Which of the following is the first step when economists analyze how individuals make choices?
a. Considering what choices are possible for individuals
b. Thinking about which choices individuals actually make
c. Considering what choices individuals might prefer
d. Considering which choices might provide maximum utility
a
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Suppose a student is attending your college on an athletic scholarship, and doesn't pay a penny for tuition. According to the economic way of thinking, the student's cost of attending college is
A) zero. B) bore completely by the college's athletic fund. C) positive, because the student sacrificed some other opportunity to attend your college. D) positive, because the student still needs food and housing. E) negative, because nobody really gains by trying to combine athletics with higher education.
In the United States, a patent lasts
A) 7 years. B) 14 years. C) 20 years. D) forever.
A bank holding company is: a. a conglomerate that owns a bank to service the other businesses it owns. b. a loose federation of private banks that holds assets in common
c. a corporation that owns one or more banks. d. a bank that is owned by the depositors. e. a subsidiary of a major corporation.
Refer to the accompanying table. If the price of Good A is $2 and the price of Good B is $6, then the rational spending rule is satisfies when the consumer purchases ________ units of Good A and ________ units of Good B.UnitsMarginal Utilityof Good AMarginal Utilityof Good B1304022733315244814
A. 4; 3 B. 1; 1 C. 3; 2 D. 2; 1