Answer the following questions
1. Ceteris Paribus is latin for.
a. all fixed b. all variable c. all included d. all excluded
2. An example of ordinal measure would be
a. earning more salary this year than last year
b. a minimum wage of $ 7.25 /hr
c. the first burger eaten was delicious
d. an opportunity cost of $ 5000
3. Which slope(s) may a supply curve not have?
a. downward sloping b. upward sloping c. zero slope d. infinite slope
4. Fallacy of composition assumes
a. what is true for many is true for one b. what is true for one is true for many c. what is ture for some may not be true for one d. what is true for one may not be true for many
5. All points along an indifference curve show equal
a. levels of satisfaction b. budget levels c. demand curves d. none of the above
6. Nominal dollars
a. have been used for salary calculation b. have been used indexed automatically c. have been used adjusted for inflation d. have not been adjusted for infilation
7. A basic assumption of ecoomics is that most individuals seek to maximize
a. money b. leisure time c. family d. utility
8. we determine that as a consumers income increse they purchase more of a spesfic good, we would classify this good as;
a. infrior b. normal c. nominal luxury
9. The fact that as we consume more of good we enjoy each subsquent unit less (1st hot wing vs. hot wing) is an example of what theory?
a. law of inevitability b. factus Gastroenteritus c. law of dimiinishing marginal utility d. Fallacy of coposition