Inexact Economics Quiz

• 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 …show more content…
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: …show more content…
Correct Answer: the entire economic value created by the transaction goes to the seller. • Question 19
2 out of 2 points _____ determine the efficient pattern of specialization in production.
Answer
Selected Answer:
Marginal costs
Correct Answer:
Marginal costs • Question 20
2 out of 2 points If the production of 2,000 cars and 500 tons of corn during a year is economically efficient for a country which produces only these two products, which of the following conclusions can be drawn?
Answer
Selected Answer:
The production of cars cannot be increased without reducing the production of corn.
Correct Answer:
The production of cars cannot be increased without reducing the production of corn. • Question 21
0 out of 2 points The total cost of purchasing a car is:
Answer
Selected Answer: the dollar amount paid for it plus the seller’s opportunity cost of the time spent on looking for a buyer.
Correct Answer: the dollar amount paid for it plus the buyer’s opportunity cost of time spent on buying it. • Question 22
2 out of 2