Macroeconomics Private and Public Choice

Business

Quiz 1 :
The Economic Approach

Quiz 1 :
The Economic Approach

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What do economists mean when they state that a good is scarce?
Free
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Answer:

D

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Economic choice and competitive behavior are the result of
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Answer:

D

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Jacob and Mason go to a diner that sells burritos for $5 and tacos for $3. They agree to split the lunch bill evenly. Mason chooses a taco. The marginal cost to Jacob of ordering a burrito instead of a taco is
Free
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Answer:

A

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The expression, "There's no such thing as a free lunch," implies that
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Which one of the following states a central element of the economic way of thinking?
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Which of the following is most clearly consistent with the basic postulate of economics regarding the reaction of people to a change in incentives.
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Which one of the following is a positive economic statement?
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The basic difference between macroeconomics and microeconomics is that
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Economic analysis assumes that
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While waiting in line to buy two tacos at 75 cents each, and a medium drink for 80 cents, Emma notices that the restaurant has a value meal containing three tacos and a medium drink all for $2.50. For Emma, the marginal cost of purchasing the third taco would be
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Adam Smith believed that if people were free to pursue their own interests,
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Modern economics as a field of study is usually thought to have begun with
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According to Adam Smith, individual self-interest
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The basic ingredients in any economic decision are
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Economic choice and competitive behavior are the result of
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For the typical student, taking an introductory course in economics should
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When a society cannot produce all the goods and services people wish to have, it is said that the economy is experiencing
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Which of the following is the best definition of economics?
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Economics is primarily the study of
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Some individuals or families can become completely saturated with a service such as television. This suggests that
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