Test Bank for Microeconomics, 3rd Canadian Edition by Glenn Hubbard
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Course
Microeconomics
Institution
Microeconomics
Test Bank for Microeconomics, 3rd Canadian Edition 3ce by Glenn Hubbard, Anthony Patrick OBrien.
Full Chapters test bank included
1 Economics: Foundations and Models
Economics in Your Life and Career: How Much Will You Pay for a Cup of Coffee?
Three Key Economic Ideas
People Are Rational
...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) Changes in global weather patterns can lead to 1)
A) wage increases for coffee shop employees.
B) the destruction of the Canadian coffee harvest.
C) Canadians demanding more coffee.
D) Canadians having to pay more for coffee.
E) more Canadians drinking coffee.
2) The study of economics arises due to 2)
A) unlimited resources.
B) money.
C) greed.
D) unemployment.
E) scarcity.
3) Scarcity refers to the situation in which 3)
A) a country's population is larger than its resource base.
B) unlimited resources exceed limited wants.
C) unlimited wants exceed limited resources.
D) our needs and wants are finite.
E) a nation's poverty level increases faster than its population.
4) The basic economic problem of ________ has always existed and will continue to exist. 4)
A) efficiency
B) inflation
C) unemployment
D) recession
E) scarcity
5) Economics is the study of the ________ people make to attain their goals, given their ________ 5)
resources.
A) decisions; household
B) choices; scarce
C) income; available
D) purchases; unlimited
E) output; time
6) An economic ________ is a simplified version of some aspect of economic life used to analyze 6)
an economic issue.
A) opportunity cost
B) trade-off
C) model
D) variable
E) market
1
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