Issues in Economics Today 8th Edition Test Bank

Issues in Economics Today 8th Edition Test Bank simplifies revision with topic-wise summaries, expert strategies, and plenty of practice exercises.

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Chapter 1Economics: The Studyof Opportunity CostPage1©2018by McGraw-Hill Education.This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in anymanner.This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.Multiple Choice1)Economics is the study ofA)how much people should buy and the prices they should be willing to pay.B)how much people should sell and the prices they should be willing to accept.C)the allocation of the world's freelyavailable resources and who should get them.D)the allocation and use of scarce resources to satisfy unlimited human wants.Answer: DLearning Objective: 01-01Topic: Economics and Opportunity CostBlooms: RememberAACSB: Analytical ThinkingDifficulty: 1 Easy2)The one word in the definition of economics that focuses on the fact that it is impossible toprovide all of the goods and services that everyone wants isA)scarcity.B)resources.C)study.D)allocation.Answer: ALearning Objective: 01-01Topic: Economics and Opportunity CostBlooms: UnderstandAACSB: Analytical ThinkingDifficulty: 1 Easy3)The one word in the definition of economics that focuses on the fact that we have to makechoices about who gets what and how much isA)scarcity.B)resources.C)study.D)allocation.Answer: DLearning Objective: 01-01Topic: Economics and Opportunity CostBlooms: UnderstandAACSB: Analytical ThinkingDifficulty: 1 Easy

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Issues in Economics Today 8th Edition Test Bank

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