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Unformatted text preview: Test 1 Submission View released: Aug 17, 2009 11:55 AM Question 1 1 / 1 point By definition, economics is the study of 1) How to make money in the stock market. 2) How to make money in a market ecpnomy 3) the choices people make to attain their goals, given their scarce resources. 4) supply and demand Question 2 1 / 1 point Economists assume that individuals 1) Behave in unpredictable ways 2) Will never take actions to help others 3) Prefer to live in a society that values fairness above all else 4) Are rational and respond to incentives. Question 3 1 / 1 point What does the term margin means in economics 1) the edge of a market 2) an additional or extra 3) illegal 4) secondary Question 4 1 / 1 point the additional revenue received by a firm for the sale of an additional unit of a product 1) is a marginal cost to the firm 2) is the total profit to the firm. 3) is a marginal benefit to the firm 4) is the same as the total cost Question 5 1 / 1 point What is an economic model? 1) It is a description of an economic issue that relates to all possible information. 2) It is a simplified version of some aspect of economic life used to analyze an economic issue 3) it is detailed version of some economic life relevant in developing countries 4) It is a description of issue based on government requirements....
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- Fall '10