Quiz_01 - Points Awarded Points Missed Percentage 9.00 0.00...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Points Awarded 9.00 Points Missed 0.00 Percentage 100%
Background image of page 1

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

View Full DocumentRight Arrow Icon
1. The idea in economics that "there is no free lunch" means A) Businesses would go bankrupt if they offered free lunches. B) The thought of a free lunch is often better than the reality of consuming it. C) There are opportunity cost when scarce resources are used for free lunches. D) Businesses use free lunches to attract customers but this advertising practice is inefficient. Points Earned: 1.0/1.0 Correct Answer(s): C 2. The ceteris paribus assumption is employed in economic analysis to: A) State economic goals. B) Simplify the complex world. C) Evaluate an economic system. D) Approximate real-world conditions. Points Earned: 1.0/1.0 Correct Answer(s): B 3. How is the economic perspective reflected in lines for fast food? A) Customers select the shortest line because they have perfect information. B) Customers select the shortest line because they believe it will reduce their time spent obtaining food. C) Lines will typically be of unequal length because of the inefficiencies in counter service.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 10/08/2010 for the course ECON 002 taught by Professor Mcleod,markpehlivan,ayseozg during the Summer '08 term at Pennsylvania State University, University Park.

Page1 / 5

Quiz_01 - Points Awarded Points Missed Percentage 9.00 0.00...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online