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Title: The assumption that people do not intentionally make decisions that would leave them worse off is ... Post by: 123kduncan on Feb 26, 2018 The assumption that people do not intentionally make decisions that would leave them worse off is known as
A) the rationality assumption. B) the microeconomic assumption. C) the ceteris paribus assumption. D) the normative assumption. Ques. 2 What does scarcity have to do with the fact that people must make choices? What will be an ideal response? Ques. 3 Holding demand constant, a reduction in supply leads to A) lower prices and higher quantity demanded. B) lower prices and lower quantity demanded. C) higher prices and higher quantity demanded. D) higher prices and lower quantity demanded. Ques. 4 Assume a family that earns 20,000 pays 1,500 in income taxes, while a family that earns 40,000 pays 3,500 in income taxes. In this situation, the income tax system is A) progressive. B) regressive. C) proportional. D) one of the above but we cannot tell which one without more information. Ques. 5 Adding the quantities demanded by all consumers at every price will yield A) the market-clearing price. B) the number of consumers. C) the total substitution effect from a price change. D) the market demand curve. Ques. 6 Economics is the study of how people eliminate scarcity. Do you agree or disagree? Why? What will be an ideal response? Ques. 7 An example of third parties in the market of automobiles is A) a pedestrian that is affected by the polluted air from automobiles. B) a producer of automobiles. C) a consumer of automobiles. D) None of the above belongs to third parties. Ques. 8 When studying individuals' economic behavior, economists assume that A) individuals understand the rationale for all their actions. B) individuals act as if they were rational. C) only educated people act as if they were rational. D) self-interest is of limited relevance in predicting an individual's actions. Ques. 9 The decrease in the price of gasoline to a national average of less than 3.20 during the summer of 2012 was most likely a result of A) an increase in demand due to reduced summer driving. B) an increase in supply resulting from higher refinery output. C) an increase in demand due to increase in summer driving along with a decrease in supply resulting from reduced refinery output. D) an increase in supply resulting from higher refinery output along with a decrease in demand in summer driving. Title: The assumption that people do not intentionally make decisions that would leave them worse off is ... Post by: Khushhal Farooq on Feb 26, 2018 Content hidden
Title: The assumption that people do not intentionally make decisions that would leave them worse off is ... Post by: 123kduncan on Feb 26, 2018 Nice!
Title: The assumption that people do not intentionally make decisions that would leave them worse off is ... Post by: Khushhal Farooq on Feb 26, 2018 :-]
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