Question description

 

Question 1 The opportunity cost of working rather than going to school is:

Question 2 I asked my neighbor to rake the leaves on his lawn because they are blowing into my yard. He responded that it wouldn’t be rational for him to do so. Why would this be the case?

Question 3 As a discipline, economics is best described by which of the following?

Question 4 Some public transit systems use an “honor system” whereby patrons have to show that they have paid their fare only when asked for it by an enforcement officer. With what population would such a system be successful?

Question 5 Which of the following is a microeconomic question?

Question 6 One way to promote a new business is to offer free items. If you were to open a new restaurant and offer free food, you likely would have a line out the door. How would an economist understand the behavior of those standing in line?

Question 7 How are changes in opportunity cost related to decision­making behavior?

Question 8 A camera takes a picture of drivers who do not stop at a red light, and this practice is used to issue a traffic ticket. These red light cameras can be understood as serving as a(n):

Question 9 The need to study economics would cease to exist if:

Question 10 An example of a direct positive incentive is:

Question 11 Saudi Arabia has a comparative advantage in producing oil because it:

Question 12 Public buildings in the United States are required to be accessible to the disabled and, as a result, almost all have an elevator. What would be an example of a positive direct incentive for those who can use stairs?

Question 13 According to economists, one reason few professional athletes have PhD’s is that the:

Question 14 Which scenario describes studying for an economics course without applying the scarcity principle?

Question 15 Microeconomics is the branch of economics that focuses on the:

Question 16 Which of the following is a macroeconomic question?

Question 17 The opportunity cost of a purchase is:

Question 18 Instead of taking an economics course, you could have taken a history course that meets at the exact same time. The total cost of taking the economics course would be:

Question 19 Economists believe that optimal decisions are made up to the point where:

Question 20 An economist is an individual who would be least able to answer which research question?