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Microeconomics 17th Edition Test Bank

Microeconomics 17th Edition Test Bank is an essential resource to help you tackle your upcoming exams with confidence. This guide includes key questions and answers to boost your exam preparation.

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Chapter 1 TestbankStudent: ___________________________________________________________________________1.For economists, the word "utility" means:A.versatility and flexibility.B.rationality.C.pleasure and satisfaction.D.purposefulness.2.In economics, the pleasure, happiness, or satisfaction received from a product is called:A.marginal cost.B.rational outcome.C.status fulfillment.D.utility.3.When economists say that people actrationally in their self interest, they mean that individuals:A.look for and pursue opportunities to increase their utility.B.generally disregard the interests of others.C.are mainly creatures of habit.D.areunpredictable.4.According to Emerson: "Want is a growing giant whom the coat of Have was never large enoughto cover." According to economists, "Want" exceeds "Have" because:A.people are greedy.B.productive resources are limited.C.human beings are inherently insecure.D.people are irrational.5.According to economists, economic self-interest:A.is a reality that underlies economic behavior.B.has the same meaning as selfishness.C.is morecharacteristic of men than of women.D.is usually self-defeating.

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Subject
Economics
Textbook
Microeconomics by Campbell R. McCon...

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