Examination
180 minutes
Instructions:
1. Read each question carefully.
2. Answer all questions.
3. Use the provided answer sheet to mark your responses.
4. Ensure all answers are final before submitting the exam.
5. Please answer each question below and click Submit when you
have completed the Exam.
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automatically when the time expires
7. This is Exam which will assess your knowledge on the course
Learning Resources.
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Read All Instructions Carefully and Answer All the
Questions Correctly Good Luck: -
(1) The Incentive Principle states that
A. scarcity is a universal phenomenon that arises
because resources are limited.
B. an action should be taken if and only if the additional
benefits from taking the action are at least as great as
the additional costs of doing so.
C. if the marginal benefit of an activity increases, then
a rational person will engage in more of the activity.
D. having more of one thing usually means getting by
with less of something else. - Answer>> C. if the
marginal benefit of an activity increases, then a rational
person will engage in more of the activity.
(1) Consider the following two statements. Statement
1: "Tariffs and import quotas always increase the
general welfare of society." Statement 2: "A ceiling on
rents reduces the quantity and quality of available
housing." Most economists would
A. disagree with both Statement 1 and Statement 2.
B. agree with Statement 2, but disagree with Statement
1.
C. agree with Statement 1, but disagree with Statement
2.
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, D. agree with both Statement 1 and Statement 2. -
Answer>> B. agree with Statement 2, but disagree with
Statement 1.
(1) In 2017 High School graduates earned $9,984 per
year more than non-High School graduates. If this
difference had instead been $15,000 per year, then we
would expect
A. more people to drop out of school before graduating
High School.
B. fewer people to drop out of school before graduating
High School.
C. more children to start eating breakfast before school.
D. that nobody would change their behavior. - Answer>>
B. fewer people to drop out of school before graduating
High School.
(1) Brian recently attended a concert by the rapper 2
Chainz at the Mississippi Coast Coliseum in Biloxi, MS.
His Total Benefits from seeing this show were $125,
while his Total Costs were $75. From this information, it
follows that his Economic Surplus from attending the
show was
A. $75 - $125 = - $50 (i.e., negative fifty dollars).
B. $125 - $75 = $50.
C. $125 + $75 = $200.
D. (2)($125 + $75) = $400. - Answer>> B. $125 - $75 =
$50.
(1) Mike Ditka's suggestion that football related injuries
could likely be reduced by have participants play
without helmets (or at least without facemasks on their
helmets)
A. relies heavily upon the Incentive Principle.
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