In the First Week of Class Ed Impressed His Classmates

question 23

Multiple Choice

In the first week of class Ed impressed his classmates with his critical and creative thinking on the discussion topics.Since then, Ed has been asked to be involved in several unrelated projects.This is an example of:

• A)the halo effect.
• B)sweeping generalization.
• C)unwarranted assumption.
• D)snap judgment.

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Definitions:

Capital

Capital refers to financial assets or the financial value of assets, such as funds held in deposit accounts as well as the physical factors of production.

Opportunity Cost

The value of the best alternative that is forgone when a choice is made between several mutually exclusive alternatives.

Bowed Outward

Describes a curve (such as in production possibilities frontier) that shows increasing opportunity costs for producing two goods.

Capital

Assets with monetary value, including cash and commodities, which are utilized to produce income or accumulate wealth.