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TEST BANK SOLUTION MANUAL FOR PRINCIPLES OF ECONOMICS,A STREAMLINED APPROACH 4TH EDITION FRANK| QUESTIONS AND CORRECT ANSWERS 2024|100% PASS$12.49
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TEST BANK SOLUTION MANUAL FOR PRINCIPLES OF ECONOMICS, A STREAMLINED APPROACH 4TH EDITION
FRANK
lOMoAR cPSD| 37668344
TEST BANK SOLUTION MANUAL FOR PRINCIPLES
OF ECONOMICS,A STREAMLINED APPROACH 4TH
EDITION FRANK| QUESTIONS AND CORRECT
ANSWERS 2024|100% PASS
,TEST BANK SOLUTION MANUAL FOR PRINCIPLES OF ECONOMICS, A STREAMLINED APPROACH 4TH EDITION
FRANK
File: Chapter 001 Thinking Like an Economist
Multiple Choice Questions
1. Economics is best defined as the study of:
A. inflation, interest rates and the stock market.
B. supply and demand.
C. how people make choices in the face of scarcity and the implications of
those choices for society as a whole.
D. the financial concerns of businesses and individuals.
Ans: C
Difficulty: 01 Easy
Learning Objective: 01-01
Topic: Economics: Studying Choice in a World of Scarcity
Blooms: Remember
AACSB: Reflective Thinking
Feedback: Economics is the study of how people make choices under
conditions of scarcity and the implications of those choices for society as a
whole.
2. Economicsis the study of:
A. the financial concerns of businesses and individuals.
B. the role of government in limiting the choices people make.
C. choice in the face of limited resources.
D. whether we will have enough resources in the future.
Ans: C
Difficulty: 01 Easy
Learning Objective: 01-01
Topic: Economics: Studying Choice in a World of Scarcity
Blooms: Remember
AACSB: Reflective Thinking
Feedback: Economics is the study of how people make choices under
conditions of scarcity and the implications of those choices for society as a
whole.
3. Economists recognize that because people have limited resources:
A. government intervention is necessary.
B. they have to make trade-offs.
C. they will never be happy.
D. our future is bleak.
Ans: B
Difficulty: 01 Easy
Learning Objective: 01-01
Topic: Economics: Studying Choice in a World of Scarcity
Blooms: Remember
,TEST BANK SOLUTION MANUAL FOR PRINCIPLES OF ECONOMICS, A STREAMLINED APPROACH 4TH EDITION
FRANK
AACSB: Reflective Thinking
1
, TEST BANK SOLUTION MANUAL FOR PRINCIPLES OF ECONOMICS, A STREAMLINED APPROACH 4TH EDITION
FRANK
Feedback: Economists recognize that the resources available to us are
limited, so having more of one good thing means having less of another.
5. An implication of scarcity is that:
A. people will never be happy.
B. making trade-offs becomes unnecessary as wealth increases.
C. some people will always be poor.
D. people must make trade-offs.
Ans: D
Difficulty: 01 Easy
Learning Objective: 01-01
Topic: Economics: Studying Choice in a World of Scarcity
Blooms: Remember
AACSB: Reflective Thinking
Feedback: Although we have boundless needs and wants, the resources
available to us are limited. So having more of one thing means having less of
another.
6. If all the world’s resources were to magically increase one hundredfold,
then:
A. people would still have to make trade-offs.
B. economics would no longer be relevant.
C. scarcity would disappear.
D. trade-offs would become unnecessary.
Ans: A
Difficulty: 02 Medium
Learning Objective: 01-01
Topic: Economics: Studying Choice in a World of Scarcity
Blooms: Understand
AACSB: Reflective Thinking
Feedback: Economists assume that resources will always be scarce relative
to people's wants.
8. Forest lives in complete isolation in Montana. He is self-sufficient and feeds
himself through hunting, fishing, and farming. Which of the following
statements about Forest is true?
A. Forest has unlimited resources.
B. Forest is not required to make trade-offs because he is self-sufficient.
C. Forest has to make trade-offs.
D. Forest doesn’t have to consider costs and benefits.
Ans: C
Difficulty: 01 Easy
Learning Objective: 01-01
Topic: Economics: Studying Choice in a World of Scarcity
Blooms: Understand
2
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