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Eco 202 – Well Detailed Questions And Answers
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Eco 202 – Well Detailed Questions And Answers
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Eco 202 – Well Detailed Questions And AnswersHow is utility defined? Right Ans - The satisfation experienced from
consuming a good
Which of the following statement about marginal utility is correct? Right
Ans - It is the change in total utility resulting from getting one additional unit
of a good
Diminishing marginal utility implies? Right Ans - As the consumption of a
good increases marginal utility decreases
Dopamine Right Ans - Activity increases when a person considers losing
something of value
Money spent on one product cannot be used on another product, so the brain
reacts in a negative way to the thought of spending money. This is consistent
with the principle of: Right Ans - Opportunity cost
The higher the price of a product , the: Right Ans - Stronger the insula
activity in the brain
The prefrontal cortex is the key region of the brain for: Right Ans - Decision
making
The brain operates effectively only when it has a plentiful supply of: Right
Ans - Glucose
Diminish marginal returns implies that Right Ans - Marginal costs are
increasing
A firm experience diminishing marginal returns because: Right Ans - At
least one factor of production is fixed
Diminishing marginal returns implies that firms: Right Ans - Require more
and more workers to produce each additional unit of output
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