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Test Bank for Microeconomics for Life, Smart Choices for You, 2nd Canadian Edition Cohen (All Chapters included)
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Complete Test Bank for Microeconomics for Life, Smart Choices for You, 2nd Canadian Edition by Avi J. Cohen ; ISBN13: 9780133135831. (Full Chapters included Chapter 1 to 12).... 1. What's In Economics For You? 2. Making Smart Choices. 3. Show Me the Money. 4. Coordinating Smart Choices. 5. Jus...

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  • December 7, 2023
  • 614
  • 2019/2020
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Microeconomics for Life,
Smart Choices for You
2nd Canadian Edition
by Avi J. Cohen


Complete Chapters Test Bank are
included (Ch 1 to 12)


** Immediate Download
** Swift Response
** All Chapters included

,Microeconomics for Life: Smart Choices for You, 2e (Cohen)
Chapter 1 What's in Economics for You? Scarcity, Opportunity Cost, Trade, and Models

1.1 Are You Getting Enough? Scarcity and Choice

1) Economics is about
A) making money.
B) greed.
C) making choices because of scarcity.
D) overcoming scarcity.
E) overcoming greed.
Answer: C
Diff: 1 Type: MC Page Ref: 4
Skill: Recall
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.

2) Economics is about
A) how individuals make the best possible choices.
B) how businesses make the best possible choices.
C) how governments make the best possible choices.
D) how choices interact in markets.
E) all of the above.
Answer: E
Diff: 1 Type: MC Page Ref: 4
Skill: Recall
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.

3) Which of the following limits our ability to get everything we want?
A) scarcity
B) specialization
C) socialism
D) socialization
E) time
Answer: E
Diff: 1 Type: MC Page Ref: 4
Skill: Applied
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.




1

, 4) Which of the following limits our ability to get everything we want?
A) capitalism
B) scarcity
C) socialism
D) democracy
E) money
Answer: E
Diff: 1 Type: MC Page Ref: 4
Skill: Applied
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.

5) Some social activists believe that scarcity occurs because we always want more. This idea is
called
A) activism.
B) paternalism.
C) monetarism.
D) materialism.
E) socialism.
Answer: D
Diff: 2 Type: MC Page Ref: 4
Skill: Recall
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.

6) In a world of scarcity,
A) all products are free.
B) opportunity cost is zero.
C) you are not limited by time.
D) you do not need to work.
E) you must make choices among alternatives.
Answer: E
Diff: 1 Type: MC Page Ref: 4
Skill: Applied
Objective: 1.1 Explain scarcity and describe why you must make smart choices among your
wants.




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