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Unformatted text preview: View Attempt 1 of 4 Title: Lesson 1 Quiz (Required for course grade) Started: January 26, 2009 5:14 PM Submitted: February 23, 2009 4:21 PM Time spent: 671:06:48 Total score: 40/100 = 40% Total score adjusted by 0.0 Maximum possible score: 100 Done 1. The "economic perspective" refers to: Student Response Value Correct Answer Feedback A. macroeconomic phenomena, but not microeconomic phenomena. B. microeconomic phenomena, but not macroeconomic phenomena. C. the making of rational decisions in a context of marginal costs and marginal benefits. 100% D. unlimited resources in a context of limited economic wants. Score: 10/10 Comments: 2. "Allocative efficiency" refers to: Student Response Value Correct Answer Feedback A. the use of the least- cost method of production. B. the Your location: Assessments › View All Submissions › View Attempt production of the product-mix most wanted by society. C. the full employment of all available resources. 0% D. production at some point inside of the production possibilities curve. Score: 0/10 Comments: 3. When the price of a product increases, a consumer is able to buy less of it with a given money income. This describes: Student Response Value Correct Answer Feedback A. the costA....
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- Spring '09
- Supply And Demand, C. D., Correct Answer Feedback