Eco 550 midterm

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Unformatted text preview: Question 1 10 out of 10 points _____ is an online venue where businesses and individuals can hedge their uncertainty about whether legislation that affects them will be enacted. Answer Selected Answer: Correct Answer: Question 2 10 out of 10 points The assumption of rationality in economics implies that: Answer Selected Answer: people make choices with an eye toward attaining objectives they have chosen. Correct Answer: people make choices with an eye toward attaining objectives they have chosen. Question 3 10 out of 10 points Measuring important concepts in economics is difficult and some important economic phenomena are still beyond the understanding of economists. Thus economics is called a(n): Answer Selected Answer: Correct Answer: Question 4 0 out of 10 points The shares of the economic value of a particular transaction that accrues to the seller and the buyer depend on: Answer Selected Answer: Correct Answer: Question 5 10 out of 10 points Megan, an analyst in Ronalds team called in sick on a day when 4 projects were due for completion. Ronald divided Megans work between the remaining six team-members. Which form of governance is being used here? Answer Selected Answer: Correct Answer: Question 6 10 out of 10 points If the transaction between you and the seller takes place at a price that equals your valuation of the product, then: Answer Selected Answer: Correct Answer: Question 7 ...
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