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Econ 248 Final Review Questions and Answers $10.49   Add to cart

Exam (elaborations)

Econ 248 Final Review Questions and Answers

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In economics, the pleasure, happiness, or satisfaction received from a product is called: o :# Utility Joe sold gold coins for $1000 that he bought a year ago for $1000. He says, "At least I didn't lose any money on my financial investment." His economist friend points out that in effect he d...

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  • September 2, 2024
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Econ 248 Final Review Questions and
Answers
In economics, the pleasure, happiness, or satisfaction received from a product is called:

o :# Utility




Joe sold gold coins for $1000 that he bought a year ago for $1000. He says, "At least I

didn't lose any money on my financial investment." His economist friend points out that

in effect he did lose money, because he could have received a 3 percent return on the

$1000 if he had bought a bank certificate of deposit instead of the coins. The economist's

analysis in this case incorporates the idea of:

o :# Opportunity costs




A person should consume more of something when its marginal:

o :# Benefits exceeds its marginal costs




Economics may best be defined as the:

o :# the social science concerned with how individuals, institutions, and society

make optimal choices under conditions of scarcity




The economic perspective entails:

o :# a comparison of marginal benefits and marginal costs in decision making

, 2024/2025 2|Page


The assertion that "there is no free lunch" means that:

o :# all production involves the use of scarce resources and thus the sacrifice of

alternative goods




The process by which economists test hypotheses against facts to develop theories,

principles, and models is called:

o :# the scientific method




Ben says that "An increase in the tax on beer will raise its price." Holly argues that

"Taxes should be increased on beer because college students drink too much." We can

conclude that:

o :# Holly's statement is normative, but Ben's is positive




The economizing problem is:

o :# the need to make choices because economic wants exceed economic means




The budget line shows:

o :# all possible combinations of two goods that can be purchased, given money

income and the prices of the goods.




An economic system:

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