Microeconomics (ECO 304K) Kahoot
Questions & Correct and Verified
Answers.Latest update2025/2026
Graded A+, Exams of Nursing
How many of these things (love, dirt, gravity, diamonds) are NOT scarce? - CORRECT ANSWERS
1 (gravity)
Does scarcity lead to poverty? - CORRECT ANSWERS NO
When incentives do not work as designed this causes - CORRECT ANSWERS unintended
consequences
Which of the following situations illustrates an incentive? (Mark all that apply)
a) My kids snack all afternoon and aren't hungry for dinner.
b) I give my kids candy if they behave during dinner.
c) The dog sits by waiting for dinner scraps.
d) Apartment rents are too damn high. - CORRECT ANSWERS b) I give my kids candy if
they behave during dinner.
c) The dog sits by waiting for dinner scraps.
Which of these is an example of a negative incentive for someone to use the stairs when an
elevator is available? (Mark all that apply)
a) The stairs are better exercise
b) Using the stairs is faster than waiting for the elevator to show up
c) The elevator is rumored to be poorly maintained and unsafe
d) A viral TikTok video is causing people to jump and puke in elevators - CORRECT ANSWERS
c) The elevator is rumored to be poorly maintained and unsafe
d) A viral TikTok video is causing people to jump and puke in elevators
Juan spends $8,000 on tuition, $7,000 extra being away from home, & loses $3,000 in income to
attend school. The cost is - CORRECT ANSWERS $18,000
Hope pays $12 for a movie ticket and takes 3 hours off of work that pays $16/hour. What is her
opportunity cost? - CORRECT ANSWERS $60
Voluntary trade between two parties results in
a) one party gaining at the expense of the other
b) a lose-lose outcome
c) a win-win outcome
d) inequities, since one person often gains more than the other - CORRECT ANSWERS c) a
win-win outcome
A friend offers you $100 if you help them move for 4 hours. If you value your time at $20, you
should help them move. True or false? - CORRECT ANSWERS TRUE
,Baxter brushes his teeth twice a day but brushes the toilet only once a month. This is an example
of __________
a) trade-offs
b) marginal thinking
c) gains from trade
d) scarcity - CORRECT ANSWERS b) marginal thinking
The three pillars of sustainability are reduce, reuse, and recycle. Economists would add the fourth
pillar _______
a) repurchase
b) reprice
c) renew
d) regift - CORRECT ANSWERS b) reprice
Wayne was willing to buy a kite for $34 that Bevo was willing to sell for $16. They agreed on $25.
a) $34 of total surplus was created in this exchange.
b) $18 of total surplus was created in this exchange
c) $9 of total surplus was created in this exchange
d) $25 of total surplus was created in this exchange - CORRECT ANSWERS b) $18 of total
surplus was created in this exchange
Fred spent $100 on a fishing rod he never used. He sold it to Tamara for $25.
a) Fred and Tamara both win
b) Fred and Tamara both lose
c) Fred wins and Tamara loses
d) Fred loses and Tamara wins - CORRECT ANSWERS a) Fred and Tamara both win
The Earth is 93M miles from the Sun.
a) Normative statement
b) Positive statement - CORRECT ANSWERS b) Positive statement
Rich people pay less tax than poor people
a) Normative statement
b) Positive statement - CORRECT ANSWERS b) Positive statement
"I'm positively sure... that's a bad idea"
a) Normative statement
b) Positive statement - CORRECT ANSWERS a) Normative statement
K-12 teachers are underpaid
a) Normative statement
b) Positive statement - CORRECT ANSWERS a) Normative statement
As you move down from point G to F on the curve the price of bicycles increases.
a) True, the price drops from G to F.
b) False, the price rises from F to G.
c) False, the PPF has nothing to do with the price.
, d) This is false and true at the same time. - CORRECT ANSWERS c) False, the PPF has
nothing to do with the price.
Which of these is endogenous in the PPF model?
a) the two goods being considered
b) improved technology
c) an increase in the labor supply
d) an increase in the amount of capital you have - CORRECT ANSWERS a) the two goods
being considered
Comparative advantage implies that you will produce
a) at the highest opportunity cost
b) where your MB of production is just equal to your MC
c) when the existing supply is low
d) at the lowest opportunity cost - CORRECT ANSWERS d) at the lowest opportunity cost
A bus to Houston takes 5 hours longer than a flight but costs $100 less. At what hourly rate would
you be indifferent? - CORRECT ANSWERS $20
The Production Possibilities frontier is convex to the origin because of
a) the law of decreasing opportunity cost
b) inefficiencies in production
c) the law of increasing opportunity cost
d) none of the above - CORRECT ANSWERS c) the law of increasing opportunity cost
England; cloth: 5 wine: 5
Portugal; cloth: 4 wine: 1
Portugal has a comparative advantage in producing ______
a) cloth
b) wine
c) both cloth and wine
d) neither cloth nor wine - CORRECT ANSWERS a) cloth
According to the theory of comparative advantage, countries gain from trade because
a) trade makes firms behave more competitively, reducing their market power
b) output per worker in each firm increases
c) all firms can take advantage of cheap labor
d) each country specializes in what it does relatively best - CORRECT ANSWERS d) each
country specializes in what it does relatively best
Which of these is exogenous in the Supply and Demand model? (Mark all that apply)
a) price
b) income
c) quantity
d) input prices - CORRECT ANSWERS b) income
d) input prices
Which of these does NOT cause a shift of the demand curve?
