Question 1 (2 points) The economic way of thinking will help you Question 1 opti

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Question 1 (2 points)
The economic way of thinking will help you
Question 1 options:
1) make decisions in financing your home.
2) decide whether the U.S. government should encourage or discourage immigration.
3) make better decisions concerning your education.
4) all of these
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Question 2 (2 points)
Which of the following statements is TRUE about scarcity?
Question 2 options:
1) Both rich and poor people face the problem of scarcity.
2) Scarcity exists only when supply is insufficient to meet demand.
3) Scarcity exists only when a shortage exists.
4) Scarcity can be eliminated when a country becomes richer.
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Question 3 (2 points)
According to the circular flow, the dollar value of a nation's output is equal to
Question 3 options:
1) profits.
2) total income.
3) net income minus taxes.
4) wages.
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Question 4 (2 points)
A fundamental principle in demand analysis is that a change in price leads to
Question 4 options:
1) movement along the demand curve.
2) a rightward shift of the demand curve.
3) a leftward shift of the demand curve.
4) a complementary movement on the supply curve.
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Question 5 (2 points)
In a market system, the costs associated with exchanging goods are known as
Question 5 options:
1) voluntary costs.
2) signaling costs.
3) wholesale costs.
4) transaction costs.
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Question 6 (2 points)
In economics, another term for satisfaction is
Question 6 options:
1) income elasticity.
2) price elasticity.
3) utility.
4) marginal productivity.
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Question 7 (2 points)
A representative unit that measures the want-satisfying power of a good is
Question 7 options:
1) a margin.
2) purchasing power.
3) income.
4) a util.
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Question 8 (2 points)
The term marginal means
Question 8 options:
1) total.
2) cumulative.
3) subjective.
4) additional.
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Question 9 (2 points)
The change in the total utility as a result of increasing consumption by one unit is known as
Question 9 options:
1) marginal utility.
2) average utility.
3) proportional utility.
4) utils.
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Question 10 (2 points)
On a hot summer day, a construction worker enters a McDonald's fast-food restaurant. He orders the first Big Mac. He consumes it within 3 minutes. He then orders a second Big Mac and consumes it in 10 minutes. He eats only half of the third one in 18 minutes and throws away the rest. The store manager offers him the fourth for free. The construction worker says: "No thanks." Why?
Question 10 options:
1) For the construction worker, total utility increased at an increasing rate.
2) Marginal utility increased at an increasing rate.
3) Marginal utility declined as he consumed additional Big Macs.
4) The law of diminishing marginal utility does not apply to consumption of Big Macs.

Explanation / Answer

1.4) all of these 2.2) Scarcity exists only when supply is insufficient to meet demand. 3.2) total income. 4.3) a leftward shift of the demand curve. 5.4) transaction costs. 6.3) utility. 7.4) a util. 8.4) additional. 9.1) Marginal uti 10.3) Marginal utility declined as he consumed additional Big Macs. please rate appreciated

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