Mid1-H-A - the professor doesn't require one. D) engage in...

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19.
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Economi c theory assumes that people
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A)
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are so fundamentally complex that no general theory can be deduced to make sense out of the decisions and choices people make. B)
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rarely act generously. C)
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consistently act selfishly. D)
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make choices based on a comparison of cost and benefits, whether or not those choices are selfish or generous. 20.
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In the economic way of thinking, private property rights provide people with A)
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incentives. B)
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dependable information. C)
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rules of the game. D)
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none of the above. E)
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all of the above. 21.
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In a typical college classroo m without a seating chart, dozens of students neverthel ess occupy classroo m seats with a minimum of confusion and disorder. Economi cs explains this orderly process by suggestin g that students A ) f o l l o w a s i m p l e , p e r h a p s e v e n u n w r i t t e n , r u le , s u c h as "s e at s b el o n g fo r th is h o ur to th o se w h o fi rs t o c c u p y th e m ."
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know all the consequences of their actions, and thus purposefully create an orderly classroom seating assignment even if
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Unformatted text preview: the professor doesn't require one. D) engage in entirely random decisions, from which only divine intervention can generate order in the classroom. 22. Which of the following statement s is true? A ) C o m p e t i t i o n c o u l d b e e li m in at e d if m o n e y w er e a b ol is h e d. Greed must be present for a market transaction to be effective. D) Economic theory deduces that competition is desirable and cooperation is undesirable. E) None of the above. 23. The economic way of thinking should be thought of as A) a parable. B) a set of conclusions. C) an approach. D) a statistical procedure. E) a hypothesis. 24. The economic way of thinking assumes that A ) w o m e n a c t d if fe re nt ly th a n m e n. Christians act differently than non-Christians. D) all people act on the basis of the projects that interest them. 19 D 20 E 21 A 22 E 23 C 24 D...
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This note was uploaded on 04/18/2008 for the course ECO 201 taught by Professor Saravia during the Spring '08 term at American University of Sharjah.

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Mid1-H-A - the professor doesn't require one. D) engage in...

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