University of Texas, Dallas - MECO 6303 Test 1 Quiz. Questions And Answers. Graded A

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University of Texas, Dallas - MECO 6303 Test 1 Quiz. Questions And Answers. Graded A.LESSON ONE: Intro and Production Possibility Curves  Question 1 1 out of 1 points Which of the following best... describes the relationship between "scarcity" and "value?" Selected Answer: d. scarcity implies value Answers: a. some scarce items are valuable b. some valuable items are scarce c. scarcity has nothing to do with value d. scarcity implies value  Question 2 0 out of 1 points Which of the following best describes the goals of consumers? Selected Answer: c. minimizing cost Answers: a. maximizing profit b. maximizing utility c. minimizing cost d. maximizing leisure  Question 3 0 out of 1 points All points inside the frontier of the PPC are Selected Answer: b. efficient Answers: a. Inefficient b. efficient c. equivalent d. equilibrium points  Question 4 0 out of 1 points Which of the following is NOT a question economists would ask? Selected Answer: c. what are the effects of minimum wages? Answers: a. what accounts for people's preferences? b. what economic policies are efficient? c. what are the effects of minimum wages? d. what are the effects of sales taxes?  Question 5 1 out of 1 points A curved PPC illustrates the situation of Selected Answer: c. increasing opportunity costs Answers: a. constant opportunity costs b. declining opportunity costs c. increasing opportunity costs d. flat opportunity costs  Question 6 1 out of 1 points Economics is best described as a Selected Answer: b. social science Answers: a. natural science b. social science c. hard science d. art e. psycholog [Show More]

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