Liberty university econ 213 quiz 1


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Liberty University ECON 213 Quiz 1

ECON 213           QUIZ 1                 100%

1.       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?

2.       Comparative advantage emerges because of the presence of: The opportunity cost of a purchase is: Indirect incentive creates: A good is ____ if it takes even a small amount of time, energy, or money to acquire. The opportunity cost for Elijah of going to a water park is: Kelly is an architect, and she is trying to decide whether to hire Mike, a draftsman, to assist with her work. Kelly could hire Mike at $20 per hour, but it would take him three times as long to complete a task as it takes Kelly. Kelly is able to earn $90 per hour and has more architectural jobs than she is able to handle. Which of the following is true? The patent system: The government has been trying to encourage the use fuel-efficient cars. One way it has been doing this has been by allowing fuel-efficient cars to use a separate highway lane. This encourages people to use fuel-efficient cars because: The government controls for many indirect incentives in safety net social programs by: When a parent tells you not to study economics because it is a pointless discipline, why is he or she incorrect? Which scenario describes studying for an economics course without applying the scarcity principle? 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? Why would economists find it surprising if the CEO of a large company does his or her own housework? . What creates comparative advantage?

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