ECON 100 Quiz Questions with Correct Answers | Verified and Updated
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Course
Econ 100
Institution
Econ 100
ECON 100 Quiz Questions with Correct
Answers | Verified and Updated
The overriding reason why households and societies face many decisions is that:
(a) resources are scarce
(b) goods and services are not scarce
(c) incomes fluctuate with business cycles
(d) people, by nature, tend to disagree...
(d) zero, since a college education will allow a student to earn a larger income after
graduation - Answer✔️✔️-(b) the value of the best opportunity a student gives up to
attend college
Rational people make decisions at the margin by:
(a) following marginal traditions
(b) behaving in a random fashion
(c) thinking in black-and-white terms
(d) comparing marginal costs and marginal benefits - Answer✔️✔️-(d) comparing
marginal costs and marginal benefits
A rational decision maker takes an action if and only if:
(a) the marginal benefit of the action exceed the marginal cost of the action
(b) the marginal cost of the action exceeds the marginal benefit of the action
(c) the marginal cost of the actions zero
(d) the opportunity cost of the action is zero - Answer✔️✔️-(a) the marginal benefit of the
action exceed the marginal cost of the action
In a market economy, supply and demand are important because they:
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