Assignment Instructions/ Description
Your quiz has been submitted successfully. Question 1 2 / 2 points Scarcity exists because A) the costs of production are high. B) people take too much leisure time. C) some individuals have low income. D) human wants exceed the resources available to satisfy them. E) some people make bad economic decisions. Question 2 0 / 2 points Macroeconomics is the study of A) the actions of individual consumers. B) the actions of individual businesses. C) national or global economies. D) how ceteris paribus affects causation. E) the government. Question 3 0 / 2 points When a third string NFL quarterback earns more than a police officer, society answers the ________ question. A) why B) what C) how D) social interest vs. self-interest E) for whom Question 4 2 / 2 points The question "Should we produce houses using bricks or wood?" is an example of a ________ question. A) for whom B) what C) how D) where E) why Question 5 2 / 2 points An opportunity cost is A) whatever is paid out and cannot be reduced or reversed. B) anything the decision maker believes costs to be. C) the benefits of the highest-valued alternative forgone. D) the dollar amount that is paid. E) another term for all the sunk costs. Question 6 2 / 2 points Suppose that, instead of taking this test, you could either have worked and earned income or partied and had a pleasurable time. Your opportunity cost of taking the test is the A) forgone party. B) forgone work. C) forgone working and partying. D) forgone working or partying, depending on which was your next best choice. E) test because you are taking it. Question 7 2 / 2 points The benefit of a one-unit increase in an activity A) decreases as you do more of it. B) is called rational-choice benefit. C) is measured by what you must give up. D) is always greater than the opportunity cost of that activity. E) is called marginal cost. Question 8 2 / 2 points Correlation means A) the same as causation. B) holding everything else constant. C) after this, therefore because of this. D) making statements about how the world should be. E) the values of two variables move in a predictable and related way. Question 9 2 / 2 points The ________ of something is the gain or pleasure that it brings. A) marginal cost B) rational margin C) rational choice D) benefit E) opportunity cost Question 10 2 / 2 points The additional benefit of increasing some activity by one-unit is called the A) total benefit. B) marginal benefit. C) scarcity. D) unit cost/benefit. E) opportunity cost. ________________________________________ Attempt Score: 16 / 20 - 80 % Overall Grade (first attempt): 16 / 20 - 80 % Done Get Solution:: EC2050 chapter 1 quiz
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