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, Chapter 01 Limits, Alternatives, and Choices Answer KeyMultiple Choice Questions
1. For economists, the word "utility" means
A. versatility and flexibility.
B. rationality.
C. pleasure or satisfaction.
D. purposefulness.
AACSB: Knowledge Application
A c c e s s i b i l i t y : Keyboard Navigation
Blooms: Remember
D i f f i c u l t y : 01 Easy
Learning Objective: 01-01 Define economics and the features of the economic perspective.
Test Bank: I
T o p i c : The Economic Perspective
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.
AACSB: Knowledge Application
A c c e s s i b i l i t y : Keyboard Navigation
Blooms: Remember
D i f f i c u l t y : 01 Easy
Learning Objective: 01-01 Define economics and the features of the economic perspective.
Test Bank: I
T o p i c : The Economic Perspective
3. 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.
1-1
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-
Hill Education.
, AACSB: Knowledge Application
A c c e s s i b i l i t y : Keyboard Navigation
Blooms: Remember
D i f f i c u lt y : 01 Easy
Learning Objective: 01-01 Define economics and the features of the economic perspective.
Test Bank: I
T o p i c : The Economic Perspective
4. 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.
AACSB: Knowledge Application
A c c e s s i b i l i t y : Keyboard Navigation
Blooms: Remember
D i f f i c u l t y : 01 Easy
Learning Objective: 01-01 Define economics and the features of the economic perspective.
Test Bank: I
To p i c : The Economic Perspective
5. According to economists, economic self-interest
A. is a reality that underlies economic behavior.
B. has the same meaning as selfishness.
C. means that people never make wrong decisions.
D. is usually self-defeating.
AACSB: Knowledge Application
A c c e s s i b i l i t y : Keyboard Navigation
Blooms: Remember
D i f f i c u l t y : 01 Easy
Learning Objective: 01-01 Define economics and the features of the economic perspective.
Test Bank: I
T o p i c : The Economic Perspective
6. Joe sold gold coins for $1,000 that he bought a year ago for $1,000. 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
$1,000 if he had bought a bank certificate of deposit instead of the coins.
1-2
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-
Hill Education.
, 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.
AACSB: Knowledge Application
A c c e s s i b i l i t y : Keyboard Navigation
Blooms: Remember
D i f f i c u lt y : 01 Easy
Learning Objective: 01-01 Define economics and the features of the economic perspective.
Test Bank: I
T o p i c : The Economic Perspective
7. 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 better.
AACSB: Knowledge Application
A c c e s s i b i l i t y : Keyboard Navigation
Blooms: Remember
D i f f i c u lt y : 01 Easy
Learning Objective: 01-01 Define economics and the features of the economic perspective.
Test Bank: I
T o p i c : The Economic Perspective
8. 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. study of why people are rational.
AACSB: Knowledge Application
A c c e s s i b i l i t y : Keyboard Navigation
Blooms: Remember
1-3
Copyright © 2018 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-
Hill Education.
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