Review Unit 2 Concept 1
Authored by Shirley Earls
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The study of __________________ traditionally assumes that individuals, businesses, and governments behave rationally when faced with choices.
finances
supply and demand
goods and services
economics
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
In economic terms, a ____________ _______________ is made when the marginal benefit of an action is greater than or equal to the marginal cost.
opportunity cost
rational decision
positive incentive
negative incentive
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
________________ in economics means per unit, incremental, or small changes.
marginal
utility
incentive
invisible hand
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
________________ is the total satisfaction gained from consuming/using a good or service.
marginal
utility
incentive
invisible hand
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The interaction of market forces, in which buyers and sellers are motivated by self-interest, is called the ______________.
marginal
utility
incentive
invisible hand
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
_____________ _______________ is the change in total benefit received from one more unit; the change in total cost paid for one more unit is the ________________ __________.
marginal cost; marginal benefit
opportunity cost; marginal benefit
marginal benefit; opportunity cost
marginal benefit; marginal cost
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
This is the point where the total profit is maximized, and the person is getting the most out of the situation at the given moment....
marginal benefit
opportunity cost
profit-maximizing rule
Law of Diminishing Marginal Utility
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