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
This
preview
has intentionally blurred sections.
Sign up to view the full version.
