DeVry ECON 312 Week 1 Quiz
For economists, the word “utility” means (4 points)
- versatility and flexibility.
- pleasure or satisfaction.
When economists say that people act rationally in their self-interest, they mean that individuals (4 points)
- look for and pursue opportunities to increase their utility.
- generally disregard the interests of others.
- are mainly creatures of habit.
- are usually impulsive and unpredictable
Purposeful behavior suggests that (4 points)
- everyone will make identical choices.
- resource availability exceeds economic wants.
- individuals may make different choices because of different desired outcomes.
- an individual’s economic goals cannot involve trade-offs.
Opportunity costs exist because (4 points)
- the decision to engage in one activity means forgoing some other activity.
- wants are scarce relative to resources.
- households and businesses make rational decisions.
- most decisions do not involve sacrifices or trade-offs
Economists contend that most economic decisions are (4 points)
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Examples of command economies are (4 points)
- the United States and Japan.
- Sweden and Norway.
- Mexico and Brazil.
- Cuba and North Korea.
The French term “laissez-faire” means (4 points)
- “there is no free lunch.”
- “let it be.”
- “circular flow.”
- “public ownership.”
Copyrights and trademarks are examples of (4 points)
- capital goods.
- human capital.
- property rights.
- public goods.
Competition means that (4 points)
- sellers can manipulate market price by causing product scarcities.
- there are independently acting buyers and sellers in each market.
- a product can be purchased at a number of different prices.
- there is more than one seller in a market.
The division of labor means that (4 points)
- labor markets are geographically segmented.
- unskilled workers outnumber skilled workers.
- workers specialize in various production tasks.
- each worker performs a large number of tasks