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ECON 200 UOFA EXAM 1 NEWEST 2025/2026 NEWEST
ACTUAL EXAM WITH COMPLETE QUESTIONS AND
VERIFIED ANSWERS |ALREADY GRADED A+|
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.
- Pharmaceutical companies are less willing to invest in drug
development.
- Pharmaceutical companies reduce their estimate of the
profitability of new drug research. - ANSWER-1. Pharmaceutical
companies reduce their estimate of the profitability of new drug
research.
2. Pharmaceutical companies are less willing to invest in drug
development.
3. Fewer new drugs are brought to market.
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Which of the following items describe ways of classifying
incentives according to their different types, from an economist's
point of view?
- irrational
- indirect
- rational
- positive
- negative
- direct - ANSWER-correct:
- indirect
- positive
- negative
- direct
- incorrect:
- irrational
- rational
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Which of the following elements in a society are required for
economic study?
- resources in limited supply
- decisions about how to allocate resources
- a standardized medium of exchange—that is, money
- a system of government
-people with wants and needs - ANSWER-correct:
- resources in limited supply
- decisions about how to allocate resources
-people with wants and needs
incorrect:
- a standardized medium of exchange—that is, money
- a system of government
A production possibilities frontier is a _____ summarizing the
different ways a society's _____ could be used _____ assuming
those resources _____.
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to full capacity
to maximize output of a given product
hypothesis
model
production resources
remain fixed
can respond to demand
available labor - ANSWER-A production possibilities frontier is a
MODEL summarizing the different ways a society's
PRODUCTION RESOURCES could be used TO FULL
CAPACITY assuming those resources REMAIN FIXED.
Which of the following types of graphs would be appropriate for
data about a single variable?
- bar graph
- pie chart
- time0series graph
ECON 200 UOFA EXAM 1 NEWEST 2025/2026 NEWEST
ACTUAL EXAM WITH COMPLETE QUESTIONS AND
VERIFIED ANSWERS |ALREADY GRADED A+|
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.
- Pharmaceutical companies are less willing to invest in drug
development.
- Pharmaceutical companies reduce their estimate of the
profitability of new drug research. - ANSWER-1. Pharmaceutical
companies reduce their estimate of the profitability of new drug
research.
2. Pharmaceutical companies are less willing to invest in drug
development.
3. Fewer new drugs are brought to market.
, Page |2
Which of the following items describe ways of classifying
incentives according to their different types, from an economist's
point of view?
- irrational
- indirect
- rational
- positive
- negative
- direct - ANSWER-correct:
- indirect
- positive
- negative
- direct
- incorrect:
- irrational
- rational
, Page |3
Which of the following elements in a society are required for
economic study?
- resources in limited supply
- decisions about how to allocate resources
- a standardized medium of exchange—that is, money
- a system of government
-people with wants and needs - ANSWER-correct:
- resources in limited supply
- decisions about how to allocate resources
-people with wants and needs
incorrect:
- a standardized medium of exchange—that is, money
- a system of government
A production possibilities frontier is a _____ summarizing the
different ways a society's _____ could be used _____ assuming
those resources _____.
, Page |4
to full capacity
to maximize output of a given product
hypothesis
model
production resources
remain fixed
can respond to demand
available labor - ANSWER-A production possibilities frontier is a
MODEL summarizing the different ways a society's
PRODUCTION RESOURCES could be used TO FULL
CAPACITY assuming those resources REMAIN FIXED.
Which of the following types of graphs would be appropriate for
data about a single variable?
- bar graph
- pie chart
- time0series graph
