Quiz1 - ECO210 Introductory Macroeconomics Winter 2008 Wei...

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ECO210 Introductory Macroeconomics Winter 2008 Wei Sun Quiz 1 1. Economic choice and competitive behavior are the result of a. basic human greed. b. poverty. c. private ownership of resources. d . scarcity. 2. Which one of the following is a positive economic statement? a. An increase in the minimum wage will reduce employment. b. The minimum wage should be increased. c. Social justice will be served by increasing the minimum wage. d. Thoughtful people oppose an increase in the minimum wage. 3. A restaurant offers an “all you can eat” lunch buffet for $12. Jim has eaten three servings and is trying to decide whether or not to go back for a fourth. The economic way of thinking suggests that Jim should go back for the fourth serving if and only if a. his marginal benefit of the additional serving is greater than zero. b. his marginal benefit of the additional serving is at least $3. c. his marginal benefit of the additional serving is $12 or more.
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Quiz1 - ECO210 Introductory Macroeconomics Winter 2008 Wei...

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