Marginal utility theory Study guides, Revision notes & Summaries

BDS Exam 1 Questions & Answers 2024/2025 Complete Preference - ANSWERSYou can compare any two things; one of them is preferred to the other (or possibly indifferent) Preference - ANSWERSpsychological construct that can't be observed directly. A binary relation that compares options and indicates what people prefer what are choices? - ANSWERSobserved selection which reveal preferences. Key assumption of revealed preference theory - ANSWERSif you choose something over something else...

Economics Pace 1140 Exam Questions & Answers 2023/2024 study of how the competitive market system operates - ANSWER-price theory basic to the incentive structures of an economy - ANSWER-scarcity grown, mined, or manufactures commodities - ANSWER-goods activities performed for others - ANSWER-services based on the value of components, scarcity, and labor - ANSWER-intrinsic value based on the consumer's idea of a product's usefulness - ANSWER-subjective value ultimate arbite...

Survey of Economics Exam 1, Litzinger RMU Exam Questions and Answers In economic theory and analysis, cost of production that do not change when the rate of output is altered, eg., the cost of basic plant and equipment are called - Answer-fixed costs In economic theory and analysis, goods and services sold to foreign buyers are called - Answer-exports In economic theory and analysis, resource inputs used to produce goods and services, eg., land, labor, capital, entrepreneurship, are call...

In economics the pleasure, happiness, or satisfaction received from a product are called __________. correct answers Utility An __________ ___________ is the cost associated with the alternative that was sacrificed to do or acquire something else. It is the cost associated with the foregone opportunity. correct answers Opportunity cost The study of economics is primarily concerned with what? correct answers Choices that are made in seeking to use scarce resources efficiently. The ______...

Economics 1140 Self Test Exam Questions & Answers 2023/2024 activities performed for others - ANSWER-services study of how the competitive market system operates - ANSWER-price theory commodities that are grown, mined, or manufactured - ANSWER-goods value based on the consumer's idea of a commodity's usefulness - ANSWER-subjective value based on the value of the components, scarcity, and labor - ANSWER-intrinsic ultimate arbiters of economic decisions - ANSWER-consumer prefer...

Test Bank For International Macroeconomics 4th Edition By Robert C. Feenstra, Alan M. Taylor Complete All Chapters 2024. Which of the following is NOT a reason why countries trade goods with one another? A) differences in technology used in different countries B) differences in countries' total amount of resources C) the proximity of countries to one another D) differences in countries' languages and cultures 2. David Ricardo's model explains trade based on: A) labor supply. B) technol...

economics 1140 self test Exam Questions & Answers 2023/2024 consumer preferences - ANSWER-ultimate arbiters of economic decisions diminishing marginal utility - ANSWER-decrease in satisfaction provided by each additional unit of good or service goods - ANSWER-commodities that are grown, mined, or manufactured intrinsic value - ANSWER-value based on the value of components, scarcity, and labor marginal utility - ANSWER-satisfaction derived from the consumption of one unit of a good...

ECON CHPA 1,2,3 Exam 48 Questions with Verified Answers An American consumer who buys a Ferrari that was produced in Italy is an example of a US... - CORRECT ANSWER import Who conducts fiscal policy? - CORRECT ANSWER The executive branch The nation's legislative body Congress What is the process in which workers select specialized tasks to make a product? - CORRECT ANSWER Division of labor Who conducts monetary policy? - CORRECT ANSWER The country's central bank Typically an a...

Chapter 01 The Economic Problem     
Multiple Choice Questions
  1. What do economists mean when they say that the economy faces scarcity? 
A. There are fewer resources available than there were in the 1960s.
B. It is quite evident that the world is running out of resources.
C. The economy is producing far below its capacity to produce.
D. The resources available are not sufficient to produce all that everyone wants.   
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The law of diminishing marginal returns assumes that A. Additional inputs are added in smaller and smaller increments B. there is at least one fixed input C. All inputs are changed by the same percentage D. All inputs are held constant - Answer B If indifference curves cross, then A. Consumers minimize their satisfaction B. The assumption of a demising marginal rate of substitution is violated C. The assumption of completeness is violated D. The assumption of transivity is violated E...