The sacrifice involved when you choose a particular course of action is called the?
A. Alternative
B. Opportunity cost
C. Consumer cost
D. Producer cost
Economics Mcqs
The sacrifice involved when you choose a particular course of action is called the ?
The sacrifice involved when you choose a particular course of action is called the ?
A. Alternative
B. Opportunity cost
C. Consumer cost
D. Producer cost
Resources in an economy ?
Resources in an economy ?
A. Are always found
B. Can never decease
C. Always increase over time
D. Are limited at any moment in time
For Economics category a first Nobel prize was given in____________?
For Economics category a first Nobel prize was given in____________?A. 1901
B. 1969
C.1945
D. 1968
B. 1969
C.1945
D. 1968
The first prize in economics was awarded in 1969 to Ragnar Frisch and Jan Tinbergen “for having developed and applied dynamic models for the analysis of economic processes”
When entering a building, Asim diverts his path to go through an open door rather than make the physical effort to open the closed door that is directly in his path. This is an example of:
When entering a building, Asim diverts his path to go through an open door rather than make the physical effort to open the closed door that is directly in his path. This is an example of:
A. irrational behavior
B. a lazy person
C. marginal benefit-marginal cost analysis
D. programmed learning
According to economists, economic self-interest:
According to economists, economic self-interest:
A. is a reality that underlies economic behavior
B. has the same meaning as selfishness
C. is more characteristic of men than of women
D. is usually self-defeating
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:
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
When economists say that people act rationally in their self interest, they mean that individuals _______?
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 unpredictable
In economics, the pleasure, happiness, or satisfaction received from a product is called ______?
In economics, the pleasure, hapess, or satisfaction received from a product is called ______?
A. marginal cost
B. rational outcome
C. status fulfillment
D. utility
For economists, the word “utility” means:
For economists, the word “utility” means:
A. versatility and flexibility
B. rationality
C. pleasure and satisfaction
D. purposefulness