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