Midterm 1 Practice Questions

Midterm 1 Practice Questions - Chapter 1 Review For...

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Chapter 1 Review For economists, what does the word utility mean? Pleasure and satisfaction What do economists mean when they say people act rationally in their self interest? They look and pursue opportunities to increase their pleasure and satisfaction Why do economists say human beings prefer “want” over “have”? Humans are insecure What underlies economic behavior? Economic self-interest When marginal benefit exceeds its marginal cost what happens? There is too little of a good thing What is the social science concerned with the efficient use of scarce resources to achieve maximum satisfaction of economic wants? Economics What study is concerned with the choices that are made in seeking to use scarce resources efficiently? Study of Economics Chapter 2 What is the economizing problem? Deciding how to make the best use of limited resources to satisfy virtually unlimited wants What concept is primarily concerned with obtaining maximum output from available resources?
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