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ECON 200 UOFA Exam 1 Newest 2026/2027 Complete 150
Questions And Correct Answers (Verified Answers) |Already
Graded A+||Just Out!!!
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
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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 items are among the five foundations of economics?
- conditions of scarcity
- the principle that trade creates value
- marginal thinking
- the universal desire for
- opportunity cost - ANSWER-correct:
- the principle that trade creates value
- marginal thinking
- opportunity cost
incorrect:
- the universal desire for
- conditions of scarcity
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Iowa's soil and climate are better suited for growing corn than
for growing cotton, while in Texas the opposite is true.
Complete the passage about the situation each state is in.
Iowa has a_____ in producing corn. We would expect Texas to
produce_____ and trade it for _____. If these states do not
trade, cotton and corn production will be _____ than if the
states did trade.
specialization
higher
cotton
comparative advantage
lower
corn - ANSWER-Iowa has a COMPARATIVE ADVANTAGE in
producing corn. We would expect Texas to COTTON and trade it
for CORN. If these states do not trade, cotton and corn
production will be LOWER than if the states did trade.
Match each term to its correct definition.
microeconomics
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economics
macroeconomics
the study of the overall aspects and workings of an economy
the study of the use of money in modern economies
the study of the individual units that make up the economy
the study of how people allocate limited resources
the study of individual cases that illustrate general economic
laws - ANSWER-microeconomics - the study of the individual
units that make up the economy
economics - the study of how people allocate limited resources
macroeconomics - the study of the overall aspects and workings
of an economy
Pharmaceutical companies are perceived as profiting unfairly
from drugs they sell. A new law shortens the time during which
the manufacturer has exclusive use of the drug formula. Place
the events in sequence to illustrate how restricting profits by
pharmaceutical companies affects innovation.
- Fewer new drugs are brought to market.
ECON 200 UOFA Exam 1 Newest 2026/2027 Complete 150
Questions And Correct Answers (Verified Answers) |Already
Graded A+||Just Out!!!
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
,2|Page
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 items are among the five foundations of economics?
- conditions of scarcity
- the principle that trade creates value
- marginal thinking
- the universal desire for
- opportunity cost - ANSWER-correct:
- the principle that trade creates value
- marginal thinking
- opportunity cost
incorrect:
- the universal desire for
- conditions of scarcity
,3|Page
Iowa's soil and climate are better suited for growing corn than
for growing cotton, while in Texas the opposite is true.
Complete the passage about the situation each state is in.
Iowa has a_____ in producing corn. We would expect Texas to
produce_____ and trade it for _____. If these states do not
trade, cotton and corn production will be _____ than if the
states did trade.
specialization
higher
cotton
comparative advantage
lower
corn - ANSWER-Iowa has a COMPARATIVE ADVANTAGE in
producing corn. We would expect Texas to COTTON and trade it
for CORN. If these states do not trade, cotton and corn
production will be LOWER than if the states did trade.
Match each term to its correct definition.
microeconomics
, 4|Page
economics
macroeconomics
the study of the overall aspects and workings of an economy
the study of the use of money in modern economies
the study of the individual units that make up the economy
the study of how people allocate limited resources
the study of individual cases that illustrate general economic
laws - ANSWER-microeconomics - the study of the individual
units that make up the economy
economics - the study of how people allocate limited resources
macroeconomics - the study of the overall aspects and workings
of an economy
Pharmaceutical companies are perceived as profiting unfairly
from drugs they sell. A new law shortens the time during which
the manufacturer has exclusive use of the drug formula. Place
the events in sequence to illustrate how restricting profits by
pharmaceutical companies affects innovation.
- Fewer new drugs are brought to market.
