FREE AND STUDY GAMES ABOUT ECON VIDEO 1 EXAM

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FREE AND STUDY GAMES ABOUT ECON VIDEO 1 EXAM

QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -18 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: Scarcity means that the nation must do what?

Answer:

Make choices.Question 2: Why is John Green not hosting the series? Phrase your answer in economic terms.

Answer:

He made an economic choice that his time was better spent writing books / that the opportunity cost of doing the series was too high considering his other options.

Question 3: What is the other major branch of economics?

Answer:

Microeconomics

Question 4: What does macroeconomics focus on?

Answer:

The economy as a whole / the whole nation's economic activity

Question 5: What two institutions were mentioned as being unable to solve all of our problems by themselves?

Answer:

The free market and the government Question 6: Define opportunity cost. It's what you give up in order to do something else.

Answer:

It's what you give up in order to do something else.Question 7: Which president was cited as pointing out the opportunity costs of military spending?

Answer:

Eisenhower Question 8: A number of interesting "solutions" were mentioned, crushing all the cars to prevent accidents or making murder legal to reduce the number of people in jail for killing others. What economic concept was used to shows that these "solutions" are absurd?

Answer:

Their costs outweighed their benefits.Question 9: According to the host, there is actually a cost to watching YouTube videos. What is it?

Answer:

You could be doing something else with that time / You could be watching other videos besides the one you chose.Question 10: Why did Vietnam's "bounty on rat tails" program actually increase the rat population when the goal was to decrease it?

Answer:

The incentive was not set up properly / People released rats to breed after they had cut off the tails, since this would produce more rats and more future bounty mone

Question 11: The study of economics is basically about what two things?

Answer:

People and choices

Question 12: How have states changed their incentives to try to make public universities serve their students better?

Answer:

They used to pay colleges based on the number of students enrolled; now they pay based on the number of students that complete courses or earn degrees.Question 13: What three things were identified as possible opportunity costs for building aircraft carriers?

Answer:

Hospitals, schools, and roads

Question 14: What are some of the things that the study of economics is not?

Answer:

The study of money or how to get rich/the study of the stock market/men in bow ties making predictions about the economy (thought that is sometimes included)

Question 15: What can understanding economics forever change about you?

Answer:

The way you think and problem solve.

Question 16: What are the two most important assumptions in all of economics?

Answer:

Scarcity (people have unlimited wants but limited resources) and everything has a cost

Question 17: If an incentive is poorly designed, what might happen?

Answer:

It can backfire, not producing the result desired.Question 18: Why is "spend more money" a flawed approach to improving American health care?

Answer:

We already spend double what other nations do, and for all this spending, we get worse results.