SelfStudyQuiz Site Date/Time"/>

Chapter_16 - YourResultsfor"SelfStudyQuiz SiteTitle...

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Your Results for: "Self-Study Quiz" Print this page Site Title: Principles of Economics, Eighth Edition Book Title: Principles of Economics, 8/e Book Author: Case/Fair Location on  Site: Chapter 16 > Self-Study Quiz Date/Time  Submitted: February 8, 2012 at 5:24 AM  (UTC/GMT) Summary of Results 27% Correct  of 41 Scored items: 11 Correct:  27% 30 Incorrect:  73% 3 questions not scored. 41 scored questions. More information about scoring 1. Refer to the figure below. There are  two people in this society,  I  and  J Between which two points,  I  cannot  be made better off without  making  J  worse off? Your Answer: Between any two points that resul Correct Answer: Between points  B
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  Incorrect. When maximum efficiency exists,  I  cannot be made better off without  making  J  worse off. 2. Refer to the figure below. How does  point B compare to point C on this  utility possibilities frontier? Your Answer: Only point  B  is efficient and desira Correct Answer: Both  B  and  C  are efficient but ma   Incorrect. Both points are efficient, but either one may not be considered desirable. 3. How do wealth and income rate as  measures of well-being? Your Answer: Wealth is a better measure of wel Correct Answer: Wealth and income are both indire being.
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  Incorrect. Both are imperfect measures. 4. According to early economists, while  a consumer chooses on the basis of  his or her own unique utility function,  or measure of his or her own well- being; a society chooses on the  basis of: Your Answer: A theory of economic justice. Correct Answer: A social welfare function.   Incorrect. A consumer chooses on the basis of his or her own unique utility function, or  measure of his or her own well-being; a society, economists said, chooses on the basis of  a social welfare function that embodies the society’s ethics. 5. Which of the following are sources  of household income? Your Answer: Government. Correct Answer: All of the above.   Incorrect. This answer is correct, however, other choices are also correct. 6. The rewards of a skill that is in  limited supply depend on: Your Answer: How many people can supply tha Correct Answer: The demand for that skill.   Incorrect. The rewards of a skill that is in limited supply depend on the demand for that 
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skill. 7. A source of inequality in wages  is  human capital , which refers to: Your Answer: The relationship between workers capital to labor. Correct Answer:
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This note was uploaded on 02/09/2012 for the course ECONOMY 101 taught by Professor Zaier during the Spring '11 term at Qatar University.

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Chapter_16 - YourResultsfor"SelfStudyQuiz SiteTitle...

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