BUS 358 - Microeconomics Chapter 2 Quiz

question

The law of _______ explains why people and societies rarely make all-or-nothing choices.

answer

diminishing marginal utility

question

Marginal thinking is best demonstrated by

answer

choosing to spend one more hour studying economics because you think the improvement in your score on the next quiz will be worth the sacrifice of times

question

the general pattern that consumption of the first few units of any good tends to bring a higher level of ____ to a person than consumption of later units is a common pattern.

answer

utility

question

The choice on a production possibilities set that is socially preferred, or the choice on an individual's budget constraint that is personally preferred, will display _______

answer

allocative efficiency

question

Most choices involve __________, which involves comparing the benefits and costs of choosing a little more or a little less of a good.

answer

marginal analysis

question

Economists refer to this pattern, the ________, which means that as a person received more of a goods, the additional or marginal utility from each additional unit of the good declines.

answer

law of diminishing marginal utility

question

positive statements

answer

describe the world as it is

question

normative statements

answer

describes how the world should be

question

Production possibilities frontier

answer

all point located on the line are equally effiecient

question

which of the following would most likely shift the production possibilities curve inward?

answer

a decrease in the average number of hours worked per week as the labor force chooses to enjoy more leisure time

question

the marginal benefit of a slice of pizza is the:

answer

maximum amount that a consumer is willing to pay for the slice

question

scarcity implies that

answer

it is impossible to completely fulfill the unlimited human desires for goods and services with the limited resources available

question

Gomer decides to spend and hour playing basketball rather than studying. his opportunity cost is:

answer

the benefit to his grades from studying for an hour

question

the slope of the ____ is determined by the relative price of the two goods, which is calculated by taking the price of one good and dividing it by the price of the other good.

answer

budget constraint

question

Philosophers draw a distinction between _____, which describes the world as it is, and normative statements, which describe how the world should be.

answer

positive statements

question

Sunk costs

answer

forget about the money that's irretrievably gone and instead to focus on the marginal costs and benefits of future options

1 of 16

question

The law of _______ explains why people and societies rarely make all-or-nothing choices.

answer

diminishing marginal utility

question

Marginal thinking is best demonstrated by

answer

choosing to spend one more hour studying economics because you think the improvement in your score on the next quiz will be worth the sacrifice of times

question

the general pattern that consumption of the first few units of any good tends to bring a higher level of ____ to a person than consumption of later units is a common pattern.

answer

utility

question

The choice on a production possibilities set that is socially preferred, or the choice on an individual's budget constraint that is personally preferred, will display _______

answer

allocative efficiency

question

Most choices involve __________, which involves comparing the benefits and costs of choosing a little more or a little less of a good.

answer

marginal analysis

question

Economists refer to this pattern, the ________, which means that as a person received more of a goods, the additional or marginal utility from each additional unit of the good declines.

answer

law of diminishing marginal utility

question

positive statements

answer

describe the world as it is

question

normative statements

answer

describes how the world should be

question

Production possibilities frontier

answer

all point located on the line are equally effiecient

question

which of the following would most likely shift the production possibilities curve inward?

answer

a decrease in the average number of hours worked per week as the labor force chooses to enjoy more leisure time

question

the marginal benefit of a slice of pizza is the:

answer

maximum amount that a consumer is willing to pay for the slice

question

scarcity implies that

answer

it is impossible to completely fulfill the unlimited human desires for goods and services with the limited resources available

question

Gomer decides to spend and hour playing basketball rather than studying. his opportunity cost is:

answer

the benefit to his grades from studying for an hour

question

the slope of the ____ is determined by the relative price of the two goods, which is calculated by taking the price of one good and dividing it by the price of the other good.

answer

budget constraint

question

Philosophers draw a distinction between _____, which describes the world as it is, and normative statements, which describe how the world should be.

answer

positive statements

question

Sunk costs

answer

forget about the money that's irretrievably gone and instead to focus on the marginal costs and benefits of future options

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BUS 358 – Microeconomics Chapter 2 Quiz

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