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You are watching: For economists, the word "utility" means


Transcribed image text: 1. For economists, words "utility" means: A. Versatility and also flexibility. B. Rationality. C. Pleasure and also satisfaction. D. Purposefulness. 2. 3. A person should consume much more of something as soon as its marginal: A. Benefit exceeds that is marginal cost. B. Price exceeds the marginal benefit. C. Price equals the marginal benefit. D. Benefit is still positive. 4. Economics may finest be identified as the: A. Interaction in between a nations exports and also it's profession rivals B. Society science came to with exactly how individuals, institutions, and society make optimal selections under problems of scarcity. C. Empirical experimentation of value judgments through the use of logic. D. Usage of policy to refute facts and also hypotheses. 5. I m sorry of the following is an economic explanation because that why most college-aged movie stars perform not to visit college. A. They are too dumb to get into university B. Lock would find college life boring C. The opportunity cost in state of decreased income is too an excellent D. They can not afford the room, board, and also tuition fees most colleges fee 6. Macroeconomics ideologies the research of economics from the approach of A. The entire economy. B. Governmental units. C. The procedure of specific product and resource markets. D. Individual firms. 7. I beg your pardon of the following is a normative statement? A. The temperature is high today. B. The humidity is high today. C. That is too hot to beat tennis today. D. It will certainly cool off later this evening. 8. Which of the complying with is a confident statement? A. The humidity is as well high today. B. It is too warm to jog today. C. The temperature is 92 levels today. D. Summer evenings room nice once it cools off. 9. The production possibilities curve illustrates the simple principle that: A. The production of much more of any kind of one an excellent will with time require smaller and also smaller sacrifices of other goods. B. An economic situation will automatically achieve full employed of its resources C. If all the resources of an economy are in use, much more of one an excellent can be produced only if much less of another an excellent is produced. D. An economy's volume to produce increases in proportion come its population size. 10. Unemployment: A. Causes the manufacturing possibilities curve to change outward. B. Can exist at any point on a manufacturing possibilities curve. C. Is depicted by a point outside the production possibilities curve. D.

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Is portrayed by a allude inside the production possibilities curve.