Jenjuna's Business Model

Question 1
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
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
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