According to economists, economic self-interest:
A. is a reality that underlies economic behavior
B. has the same meaning as selfishness
C. is more characteristic of men than of women
D. is usually self-defeating
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According to Emerson: “Want is a growing giant whom the coat of Have was never large enough to 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
When economists say that people act rationally 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. are unpredictable
In economics, the pleasure, happiness, or satisfaction received from a product is called ______?
A. marginal cost
B. rational outcome
C. status fulfillment
D. utility
For economists, the word “utility” means:
A. versatility and flexibility
B. rationality
C. pleasure and satisfaction
D. purposefulness
One percentage decrease in unemployment is associated with two percentage points of additional growth in real GDP is called?
A. Okun’s Law
B. classical theory
C. Consumer price index
D. none of the above
Resources in an economy?
A. Are always found
B. Can never decease
C. Always increase over time
D. Are limited at any moment in time
According to economists, economic self-interest:
A. is a really that underlies economic behavior
B. has the same meaning as selfishness
C. is more characteristics of men than of woman
D. is usually self-defeating
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