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ExamView_Pro_-_Take-home__1wANS

ExamView_Pro_-_Take-home__1wANS - Name Class Date ECON 2020...

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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 ____ 3. Which one of the following statements is most clearly inconsistent with the economic way of thinking? ____ 4. Which of the following is most consistent with economizing behavior? ____ 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
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