Which of the following does economics promote as the way to make the best decision? Question 9Select one:a.Continue an enjoyable activity until you get tired of it.b.Continue an enjoyable activity up to where the marginal benefit equals the marginal cost from the activity.c.Continue an enjoyable activity until you cannot afford any more of it.d.Do an enjoyable activity at least once.

The optimal level of economic activity occurs when:Multiple choice question.the total benefit equals the total cost.the marginal benefit equals the total cost.the marginal benefit equals the marginal cost.the total benefit equals the marginal cost.

Multiple Choice QuestionAs the amount of an activity increases, its marginal benefit:Multiple choice question.increases.is infinite.stays the same.decreases.

If the marginal benefit of an activity exceeds the marginal cost of the activity (MB > MC), we shouldMultiple choice question.continue to increase output until MB < MC.continue to decrease output until MB = MC.continue to increase output until MB = MC.discontinue production of output altogether.

Suppose at her current level of consumption, a person enjoys going to an additional baseball game three times as much as seeing an additional new movie. The price of a ticket for a baseball game is $30, and the price of a ticket for a movie is $15. Is the person spending her income (for these two goods) in a manner that maximizes her satisfaction?Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.aYes, she is.bNo, she should increase the consumption of baseball games and movies.cNo, she should increase the consumption of baseball games and decrease the consumption of movies.dNo, she should decrease the consumption of baseball games and increase the consumption of movies.

10.The economic perspective entails (1 Point)irrational behavior by individuals and institutions.a comparison of marginal benefits and marginal costs in decision making.short-term but not long-term thinking.rejection of the scientific method.11.Purposeful behavior suggests that (1 Point)everyone will make identical choices.resource availability exceeds economic wants.individuals may make different choices because of different desired outcomes.an individual's economic goals cannot involve trade-offs.12.Economics involves marginal analysis because (1 Point)most decisions involve changes from the present situation.marginal benefits always exceed marginal costs.marginal costs always exceed marginal benefits.much economic behavior is irrational.13.You should decide to go to a movie(1 Point)if the marginal cost of the movie exceeds its marginal benefit.if the marginal benefit of the movie exceeds its marginal cost.if your income will allow you to buy a ticket.because movies are enjoyable.14.You should decide to go to a movie (1 Point)if your income will allow you to buy a ticket.if the marginal cost of the movie exceeds its marginal benefit.because movies are enjoyable.if the marginal benefit of the movie exceeds its marginal cost.15.Opportunity costs exist because (1 Point)the decision to engage in one activity means forgoing some other activity.wants are scarce relative to resources.households and businesses make rational decisions.most decisions do not involve sacrifices or trade-offs.16.The assertion that "there is no free lunch" means that (1 Point)there are always trade-offs between economic goals.all production involves the use of scarce resources and thus the sacrifice of alternative goods.marginal analysis is used in economic reasoning.choices need not be made if behavior is rational.17.Consumers spend their incomes to get the maximum benefit or satisfaction from the goods and services they purchase. This is a reflection of (1 Point)resource scarcity and the necessity of choice.purposeful behavior.marginal costs that exceed marginal benefits.the trade-off problem that exists between competing goals.18.If a firm produces too little of a particular good, this would suggest that (1 Point)rational choice cannot be applied to many economic decisions.the good is being produced at a point where marginal costs exceed marginal benefits.government should intervene to produce more of the good.the good is being produced at a point where marginal benefit exceeds marginal cost.19.In deciding whether to study for an economics quiz or go to a concert, one is confronted by the idea(s) of (1 Point)scarcity and opportunity costs.money and real capital.complementary economic goals.full production.20.Which one of the following expressions best states the idea of opportunity cost? (1 Point)"A penny saved is a penny earned.""He who hesitates is lost.""There is no such thing as a free lunch.""All that glitters is not gold."