ECON 200 UOFA Exam 1
ECON 200 UOFA EXAM 1 NEWEST 2025 COMPLETE 150
QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW!!
Arrange the circumstances chronologically to illustrate how opportunity costs for the fan
described below drive down the numbers of emergency room visits during Boston Red Sox
baseball playoff games.
- The fan goes to the ER to have her wrist examined.
- The fan, worried that she broke her wrist, puts some ice on it.
- The ER doctor tells the fan she should have come in sooner.
- The fan sits down to watch game 6 against the Yankees.
- Getting a pregame snack before turning on the television, the fan falls in her kitchen. -
ANSWER-1. Getting a pregame snack before turning on the television, the fan falls in her
kitchen.
2. The fan, worried that she broke her wrist, puts some ice on it.
3. The fan sits down to watch game 6 against the Yankees.
4. The fan goes to the ER to have her wrist examined.
5. The ER doctor tells the fan she should have come in sooner.
Alicia and Christine are doctors at a hospital and can each perform two tasks: open-heart
surgery and liver transplants. Alicia is more efficient than Christine at both of these two tasks,
but Alicia has a lower opportunity cost in performing liver transplants. Identify the actions that
lead to the hospital seeing more patients.
- Christine and Alicia get equal time doing heart surgery and equal time doing liver transplants.
- Christine spends most of her time doing heart surgeries.
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, ECON 200 UOFA Exam 1
- Because Alicia is more efficient at both types of surgery, the hospital has Christine do
administrative tasks.
- Christine spends most of her time doing liver transplants.
- Alicia spends most of her time doing liver transplants. - ANSWER-correct:
- Christine spends most of her time doing heart surgeries.
- Christine spends most of her time doing liver transplants.
incorrect:
- Christine and Alicia get equal time doing heart surgery and equal time doing liver transplants.
- Because Alicia is more efficient at both types of surgery, the hospital has Christine do
administrative tasks.
- Alicia spends most of her time doing liver transplants.
Which of the items listed fit the definition of a market?
a swap meet
- a hair salon
- a shopping mall
- a restaurant
- eBay - ANSWER-market:
- a swap meet
- a shopping mall
- eBay
not a market:
- a hair salon
2|Page
, ECON 200 UOFA Exam 1
- a restaurant
In a 1953 speech, President Dwight Eisenhower listed some things that cost about as much as
"one modern heavy-duty bomber": a modern urban school, a couple of power plants or
hospitals, or 50 miles of highway. What points was he trying to make?
-Military spending is a poor use of money.
- A bomber is worth more than a power plant or hospital.
- The U.S. government has only so much money.
- Using scarce resources involves trade-offs. - ANSWER-correct:
- Using scarce resources involves trade-offs.
- The U.S. government has only so much money.
incorrect:
-Military spending is a poor use of money.
- A bomber is worth more than a power plant or hospital.
Place the events in order to describe the unintended consequences of a government-created
incentive.
- Some bred cobras escape.
- The area has more free cobras than before.
- A certain area has a problem with cobras, which are poisonous.
- People begin breeding cobras to turn in, which is easier than hunting them.
- The government announces a reward for every captured cobra turned in. - ANSWER-1. A
certain area has a problem with cobras, which are poisonous.
2. The government announces a reward for every captured cobra turned in.
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, ECON 200 UOFA Exam 1
3. People begin breeding cobras to turn in, which is easier than hunting them.
4. Some bred cobras escape.
5. The area has more free cobras than before
Fill in the blanks to complete the passage about intellectual property.
The slogan "Information wants to be free" is sometimes used to justify unrestricted _____ of
copyrighted materials, such as music. The _____ this practice is that depriving musicians of
revenue from the sale of their work _____ an incentive for them to be creative, which means a
_____ supply of music for everyone.
selling
sharing
greater
takes away
advantage of
reduced
provides
problem with - ANSWER-The slogan "Information wants to be free" is sometimes used to justify
unrestricted SHARING of copyrighted materials, such as music. The PROBLEM WITH this practice
is that depriving musicians of revenue from the sale of their work TAKES AWAY an incentive for
them to be creative, which means a REDUCED supply of music for everyone.
Which description best captures the idea of marginal thinking?
- recognizing that choosing one thing requires giving up something else
- choosing among several opportunities to make the best possible decision
- recognizing when different people value the same thing differently
4|Page
ECON 200 UOFA EXAM 1 NEWEST 2025 COMPLETE 150
QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW!!
