Eco 550 Quiz
Eco 550 Quiz 1
• Question 1
2 out of 2 points
Which of the following is considered to be a cost of information?
Answer
Selected Answer:
The time spent to collect the information.
Correct Answer:
The time spent to collect the information.
• Question 2
2 out of 2 points
Assume that a cargo ship carrying the merchandise of a cloth merchant has been wrecked. Such a setback will be accounted as the merchant’s:
Answer
Selected Answer:
sunk cost.
Correct Answer:
sunk cost.
• Question 3
0 out of 2 points
Utility is a(n) _____ measure of wellbeing of a person.
Answer
Selected Answer:
subjective
Correct Answer:
ordinal
• Question 4
2 out of 2 points
_____ constraints refer to your limited ability to process valuable information.
Answer
Selected Answer:
Psychological
Correct Answer:
Psychological
• Question 5
2 out of 2 points
Measuring important concepts in economics is difficult and some important economic phenomena are still beyond the understanding of economists. Thus economics is called a(n):
Answer
Selected Answer:
inexact science.
Correct Answer:
inexact science.
• Question 6
2 out of 2 points
_____ is an online venue where businesses and individuals can hedge their uncertainty about whether legislation that affects them will be enacted.
Answer
Selected Answer:
The American Civics Exchange
Correct Answer:
The American Civics Exchange
• Question 7
0 out of 2 points
_____ have the ability to recognize constraints and may choose to incur the costs of altering them.
Answer
Selected Answer:
Entrepreneurs
Correct Answer:
Rational people
• Question 8
2 out of 2 points
The costs which can be avoided if we alter our decisions or choices are referred to as:
Answer
Selected Answer:
marginal costs.
Correct Answer:
marginal costs.
• Question 9
2 out of 2 points
When a researcher
• Question 1
2 out of 2 points
Which of the following is considered to be a cost of information?
Answer
Selected Answer:
The time spent to collect the information.
Correct Answer:
The time spent to collect the information.
• Question 2
2 out of 2 points
Assume that a cargo ship carrying the merchandise of a cloth merchant has been wrecked. Such a setback will be accounted as the merchant’s:
Answer
Selected Answer:
sunk cost.
Correct Answer:
sunk cost.
• Question 3
0 out of 2 points
Utility is a(n) _____ measure of wellbeing of a person.
Answer
Selected Answer:
subjective
Correct Answer:
ordinal
• Question 4
2 out of 2 points
_____ constraints refer to your limited ability to process valuable information.
Answer
Selected Answer:
Psychological
Correct Answer:
Psychological
• Question 5
2 out of 2 points
Measuring important concepts in economics is difficult and some important economic phenomena are still beyond the understanding of economists. Thus economics is called a(n):
Answer
Selected Answer:
inexact science.
Correct Answer:
inexact science.
• Question 6
2 out of 2 points
_____ is an online venue where businesses and individuals can hedge their uncertainty about whether legislation that affects them will be enacted.
Answer
Selected Answer:
The American Civics Exchange
Correct Answer:
The American Civics Exchange
• Question 7
0 out of 2 points
_____ have the ability to recognize constraints and may choose to incur the costs of altering them.
Answer
Selected Answer:
Entrepreneurs
Correct Answer:
Rational people
• Question 8
2 out of 2 points
The costs which can be avoided if we alter our decisions or choices are referred to as:
Answer
Selected Answer:
marginal costs.
Correct Answer:
marginal costs.
• Question 9
2 out of 2 points
When a researcher