ECO 3 (ECO3)
Stanford University
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Test Bank 1 to accompany Economics Sixteenth Edition
- Exam (elaborations) • 1178 pages • 2025
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1. For economists, the word "utility" means: 
 A) versatility and flexibility. B) rationality. C) pleasure and satisfaction. D) purposefulness. 
Answer: C 
Type: D Topic: 1 E: 4 MI: 4 MA: 4 Status: New 
 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. 
Answer: D 
Type: A Topic: 1 E: 4 MI: 4 MA: 4 Status: New 
 3. When economists say that people act rationally in their se...
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