ExamView_Pro_-_Take-home__1wANS

ExamView_Pro_-_Take-home__1wANS - Name: _ Class: _ Date: _...

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Name: ________________________ Class: ___________________ Date: __________ 1 ECON 2020 Take-home Quiz #1 Dr. Long Spring 2006 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. Which of the following are scarce? a. pleasant working conditions b. low-cost housing c. free time for recreation d. all of the above ____ 2. A fact based on observable phenomenon that is not influenced by differences in personal opinion is called a. an objective concept. b. a subjective concept. c. an unintended consequence. d. ceteris paribus. ____ 3. Which one of the following statements is most clearly inconsistent with the economic way of thinking? a. "If you give a person a fish, you feed him for a day; if you teach him to fish, you feed him for life." b. "If the government provides a good free to citizens, then the opportunity cost of the good is zero." c. "If you derive the same satisfaction from a hamburger as a chicken sandwich, it makes sense to have the cheaper alternative for lunch." d. "When it is cheaper to have someone else mow your lawn than to mow it yourself, hiring someone to do the job is consistent with economizing behavior." ____ 4. Which of the following is most consistent with economizing behavior? a. If you get the same satisfaction from a steak sandwich and a fish sandwich, you should purchase the one that costs the most. b. Even if you know how to paint, hiring someone to do the job is consistent with economizing behavior, if your opportunity cost is high enough. c. If the government provides a good free to citizens, the opportunity cost of the good is zero. d. If you get the same satisfaction from going to the opera and walking in the woods, it makes no difference which you choose. ____ 5. When an individual weighs her options and makes a choice that maximizes her benefit at the minimum cost, economists refer to this as a process of a. rational decision making. b. objective decision making because the value of goods is determined objectively. c. marginal management analysis. d. random decision making. ____ 6. "The standard of living is too low for many individuals in the United States. The government should implement policies designed to achieve a more equal distribution of income." The preceding statements are a. positive economic statements based on cause and effect. b. normative economic statements based on value judgments. c. based on the fallacy of composition argument. d. an empirically validated economic principle.
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2 ____ 7. The post hoc propter ergo hoc fallacy is when one a. argues that a causal relationship exists simply because of the presence of statistical association. b. argues that what is true for the individual must be true for the group as a whole. c. assumes that everything else is constant, when in fact it is changing. d. assumes that a policy will have a good outcome simply because it was implemented with good intentions.
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This note was uploaded on 04/29/2008 for the course ECON 2010 taught by Professor Mixon during the Spring '08 term at Auburn University.

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ExamView_Pro_-_Take-home__1wANS - Name: _ Class: _ Date: _...

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