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Quiz 1 Week One - (1 1 A person should consume more of...

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( 1 ) 1. A person should consume more of something when its marginal: benefit exceeds its marginal cost. cost exceeds its marginal benefit. cost equals its marginal benefit. benefit is still positive. ( 1 ) 2. The assertion that "There is no free lunch" means that:
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there are always tradeoffs between economic goals. all productio n involves the use of scarce resources and thus the sacrifice of alternativ e goods. marginal analysis is not used in economic reasoning . choices need not be made if behavior is rational.
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( 1 ) 3. In deciding whether to study for an economics quiz or go to a movie, one is confronted by the idea(s) of: scarcity and opportuni ty costs. money and real capital. complem entary economic goals. full productio n. 4. Which of the following terms implies the greatest degree of confidence in an economic generalization?
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a hypothesis. a theory. a principle. an anomaly. 5. Refer to the above diagram. Which of the following is a normative statement?
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Point C is superior to point B because it is
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