04 Jun Question For economists, the word “utility” means:
Question
For economists, the word “utility” means:
A. versatility and flexibility.
B. rationality.
C. pleasure or satisfaction.
D. purposefulness.
In economics, the pleasure, happiness, or satisfaction received from a product is called:
A. marginal cost.
B. rational outcome.
C. status fulfillment.
D. utility.
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.
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.
According to economists, economic self-interest:
A. is a reality that underlies economic behavior.
B. has the same meaning as selfishness.
C. is more characteristic of men than of women.
D. is usually self-defeating.
Joe sold gold coins for $1000 that he bought a year ago for $1000.He says, “At least I didn’t lose any money on my financial investment.” His economist friend points out that in effect he did lose money, because he could have received a 3 percent return on the $1000 if he had bought a bank certificate of deposit instead of the coins. The economist’s analysis in this case incorporates the idea of:
A. opportunity costs.
B. marginal benefits that exceed marginal costs.
C. imperfect information.
D. normative economics.
A person should consume more of something when its marginal:
A. benefit exceeds its marginal cost.
B. cost exceeds its marginal benefit.
C. cost equals its marginal benefit.
D. benefit is still positive.
Economics may best be defined as the:
A. interaction between macro and micro considerations.
B. social science concerned with how individuals, institutions, and society make optimal choices under conditions of scarcity.
C. empirical testing of value judgments through the use of logic.
D. use of policy to refute facts and hypotheses.
The study of economics is primarily concerned with:
A. keeping private businesses from losing money.
B. demonstrating that capitalistic economies are superior to socialistic economies.
C. choices that are made in seeking the best use of resources.
D. determining the most equitable distribution of society’s output.
The economic perspective entails:
A. irrational behavior by individuals and institutions.
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