QUIZ #1 - Quiz#1 Name:QuizKey...

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Quiz #1 Name:  Quiz   Key                                                         1. For economists, the word "utility" means:  A. versatility and flexibility. B. purposefulness. p C. pleasure and satisfaction. p 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. b 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. e C. social science concerned with how individuals, institutions, and society make optimal choices under  conditions of scarcity. c 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. 
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QUIZ #1 - Quiz#1 Name:QuizKey...

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