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Test Bank for Microeconomics, 4th Canadian Edition by Glenn Hubbard

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Test Bank for Microeconomics 4ce 4th Canadian Edition by Glenn Hubbard, Anthony Patrick O'Brien, Apostolos Serletis. Full Chapters test bank are included - Chapter 1 to 15 Economics: Foundations and Models Trade-offs, Comparative Advantage, and the Market System Where Prices Come From: The Int...

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  • September 28, 2023
  • 1658
  • 2023/2024
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Microecoomics 4th Canadian Edition Hubbard
Complete Chapters test bank included

Microeconomics, 4Ce (Hubbard)
Chapter 1 Economics: Foundations and Models

1.1 Explain these three key economic ideas: People are rational, people respond to incentives,
and optimal decisions are made at the margin

1) Changes in global weather pa3erns can lead to
A) more Canadians drinking coffee.
B) Canadians having to pay more for coffee.
C) wage increases for coffee shop employees.
D) the destruction of the Canadian coffee harvest.
E) Canadians demanding more coffee.
Answer: B
Diff: 1 Type: MC
Topic: Scarcity
Learning Outcome: 1.1 Explain these three key economic ideas: People are rational, people respond to
incentives, optimal decisions are made at the margin
AACSB: Reflective Thinking
Special Feature: Chapter Opener: You versus Caffeine?

2) The study of economics arises due to
A) money.
B) scarcity.
C) greed.
D) unlimited resources.
E) unemployment.
Answer: B
Diff: 1 Type: MC
Topic: Scarcity
Learning Outcome: 1.1 Explain these three key economic ideas: People are rational, people respond to
incentives, optimal decisions are made at the margin
AACSB: Analytic Skills

3) Scarcity refers to the situation in which
A) unlimited wants exceed limited resources.
B) unlimited resources exceed limited wants.
C) a country's population is larger than its resource base.
D) a nation's poverty level increases faster than its population.
E) our needs and wants are finite.
Answer: A
Diff: 1 Type: MC
Topic: Scarcity
Learning Outcome: 1.1 Explain these three key economic ideas: People are rational, people respond to
incentives, optimal decisions are made at the margin
AACSB: Analytic Skills




1

, 4) The basic economic problem of ________ has always existed and will continue to exist.
A) scarcity
B) efficiency
C) inflation
D) recession
E) unemployment
Answer: A
Diff: 1 Type: MC
Topic: Scarcity
Learning Outcome: 1.1 Explain these three key economic ideas: People are rational, people respond to
incentives, optimal decisions are made at the margin
AACSB: Reflective Thinking

5) Economics is the study of the ________ people make to a3ain their goals, given their ________
resources.
A) purchases; unlimited
B) choices; scarce
C) income; available
D) decisions; household
E) output; time
Answer: B
Diff: 1 Type: MC
Topic: Scarcity
Learning Outcome: 1.1 Explain these three key economic ideas: People are rational, people respond to
incentives, optimal decisions are made at the margin
AACSB: Analytic Skills

6) An economic ________ is a simplified version of some aspect of economic life used to analyze an
economic issue.
A) market
B) trade-off
C) variable
D) model
E) opportunity cost
Answer: D
Diff: 1 Type: MC
Topic: Economic Models
Learning Outcome: 1.1 Explain these three key economic ideas: People are rational, people respond to
incentives, optimal decisions are made at the margin
AACSB: Reflective Thinking




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