Arrange the circumstances chronologically to illustrate how opportunity costs for the fan
described below drive down the numbers of emergency room visits during Boston Red Sox
baseball playoff games.
- The fan goes to the ER to have her wrist examined.
- The fan, worried that she broke her wrist, puts some ice on it.
- The ER doctor tells the fan she should have come in sooner.
- The fan sits down to watch game 6 against the Yankees.
- Getting a pregame snack before turning on the television, the fan falls in her kitchen. -
ANSWER-1. Getting a pregame snack before turning on the television, the fan falls in her
kitchen.
2. The fan, worried that she broke her wrist, puts some ice on it.
3. The fan sits down to watch game 6 against the Yankees.
4. The fan goes to the ER to have her wrist examined.
5. The ER doctor tells the fan she should have come in sooner.
Alicia and Christine are doctors at a hospital and can each perform two tasks: open-heart
surgery and liver transplants. Alicia is more efficient than Christine at both of these two tasks,
but Alicia has a lower opportunity cost in performing liver transplants. Identify the actions that
lead to the hospital seeing more patients.
- Christine and Alicia get equal time doing heart surgery and equal time doing liver transplants.
- Christine spends most of her time doing heart surgeries.
1|Page
, ECON 200 UOFA Exam 1
- Because Alicia is more efficient at both types of surgery, the hospital has Christine do
administrative tasks.
- Christine spends most of her time doing liver transplants.
- Alicia spends most of her time doing liver transplants. - ANSWER-correct:
- Christine spends most of her time doing heart surgeries.
- Christine spends most of her time doing liver transplants.
incorrect:
- Christine and Alicia get equal time doing heart surgery and equal time doing liver transplants.
- Because Alicia is more efficient at both types of surgery, the hospital has Christine do
administrative tasks.
- Alicia spends most of her time doing liver transplants.
Which of the items listed fit the definition of a market?
a swap meet
- a hair salon
- a shopping mall
- a restaurant
- eBay - ANSWER-market:
- a swap meet
- a shopping mall
- eBay
not a market:
- a hair salon
2|Page
, ECON 200 UOFA Exam 1
- a restaurant
In a 1953 speech, President Dwight Eisenhower listed some things that cost about as much as
"one modern heavy-duty bomber": a modern urban school, a couple of power plants or
hospitals, or 50 miles of highway. What points was he trying to make?
-Military spending is a poor use of money.
- A bomber is worth more than a power plant or hospital.
- The U.S. government has only so much money.
- Using scarce resources involves trade-offs. - ANSWER-correct:
- Using scarce resources involves trade-offs.
- The U.S. government has only so much money.
incorrect:
-Military spending is a poor use of money.
- A bomber is worth more than a power plant or hospital.
Place the events in order to describe the unintended consequences of a government-created
incentive.
- Some bred cobras escape.
- The area has more free cobras than before.
- A certain area has a problem with cobras, which are poisonous.
- People begin breeding cobras to turn in, which is easier than hunting them.
- The government announces a reward for every captured cobra turned in. - ANSWER-1. A
certain area has a problem with cobras, which are poisonous.
2. The government announces a reward for every captured cobra turned in.
3|Page
, ECON 200 UOFA Exam 1
3. People begin breeding cobras to turn in, which is easier than hunting them.
4. Some bred cobras escape.
5. The area has more free cobras than before
Fill in the blanks to complete the passage about intellectual property.
The slogan "Information wants to be free" is sometimes used to justify unrestricted _____ of
copyrighted materials, such as music. The _____ this practice is that depriving musicians of
revenue from the sale of their work _____ an incentive for them to be creative, which means a
_____ supply of music for everyone.
selling
sharing
greater
takes away
advantage of
reduced
provides
problem with - ANSWER-The slogan "Information wants to be free" is sometimes used to justify
unrestricted SHARING of copyrighted materials, such as music. The PROBLEM WITH this practice
is that depriving musicians of revenue from the sale of their work TAKES AWAY an incentive for
them to be creative, which means a REDUCED supply of music for everyone.
Which description best captures the idea of marginal thinking?
- recognizing that choosing one thing requires giving up something else
- choosing among several opportunities to make the best possible decision
- recognizing when different people value the same thing differently
4|Page
