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Quiz #1 - 1 - Quiz#1 Econ 2013 Name Quiz Key Date 1 For...

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Quiz #1 Econ 2013 Name: Quiz Key Date: 1. For economists, the word "utility" means: A. versatility and flexibility. v B. purposefulness. p C. pleasure and satisfaction. s D. rationality. 2. A person should consume more of something when its marginal: A. benefit is still positive. b B. benefit exceeds its marginal cost. i C. cost equals its marginal benefit. c D. cost exceeds its marginal benefit. 3. Economics may best be defined as the: A. use of policy to refute facts and hypotheses. u B. empirical testing of value judgments through the use of logic. v C. social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity. s D. interaction between macro and micro considerations. 4. Even though local newspapers are very inexpensive, people rarely buy more than one of them each day. This fact: A. implies that, for most people, the marginal benefit of reading a second newspaper is less than the marginal cost. m B. implies that reading should be taught through phonics rather than the whole language method.
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