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ECON 200 UOFA EXAM 1 NEWEST 2025/2026 NEWEST
ACTUAL EXAM WITH COMPLETE QUESTIONS AND
VERIFIED ANSWERS |ALREADY GRADED A+|
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.
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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. 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
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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
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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
ECON 200 UOFA EXAM 1 NEWEST 2025/2026 NEWEST
ACTUAL EXAM WITH COMPLETE QUESTIONS AND
VERIFIED ANSWERS |ALREADY GRADED A+|
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.
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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. 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
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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
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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
