

Question 7

When trade is voluntary, who benefits?

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Question 8

An economist is an individual who would be least able to answer which research question?

Question 9

Actions and activities are encouraged with which type of incentive?

Question 10

The term ________ means “additional.”

Question 11

Economists believe that optimal decisions are made up to the point where:

Question 12

If the government wanted to give people a negative direct incentive not to save money, what would be the appropriate policy?

Question 13

Which scenario describes studying for an economics course without applying the scarcity principle?

Question 14

Entrepreneurs are willing to take risks because:

Question 15

While generous disability insurance can help those who have been permanently injured, it can also increase the likelihood that individuals will falsely claim to be disabled. This likelihood is a(n):

Question 16

An activity’s marginal benefit is ________ at the optimal quantity.

Question 17

An example of a direct positive incentive is:

Question 18

Economics is concerned with the trade­offs that emerge because of scarcity. The term “trade­-offs” refers to:

Question 19

The government has been trying to mint dollar coins instead of printing paper dollar bills, but people have been reluctant to use coins instead of paper bills. How would an economist explain this reluctance?

Question 20

A person has a comparative advantage in the production of a good when she or he can produce the product at a(n) ________ opportunity cost compared to another person.