Quiz 1sp 2011 - Quiz 1 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question 1 After much

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Quiz 1 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. After much consideration, you have made a rational decision to attend your best friend's party instead of your Econ class this Friday. For this decision to change , which of the following must occur (assume that you are rational)? a. The marginal benefit of partying must increase. b. The marginal cost of partying must decrease. c. The marginal benefit of attending class must increase. d. The marginal cost of attending class must increase. ____ 2. In the former Soviet Union, central planners in the government set output targets and prices for producers. This type of economy would be called a a. market economy b. capitalistic economy c. command economy d. mixed economy ____ 3. Economists make assumptions a. because they are too afraid to explain the real world. b. to make sure that every single variable is included in the model. c.
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This note was uploaded on 02/20/2012 for the course ECON 222 taught by Professor Shimpalee during the Spring '10 term at South Carolina.

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Quiz 1sp 2011 - Quiz 1 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question 1 After much

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