ECO 252 SB Assignment Answered Correctly Latest Version 2025
______ economic resources means limited goods and services. - Answers Scarce
Which of the following occur when limited economic resources are used to produce one type of good
instead of another? (Check all that apply.) - Answers There is a cost borne by society in utilizing these
resources in lieu of the next best thing.
There is an opportunity cost.
Due to scarce resources, society is faced with a(n) ______ cost when choosing to acquire a good by
sacrificing the next best thing that could have been acquired with those resources. - Answers
opportunity
Which best defines utility? - Answers The satisfaction or pleasure obtained from consuming a good or
service
The assumption behind purposeful behavior is that ______. - Answers people act in such a way as to
rationally pursue their own interests
Which of the following is a result of having scarce economic resources for the production of goods and
services? - Answers Fewer options that require choices
When individuals weigh costs and benefits, their economic decisions are ______ and purposeful. -
Answers rational
The concept at the core of economics that "there is no free lunch" reflects the notion that ______. -
Answers the scarce resources that are used to produce the so-called "free goods" have alternative uses
that are given up
When people get satisfaction from charitable giving, they are ______. - Answers acting out of rational
self-interest
The highest-valued alternative that is given up or sacrificed when choosing to produce or consume one
good over another is referred to as ______. - Answers an opportunity cost
In economics, what term is used to mean "extra," "additional," or "a change in"? - Answers marginal
The pleasure, satisfaction, or happiness obtained from consuming a good or service is known as . (Enter
one word in the blank.) - Answers utility
Because consumers behave in a rationally self-interested manner, the consumer will purchase a good or
service ______. - Answers when the marginal benefit is greater than the marginal cost
When individuals and institutions make decisions with some desired outcome in mind, they are
engaging in ______ behavior. - Answers purposeful
, In a world of scarcity, ______. - Answers the decision to obtain the marginal benefit (MB) of a specific
option always includes the marginal cost (MC) of forgoing something else
The economic assumption that human behavior reflects rational self-interest is predicated on individuals
and institutions ______. - Answers weighing the costs and benefits of their decisions
True or false: To economists, rational self-interest is the same as selfishness. - Answers False
When a hypothesis formed using the scientific method continues to hold true when tested against facts
over time, the hypothesis evolves into a - Answers Theory
For conducting marginal analysis, individuals compare ______. - Answers marginal benefits and marginal
costs
Suppose you are given a $100 gift card and you choose to spend it on a number of goods. You will select
a combination of goods that is best for you and that maximizes your satisfaction. Your choices will
involve which of the following? - Answers A comparison of marginal benefits and marginal costs for each
good considered
A statement about economic behavior or the economy that enables prediction of the probable effects of
certain actions is known as a(n) ______. - Answers economic principle
Choosing one good or service over another based on a comparison of marginal benefits and marginal
costs always involves ______. - Answers an opportunity cost
Economic principles are generalizations that are ______. - Answers expressed as the tendencies of
average consumers, workers or firms
The scientific method, on which economics relies, consists of several elements, including which of the
following? - Answers Accepting, rejecting, and adjusting a hypothesis
Observing real-world behavior and outcomes and formulating a hypothesis based on said observations
Continuing to test the hypothesis against facts
Which one of the following best characterizes the "other-things-equal" assumption? - Answers All
variables except those under immediate consideration are held constant for a particular analysis.
Marginal analysis involves the evaluation of which of the following? - Answers The additional cost versus
the additional benefit of a decision
If economists examine the relationship between the price of a good and sales of that good while
ignoring other related factors, or assuming those other factors are equal, they are using which of the
following? - Answers Ceteris paribus
In developing economic theories, principles, or models, economists ______. - Answers remove clutter
and simplify
______ economic resources means limited goods and services. - Answers Scarce
Which of the following occur when limited economic resources are used to produce one type of good
instead of another? (Check all that apply.) - Answers There is a cost borne by society in utilizing these
resources in lieu of the next best thing.
There is an opportunity cost.
Due to scarce resources, society is faced with a(n) ______ cost when choosing to acquire a good by
sacrificing the next best thing that could have been acquired with those resources. - Answers
opportunity
Which best defines utility? - Answers The satisfaction or pleasure obtained from consuming a good or
service
The assumption behind purposeful behavior is that ______. - Answers people act in such a way as to
rationally pursue their own interests
Which of the following is a result of having scarce economic resources for the production of goods and
services? - Answers Fewer options that require choices
When individuals weigh costs and benefits, their economic decisions are ______ and purposeful. -
Answers rational
The concept at the core of economics that "there is no free lunch" reflects the notion that ______. -
Answers the scarce resources that are used to produce the so-called "free goods" have alternative uses
that are given up
When people get satisfaction from charitable giving, they are ______. - Answers acting out of rational
self-interest
The highest-valued alternative that is given up or sacrificed when choosing to produce or consume one
good over another is referred to as ______. - Answers an opportunity cost
In economics, what term is used to mean "extra," "additional," or "a change in"? - Answers marginal
The pleasure, satisfaction, or happiness obtained from consuming a good or service is known as . (Enter
one word in the blank.) - Answers utility
Because consumers behave in a rationally self-interested manner, the consumer will purchase a good or
service ______. - Answers when the marginal benefit is greater than the marginal cost
When individuals and institutions make decisions with some desired outcome in mind, they are
engaging in ______ behavior. - Answers purposeful
, In a world of scarcity, ______. - Answers the decision to obtain the marginal benefit (MB) of a specific
option always includes the marginal cost (MC) of forgoing something else
The economic assumption that human behavior reflects rational self-interest is predicated on individuals
and institutions ______. - Answers weighing the costs and benefits of their decisions
True or false: To economists, rational self-interest is the same as selfishness. - Answers False
When a hypothesis formed using the scientific method continues to hold true when tested against facts
over time, the hypothesis evolves into a - Answers Theory
For conducting marginal analysis, individuals compare ______. - Answers marginal benefits and marginal
costs
Suppose you are given a $100 gift card and you choose to spend it on a number of goods. You will select
a combination of goods that is best for you and that maximizes your satisfaction. Your choices will
involve which of the following? - Answers A comparison of marginal benefits and marginal costs for each
good considered
A statement about economic behavior or the economy that enables prediction of the probable effects of
certain actions is known as a(n) ______. - Answers economic principle
Choosing one good or service over another based on a comparison of marginal benefits and marginal
costs always involves ______. - Answers an opportunity cost
Economic principles are generalizations that are ______. - Answers expressed as the tendencies of
average consumers, workers or firms
The scientific method, on which economics relies, consists of several elements, including which of the
following? - Answers Accepting, rejecting, and adjusting a hypothesis
Observing real-world behavior and outcomes and formulating a hypothesis based on said observations
Continuing to test the hypothesis against facts
Which one of the following best characterizes the "other-things-equal" assumption? - Answers All
variables except those under immediate consideration are held constant for a particular analysis.
Marginal analysis involves the evaluation of which of the following? - Answers The additional cost versus
the additional benefit of a decision
If economists examine the relationship between the price of a good and sales of that good while
ignoring other related factors, or assuming those other factors are equal, they are using which of the
following? - Answers Ceteris paribus
In developing economic theories, principles, or models, economists ______. - Answers remove clutter
and simplify
