Principles of Microeconomics, 9e-Test Item File 2 (Case/Fair/Oster)Chapter 1The Scope and Method of Economics1.1Why Study Economics?1Multiple Choice1) The reasons to study economics include which of the following?A) to be an informed voterB) to understand society and global affairsC) to learn a way of thinkingD) all of the aboveAnswer: DDiff: 1Topic: Why Study Economics?Skill: Fact2) Marginalism isA) the best alternative that we forego when making a decision.B) the study of how societies choose to use scarce resources.C) a market situation in which profit opportunities are eliminated almost instantaneously.D) the process of analyzing the additional costs or benefits arising from a decision.Answer: DDiff: 1Topic: Why Study Economics?Skill: Definition3) Economics is best defined as the study ofA) financial decision-making.B) how consumers make purchasing decisions.C) choices made by people faced with scarcity.D) inflation, unemployment, and economic growth.Answer: CDiff: 2Topic: Why Study Economics?Skill: Definition4) The Industrial Revolution refers to the rise of the modern factory system induringthe late eighteenth and early nineteenth centuries.A) the United StatesB) EnglandC) FranceD) GermanyAnswer: BDiff: 1Topic: Why Study Economics?Skill: FactPreview Mode
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