Questions & Correct and Verified
Answers.Latest update2025/2026
Graded A+, Exams of Nursing
How many of these things (love, dirt, gravity, diamonds) are NOT scarce? - CORRECT ANSWERS
1 (gravity)
Does scarcity lead to poverty? - CORRECT ANSWERS NO
When incentives do not work as designed this causes - CORRECT ANSWERS unintended
consequences
Which of the following situations illustrates an incentive? (Mark all that apply)
a) My kids snack all afternoon and aren't hungry for dinner.
b) I give my kids candy if they behave during dinner.
c) The dog sits by waiting for dinner scraps.
d) Apartment rents are too damn high. - CORRECT ANSWERS b) I give my kids candy if
they behave during dinner.
c) The dog sits by waiting for dinner scraps.
Which of these is an example of a negative incentive for someone to use the stairs when an
elevator is available? (Mark all that apply)
a) The stairs are better exercise
b) Using the stairs is faster than waiting for the elevator to show up
c) The elevator is rumored to be poorly maintained and unsafe
d) A viral TikTok video is causing people to jump and puke in elevators - CORRECT ANSWERS
c) The elevator is rumored to be poorly maintained and unsafe
d) A viral TikTok video is causing people to jump and puke in elevators
Juan spends $8,000 on tuition, $7,000 extra being away from home, & loses $3,000 in income to
attend school. The cost is - CORRECT ANSWERS $18,000
Hope pays $12 for a movie ticket and takes 3 hours off of work that pays $16/hour. What is her
opportunity cost? - CORRECT ANSWERS $60
Voluntary trade between two parties results in
a) one party gaining at the expense of the other
b) a lose-lose outcome
c) a win-win outcome
d) inequities, since one person often gains more than the other - CORRECT ANSWERS c) a
win-win outcome
A friend offers you $100 if you help them move for 4 hours. If you value your time at $20, you
should help them move. True or false? - CORRECT ANSWERS TRUE
,Baxter brushes his teeth twice a day but brushes the toilet only once a month. This is an example
of __________
a) trade-offs
b) marginal thinking
c) gains from trade
d) scarcity - CORRECT ANSWERS b) marginal thinking
The three pillars of sustainability are reduce, reuse, and recycle. Economists would add the fourth
pillar _______
a) repurchase
b) reprice
c) renew
d) regift - CORRECT ANSWERS b) reprice
Wayne was willing to buy a kite for $34 that Bevo was willing to sell for $16. They agreed on $25.
a) $34 of total surplus was created in this exchange.
b) $18 of total surplus was created in this exchange
c) $9 of total surplus was created in this exchange
d) $25 of total surplus was created in this exchange - CORRECT ANSWERS b) $18 of total
surplus was created in this exchange
Fred spent $100 on a fishing rod he never used. He sold it to Tamara for $25.
a) Fred and Tamara both win
b) Fred and Tamara both lose
c) Fred wins and Tamara loses
d) Fred loses and Tamara wins - CORRECT ANSWERS a) Fred and Tamara both win
The Earth is 93M miles from the Sun.
a) Normative statement
b) Positive statement - CORRECT ANSWERS b) Positive statement
Rich people pay less tax than poor people
a) Normative statement
b) Positive statement - CORRECT ANSWERS b) Positive statement
"I'm positively sure... that's a bad idea"
a) Normative statement
b) Positive statement - CORRECT ANSWERS a) Normative statement
K-12 teachers are underpaid
a) Normative statement
b) Positive statement - CORRECT ANSWERS a) Normative statement
As you move down from point G to F on the curve the price of bicycles increases.
a) True, the price drops from G to F.
b) False, the price rises from F to G.
c) False, the PPF has nothing to do with the price.
, d) This is false and true at the same time. - CORRECT ANSWERS c) False, the PPF has
nothing to do with the price.
Which of these is endogenous in the PPF model?
a) the two goods being considered
b) improved technology
c) an increase in the labor supply
d) an increase in the amount of capital you have - CORRECT ANSWERS a) the two goods
being considered
Comparative advantage implies that you will produce
a) at the highest opportunity cost
b) where your MB of production is just equal to your MC
c) when the existing supply is low
d) at the lowest opportunity cost - CORRECT ANSWERS d) at the lowest opportunity cost
A bus to Houston takes 5 hours longer than a flight but costs $100 less. At what hourly rate would
you be indifferent? - CORRECT ANSWERS $20
The Production Possibilities frontier is convex to the origin because of
a) the law of decreasing opportunity cost
b) inefficiencies in production
c) the law of increasing opportunity cost
d) none of the above - CORRECT ANSWERS c) the law of increasing opportunity cost
England; cloth: 5 wine: 5
Portugal; cloth: 4 wine: 1
Portugal has a comparative advantage in producing ______
a) cloth
b) wine
c) both cloth and wine
d) neither cloth nor wine - CORRECT ANSWERS a) cloth
According to the theory of comparative advantage, countries gain from trade because
a) trade makes firms behave more competitively, reducing their market power
b) output per worker in each firm increases
c) all firms can take advantage of cheap labor
d) each country specializes in what it does relatively best - CORRECT ANSWERS d) each
country specializes in what it does relatively best
Which of these is exogenous in the Supply and Demand model? (Mark all that apply)
a) price
b) income
c) quantity
d) input prices - CORRECT ANSWERS b) income
d) input prices
Which of these does NOT cause a shift of the demand curve?
