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Test Bank Microeconomics 12th Edition by David Colander $29.49   Add to cart
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Test Bank Microeconomics 12th Edition by David Colander
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  • Microeconomics
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  • Microeconomics

Test Bank Exam Bank for Microeconomics, 12th Edition 12e by David Colander. ISBN-10: 1 ISBN-13: 7690. Full Chapters are included with Instant Download - Single click PDF - Chapter 1 to 23 (Complete Micro Chapters) PART I: INTRODUCTION: THINKING LIKE AN ECONOMIST Chapter 1: Economics and Econ...

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  • July 11, 2023
  • 1308
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • Microeconomics
  • Microeconomics

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Chapter 01 12e Micro
1) The answers to an economy's three central economic problems are determined by the
interaction of three forces: economic forces, political forces, and social forces.
⊚ true
⊚ false



2) Scarcity exists because economies cannot produce enough to meet the perceived desires of
all individuals.
⊚ true
⊚ false



3) Only marginal costs, not sunk costs, affect economic decisions if individuals are rational.
⊚ true
⊚ false



4) The economic decision rule is to undertake an action only when the marginal benefits of that
action are greater than its total costs.
⊚ true
⊚ false



5) The opportunity cost of undertaking an activity includes any sunk cost.
⊚ true
⊚ false



6) The "invisible hand" is the price mechanism that guides people’s actions in the market.
⊚ true
⊚ false



7) Social and political forces affect the way in which the invisible hand works.
⊚ true
⊚ false




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