Test Bank For Microeconomics , 13th Edition

Test Bank For Microeconomics, 13th Edition simplifies your exam prep with detailed solutions and a wide range of test questions.

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1Microeconomics, 13e(Parkin)Chapter 1What Is Economics?1 Definition of Economics1) All economic questions are aboutA) how to make money.B) what to produce.C) how to cope with scarcity.D) how to satisfy all our wants.Answer: CTopic: ScarcitySkill: RecognitionStatus: OldAACSB: Reflective thinking2) All economic questions arise because weA) want more than we can get.B) want more than we need.C) have an abundance of resources.D) have limited wants that need to be satisfied.Answer: ATopic: ScarcitySkill: RecognitionStatus: OldAACSB: Reflective thinking3) Economics is best defined as the study of how people, businesses, governments, and societiesA) choose abundance over scarcity.B) make choices to cope with scarcity.C) use their infinite resources.D) attain wealth.Answer: BTopic: ScarcitySkill: ConceptualStatus: OldAACSB: Reflective thinking4) Scarcity is a situation in whichA) people cannot satisfy all their wants.B) most people can get only bare necessities.C) people can satisfy all their wants.D) some people can get all they want and some cannot.Answer: ATopic: ScarcitySkill: RecognitionStatus: OldAACSB: Reflective thinking

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Economics

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Microeconomics by Greg W. Marshall,...

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