2 out of 2 points
A local restaurant offers an "all you can eat" Sunday brunch for $12. Jenica eats two servings but leaves half of a third helping uneaten. Why?
Selected Answer:
Her marginal value of an additional bite of food has fallen to zero.
Correct Answer:
Her marginal value of an additional bite of food has fallen to zero.
Question 2
2 out of 2 points
Websites, such as Craigslists and eBay, function as middlemen by
Selected Answer:
increasing the efficiency in matching sellers and buyers.
Correct Answer:
increasing the efficiency in matching sellers and buyers.
Question 3
2 out of 2 points
In a free market economy, innovative products or services will ultimately be judged
Selected …show more content…
Selected Answer:
The pursuit of profit and income gives individuals a strong incentive to provide goods and services that are highly valued by others.
Correct Answer:
The pursuit of profit and income gives individuals a strong incentive to provide goods and services that are highly valued by others.
Question 5
0 out of 2 points
The opportunity cost of building a civic center in your hometown would be the
Selected Answer:
necessary increase in tax revenues to finance the civic center construction.
Correct Answer:
highest valued bundle of other goods and services that must be forgone because of the civic center construction.
Question 6
2 out of 2 points
With the passage of time and advancements in technology, scarce resources
Selected Answer:
are transformed into goods and services more efficiently, but still remain scarce.
Correct Answer:
are transformed into goods and services more efficiently, but still remain scarce.
Question 7
2 out of 2 points
According to economic reasoning, you should offer one hour of volunteer service per week …show more content…
Selected Answer:
A city ordinance bans large "superstores" in order to protect small, local businesses.
Correct Answer:
A city ordinance bans large "superstores" in order to protect small, local businesses.
Question 10
2 out of 2 points
To be economically successful, the entrepreneur must
Selected Answer:
combine resources in a manner that increases their value.
Correct Answer:
combine resources in a manner that increases their value.
Question 11
2 out of 2 points
How did people like Bill Gates and the late Sam Walton become so rich?
Selected Answer:
by providing highly valued goods and services to consumers at attractive prices
Correct Answer:
by providing highly valued goods and services to consumers at attractive prices
Question 12
2 out of 2 points
Countries are likely to reduce the ability of their citizens to achieve prosperity when they
Selected Answer:
interfere with voluntary exchange either domestically or internationally.
Correct Answer:
interfere with voluntary exchange either domestically or internationally.
Question 13
2 out of 2 points
Professional sports teams will trade the services of players only