Eco 550 Quiz 1

In: Business and Management

Submitted By momanique
Words 1370
Pages 6
• 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…...

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