CHAPTER 1 - CHAPTER 1 1. Economics may best be defined as:...

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CHAPTER 1 1. Economics may best be defined as: A) the interaction between macro and micro considerations. B) the study of the behavior of people and institutions in the production, distribution, and consumption of scarce goods. C) the empirical testing of value judgments through the use of induction and deduction. D) the use of policy to refute facts and hypotheses. Ans: B 2. The study of economics is primarily concerned with: A) keeping private businesses from losing money. B) demonstrating that capitalistic economies are superior to socialistic economies. C) choices which are made in seeking to use scarce resources efficiently. D) determining the most equitable distribution of society's output. Ans: C 3. You should decide to go to a movie: A) if the marginal cost of the movie exceeds its marginal benefit. B) if the marginal benefit of the movie exceeds its marginal cost. C) if your income will allow you to buy a ticket. D) because movies are inherently good products.
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This note was uploaded on 10/15/2009 for the course ECON 2302 taught by Professor Parker during the Spring '09 term at University of Texas-Tyler.

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CHAPTER 1 - CHAPTER 1 1. Economics may best be defined as:...

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