Test Bank for Economics, 22nd

Edition, Campbell McConnell,

Stanley Brue, Sean Flynn
Full download link at: https://testbankbell.com/product/test-bank-for-economics-
22nd-edition-campbell-mcconnell-stanley-brue-sean-flynn/
 b
b1. Award: b

For economists, the word "utility" means

S versatility and çexibility.

S rationality.

TS pleasure or satisfaction.

S purposefulness.

Dièculty: 01 Easy Learning Objective: 01-01 Deæne

economics and the features of the
economic perspective.

b
b2. Award: b

In economics, the pleasure, happiness, or satisfaction received from a product is called

S marginal cost.

S rational outcome.

S status fulællment.

TS utility.
TS look for and pursue opportunities to increase their utility.

S generally disregard the interests of others.

S are mainly creatures of habit.

S are usually impulsive and unpredictable.

S people are greedy.

TS productive resources are limited.

S human beings are inherently insecure.

S people are irrational.

TS is a reality that underlies economic behavior.

S has the same meaning as selæshness.

S means that people never make wrong decisions.

S is usually self-defeating.

TS opportunity costs.

S marginal beneæts that exceed marginal costs.

S imperfect information.

S normative economics.
TS beneæt exceeds its marginal cost.

S cost exceeds its marginal beneæt.

S cost equals its marginal beneæt.

S beneæt is still better.

S interaction between macro and micro considerations.

TS social science concerned with how individuals, institutions, and society make optimal
choices under conditions of scarcity.

S empirical testing of value judgments through the use of logic.

S study of why people are rational.