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Test Bank for Microeconomics, 23rd Edition by Campbell McConnell $29.49   Add to cart
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Test Bank for Microeconomics, 23rd Edition by Campbell McConnell
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  • Microeconomics
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  • Microeconomics

Test Bank Exam Bank for Microeconomics, 23rd Edition 23e by Campbell McConnell, Stanley Brue and Sean Flynn. ISBN-10: 5 ISBN-13: 1442. Full Chapters are included with Instant Download - Single click PDF - Chapter 1 to 28 (Complete Micro Chapters) PART ONE: INTRODUCTION TO ECONOMICS AND THE EC...

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  • July 11, 2023
  • 3981
  • 2022/2023
  • Exam (elaborations)
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  • Microeconomics
  • Microeconomics

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Chap 01 23e Micro
1) For economists, the word "utility" means
A) versatility and flexibility.
B) rationality.
C) pleasure or satisfaction.
D) purposefulness.



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.



3) When economists refer to scarcity, they are referring to
A) a situation where what we want of something exceeds what we have of that thing.
B) a situation where what we have of something exceeds what we want of that thing.
C) any situation where an item is limited in amount.
D) the want-satisfying properties of a good or service.



4) When economists refer to scarcity, they are referring to
A) the ability of a good to satisfy wants.
B) a situation where what we have exceeds what we want.
C) anytime an item is limited in amount.
D) a situation where what we want exceeds what we have.



5) 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.




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