my opinion - 2....

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
2.   In economics, the pleasure, happiness, or satisfaction received from a  product is called:  marginal cost. rational outcome. status fulfillment. utility.               3.   The study of economics is primarily concerned with:  keeping private businesses from losing money. demonstrating that capitalistic economies are superior to socialistic  economies. choices that are made in seeking the best use of resources. determining the most equitable distribution of society's output.
Background image of page 1

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

View Full DocumentRight Arrow Icon
    4.   Economics involves marginal analysis because:  most decisions involve changes from the present situation. marginal benefits always exceed marginal costs. marginal costs always exceed marginal benefits. much economic behavior is irrational.    5.   Which of the following most closely relates to the idea of opportunity costs?  tradeoffs. economic growth. technological change. capitalism.      6.
Background image of page 2
  In deciding whether to study for an economics quiz or go to a movie, one is  confronted by the idea(s) of:  scarcity and opportunity costs. money and real capital. complementary economic goals. full production.    7.   The assertion that "There is no free lunch" means that:  there are always tradeoffs between economic goals.  all production involves the use of scarce resources and thus the sacrifice of  alternative goods.  marginal analysis is not used in economic reasoning.  choices need not be made if behavior is rational.       8.
Background image of page 3

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

View Full DocumentRight Arrow Icon
  You should decide to go to a movie:  if the marginal cost of the movie exceeds its marginal benefit. if the marginal benefit of the movie exceeds its marginal cost. if your income will allow you to buy a ticket.
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 05/04/2011 for the course ECON 102 taught by Professor Gini during the Spring '11 term at Salt Lake Community College.

Page1 / 15

my opinion - 2....

This preview shows document pages 1 - 5. Sign up to view the full document.

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