ECON 213 – Quiz Five Foundations of Economics (30 out of 30 points)

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ECON 213 (Principles of Microeconomics) – Quiz Five Foundations of Economics – 28 out of 30 points

Questions

  1. Actions and activities are discouraged with which type of incentive?
  2. In economics, choices are necessary because of the presence of:
  3. What is the indirect incentive in the unemployment insurance program?
  4. The government controls for many indirect incentives in safety net social program by:
  5. Economists believe that optimal decisions are made up to the point where:
  6. When most economists wake up in the morning, their first decision is whether or not to hit the snooze bar on the alarm What statement best represents their thought process as a rational decision-maker?
  7. A parent that pays a child an allowance for doing chores is providing a(n):
  8. The need to study economics would cease to exist if:
  9. A health insurance company may offer its policy-holders a discount on their premiums if they prove that they have stopped smoking. What type of incentive is the health insurance company offering?
  10. Public buildings in the United States are required to be accessible to the disable and, as a result, almost all have an elevator. What would be an example of positive direct incentive for those who can use stairs?
  11. Because of scarcity:
  12. Comparative advantage emerges because of the presence of:
  13. Economists believe that individuals compare the benefits and costs of various options when making a decision and in so doing act _______.
  14. A car insurance company is willing to offer accident-free drivers a discount. This is an example of:
  15. The patent system: