Chap 01 23e McConnell
1) For economists, the word "utility" means
A) versatility and flexibility.
B) rationality.
C) pleasure or satisfaction.
D) purposefulness.
2) In economics, the pleasure, happiness, or satisfaction received from a product is called
A) marginal cost.
B) rational outcome.
C) status fulfillment.
D) utility.
3) When economists refer to scarcity, they are referring to
A) a situation where what we want of something exceeds what we have of that thing.
B) a situation where what we have of something exceeds what we want of that thing.
C) any situation where an item is limited in amount.
D) the want-satisfying properties of a good or service.
4) When economists refer to scarcity, they are referring to
A) a situation where what we want exceeds what we have.
B) anytime an item is limited in amount.
C) a situation where what we have exceeds what we want.
D) the ability of a good to satisfy wants.
5) When economists say that people act rationally in their self-interest, they mean that
individuals
A) look for and pursue opportunities to increase their utility.
B) generally disregard the interests of others.
C) are mainly creatures of habit.
D) are usually impulsive and unpredictable.
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, 6) According to Emerson: "Want is a growing giant whom the coat of Have was never large
enough to cover." According to economists, "Want" exceeds "Have" because
A) people are greedy.
B) productive resources are limited.
C) human beings are inherently insecure.
D) people are irrational.
7) Which of the following is most accurate about economists' view of purposeful behavior?
A) People are inherently greedy with no regard for the well-being of others.
B) Purposeful behavior makes people immune from faulty logic.
C) Pursuing self-interest sometimes includes making personal sacrifices for others.
D) While people undertake actions with a purpose, they rarely give much thought to the
costs of their actions.
8) Momo tells her roommate, "I might as well go to class, I don't have anything better to do
right now." Momo's statement suggests that
A) the marginal benefits of attending class outweigh the marginal costs.
B) the marginal costs of attending class outweigh the marginal benefits.
C) Momo doesn't face any opportunity costs of attending class.
D) going to class is always the activity that will give Momo the most utility.
9) Kailani tells her partner, "I'm going to quit my job and go back to school." Based on this
statement we can safely conclude that
A) the utility Kailani receives from working is negative and not outweighed by the
income she receives.
B) the wage Kailani receives is not very high.
C) Kailani doesn't like her job.
D) Kailani believes that going back to school will provide her with more utility than
remaining at her job.
10) According to economists, economic self-interest
A) is a reality that underlies economic behavior.
B) has the same meaning as selfishness.
C) means that people never make wrong decisions.
D) is usually self-defeating.
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1) For economists, the word "utility" means
A) versatility and flexibility.
B) rationality.
C) pleasure or satisfaction.
D) purposefulness.
2) In economics, the pleasure, happiness, or satisfaction received from a product is called
A) marginal cost.
B) rational outcome.
C) status fulfillment.
D) utility.
3) When economists refer to scarcity, they are referring to
A) a situation where what we want of something exceeds what we have of that thing.
B) a situation where what we have of something exceeds what we want of that thing.
C) any situation where an item is limited in amount.
D) the want-satisfying properties of a good or service.
4) When economists refer to scarcity, they are referring to
A) a situation where what we want exceeds what we have.
B) anytime an item is limited in amount.
C) a situation where what we have exceeds what we want.
D) the ability of a good to satisfy wants.
5) When economists say that people act rationally in their self-interest, they mean that
individuals
A) look for and pursue opportunities to increase their utility.
B) generally disregard the interests of others.
C) are mainly creatures of habit.
D) are usually impulsive and unpredictable.
1
, 6) According to Emerson: "Want is a growing giant whom the coat of Have was never large
enough to cover." According to economists, "Want" exceeds "Have" because
A) people are greedy.
B) productive resources are limited.
C) human beings are inherently insecure.
D) people are irrational.
7) Which of the following is most accurate about economists' view of purposeful behavior?
A) People are inherently greedy with no regard for the well-being of others.
B) Purposeful behavior makes people immune from faulty logic.
C) Pursuing self-interest sometimes includes making personal sacrifices for others.
D) While people undertake actions with a purpose, they rarely give much thought to the
costs of their actions.
8) Momo tells her roommate, "I might as well go to class, I don't have anything better to do
right now." Momo's statement suggests that
A) the marginal benefits of attending class outweigh the marginal costs.
B) the marginal costs of attending class outweigh the marginal benefits.
C) Momo doesn't face any opportunity costs of attending class.
D) going to class is always the activity that will give Momo the most utility.
9) Kailani tells her partner, "I'm going to quit my job and go back to school." Based on this
statement we can safely conclude that
A) the utility Kailani receives from working is negative and not outweighed by the
income she receives.
B) the wage Kailani receives is not very high.
C) Kailani doesn't like her job.
D) Kailani believes that going back to school will provide her with more utility than
remaining at her job.
10) According to economists, economic self-interest
A) is a reality that underlies economic behavior.
B) has the same meaning as selfishness.
C) means that people never make wrong decisions.
D) is usually self-defeating.
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