TestBankforEconomics,22nd Edition,CampbellMcConnell, StanleyBrue,SeanFlynn
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b1.
Award: b
b2.
Foreconomists,the word "utility"means
S versatilityand çexibility.
S rationality.
T S pleasureor satisfaction
S purposefulness
Award: b
Dièculty:01Easy LearningObjective:01-01Deæne economicsand the featuresofthe economicperspective
Ineconomics,the pleasure,happiness,orsatisfactionreceivedfroma product iscalled
S marginalcost
S rationaloutcome
S status fulællment.
T S utility
T S lookforand pursueopportunitiesto increasetheirutility
S generallydisregardthe interestsofothers.
S are mainlycreaturesofhabit
S are usuallyimpulsiveand unpredictable.
S peopleare greedy.
T S productiveresourcesare limited
S human beingsare inherentlyinsecure.
S peopleare irrational
T S isa realitythat underlieseconomicbehavior.
S has the same meaningas selæshness
S meansthat peoplenever make wrong decisions.
S isusuallyself-defeating
T S opportunitycosts.
S marginalbeneætsthat exceedmarginalcosts
S imperfectinformation.
S normativeeconomics
T S beneætexceedsitsmarginalcost
S cost exceedsitsmarginalbeneæt.
S cost equalsitsmarginalbeneæt
S beneætisstillbetter.
S interactionbetweenmacro and microconsiderations.
T S socialscienceconcernedwithhow individuals,institutions,and societymake optimal choicesunder conditionsofscarcity
S empiricaltestingofvaluejudgmentsthrough the use oflogic
S study ofwhypeopleare rational.