Quiz 1 - Object 1 Jump to Navigation Frame Jump to Content...

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Jump to Navigation Frame Jump to Content Frame Your location: Assessments View All Submissions › View Attempt View Attempt 1 of 1 Title: Quiz Chapter 1 Started: February 1, 2010 2:36 PM Submitted: February 1, 2010 3:25 PM Time spent: 00:49:16 Total score: 27/30 = 90% Total score adjusted by 0.0 Maximum possible score: 30 1. for economists, the word "utility" means: Student Response Value Correct Answer Feedback A. versatility and flexibility. B. rationality. C. pleasure and satisfaction. 100% D. purposefulness. Score: 1/1
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2. when entering a building, sam diverts his path to go through an open door rather than make the physical effort to open the closed door that is directly in his path. this is an example of: Student Response Value Correct Answer Feedback A. irrational behavior. B. a lazy person. C. marginal benefit- marginal cost analysis. 100% D. programmed learning. Score: 1/1 3. the study of economics is primarily concerned with: Student Response Value Correct Answer Feedback A. keeping private businesses from losing money. B. demonstrating that capitalistic economies are
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Student Response Value Correct Answer Feedback superior to socialistic economies. C. choices that are made in seeking the best use of resources. 100% D. determining the most equitable distribution of society's output. Score: 1/1 4. you should decide to go to a movie: Student Response Value Correct Answer Feedback A. if the marginal cost of the movie exceeds its marginal benefit. B. if the marginal benefit of the movie exceeds its marginal cost.
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Student Response Value Correct Answer Feedback C. if your income will allow you to buy a ticket. 0% D. because movies are enjoyable. Score: 0/1 5. the assertion that "there is no free lunch" means that: Student Response Value Correct Answer Feedback A. there are always tradeoffs between economic goals. B. all production involves the use of scarce resources and thus the sacrifice of alternative goods. 100% C. marginal analysis is not used in
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Student Response Value Correct Answer Feedback economic reasoning. D. choices need not be made if behavior is rational. Score: 1/1 6. an economic hypothesis: Student Response Value Correct Answer Feedback A. has the same meaning as an economic principal or economic law. B. is usually a normative statement. C. is a possible explanation of cause and effect. 100% D. is a stronger generalization than an economic law.
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Score: 1/1 7. which of the following terms implies the greatest degree of confidence in an economic generalization?
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Quiz 1 - Object 1 Jump to Navigation Frame Jump to Content...

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