micro1 - 1. Economics is the study of how people choose to...

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1. Economics is the study of how people choose to allocate their scarce resources among unlimited wants. An item is scarce when _________________________ . a. the resources used to produce it are not available. 0% b. the price increases. 0% c. there's not enough to satisfy everyone who wants it. 100% d. it cannot be easily produced. 0% Score: 6.25/6.25 2. In economic terms, pollution, garbage and disease describe an economic 1.----- . 1. bad 100% Equals bad (100%) Score: 6.25/6.25 3. According to the figure below, price per PC and number of PCs purchased have a(n) a. inverse relationship. 100% b. non-constant slope. 0% c. direct relationship. 0% d. non-linear relationship. 0% e. independent relationship. 0% Score: 6.25/6.25 4.
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According to the figure below, the slope of the curve is equal to ____. (number) 1.----- 1. -1 (100%) Score: 0/6.25 5. The term rational self-interest, as viewed by economists, means a. consumers would never pay more for a good simply because it carried a certain designer label. 0% b. consumers always seek the least expensive option when making a purchase regardless of individual preferences. 0% c. people never act until they have perfect information in order to guarantee their own self-interest. 0% d. only economists are capable of rational self-interest. 0% e. people will make the choices that will give them the greatest amount of satisfaction. 100% Score: 6.25/6.25 6. The more UFOs sightings, the higher the rate of inflation rises. If an economist predicted an extremely high inflation rate after a record number of sightings, the economist would be a. taken to the mother ship. 0% b. using normative analysis. 0%
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c. committing the fallacy of composition. 0% d. committing the error of association as causation. 100% e. nominated for the Nobel prize in economics. 0% Score: 6.25/6.25 7. A man I spoke to at a job interview stated that he didn't expect me to stay with the job too long since I was a 26-year-old women. He assumed I would leave when I got married since his wife did. He made an analytical mistake called 1. Fallacy of Composition 100% 2. Association is not Causation 0% 3. Discrimination 0% 4. Nepotism 0% Score: 6.25/6.25 8. Goods used to produce other goods, are called all of the following except a. resources. 0% b. free goods. 100% c. factors of production. 0% d. inputs. 0% Score: 6.25/6.25 9. For the use of their resources, owners of capital receive
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a. profit. 0% b. interest. 100% c. wages. 0% d. rent. 0% e. gifts. 0% Score: 6.25/6.25 10. Which of the following statements is correct? a. Positive economics deals with what ought to be. 0% b. Normative economics is objective. 0% c. Normative economics deals with what is. 0% d. Normative economics expresses someone’s opinion. 100% Score: 0/6.25 11. Ceteris paribus is a commonly used economic assumption that
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micro1 - 1. Economics is the study of how people choose to...

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