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Test Bank for Economics Today: A Canadian Perspective Macroeconomics, 1st Edition by Roger LeRoy Miller

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Test Bank for Economics Today: A Canadian Perspective Macroeconomics, Canadian Edition, 1st edition 1ce by Roger LeRoy Miller, Mustaq Ahmad. Full Chapters test bank are included - Chapter 1 to 19 The Nature of Economics Scarcity and the World of Trade-Offs Demand and Supply Extensions of Dema...

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Economics Today: A Canadian Perspective Macroeconomics, 1e (Miller)
Chapter 1 The Nature of Economics

1.1 The Power of Economic Analysis

1) The economic way of thinking will help you
A) make decisions in financing your home.
B) analyze solutions to economic problems.
C) make better decisions concerning your education.
D) all of these
Answer: D
Diff: 1 Type: MC
Topic: 1.1 The Power of Economic Analysis
AACSB: Analytical thinking

2) Economic analysis is used
A) only by instructors and students in economics to understand the world.
B) only by business people to increase profits.
C) only by policy makers to make policy decisions.
D) in decision making.
Answer: D
Diff: 1 Type: MC
Topic: 1.1 The Power of Economic Analysis
AACSB: Analytical thinking

3) Economic analysis is a tool that
A) aids decision making.
B) helps us understand why people make mistakes.
C) helps us forgive selfish people.
D) makes everyone rich.
Answer: A
Diff: 1 Type: MC
Topic: 1.1 The Power of Economic Analysis
AACSB: Analytical thinking

4) Economics is best defined as the
A) study of how people make decisions to satisfy their wants.
B) study of individual self-interests.
C) study of why people do not react to incentives.
D) process by which goods are sold in free markets.
Answer: A
Diff: 1 Type: MC
Topic: 1.1 The Power of Economic Analysis
AACSB: Analytical thinking

1

,5) Economics can be described as the study of how people allocate ________ resources to satisfy
________ wants.
A) unlimited; unlimited
B) unlimited; limited
C) limited; unlimited
D) limited; limited
Answer: C
Diff: 1 Type: MC
Topic: 1.1 The Power of Economic Analysis
AACSB: Analytical thinking

6) Which statement most accurately describes economics?
A) Economics is the study of how people make money.
B) Economics is the study of how people make choices to satisfy their wants.
C) Economics is the study of social values a society should choose.
D) Economics is the study of how to eliminate scarcity.
Answer: B
Diff: 1 Type: MC
Topic: 1.1 The Power of Economic Analysis
AACSB: Analytical thinking

7) In economic analysis, people's resources are
A) limited and their wants are unlimited.
B) unlimited and their wants are also unlimited.
C) limited and their wants are also limited.
D) unlimited and their wants are limited.
Answer: A
Diff: 1 Type: MC
Topic: 1.1 The Power of Economic Analysis
AACSB: Analytical thinking

8) In economics, items that are used to produce goods and services are known as
A) wants.
B) needs.
C) outputs.
D) resources.
Answer: D
Diff: 1 Type: MC
Topic: 1.1 The Power of Economic Analysis
AACSB: Analytical thinking

2

,9) In economics, all the items that people would consume if they had unlimited income are
known as
A) wants.
B) aggregates.
C) outputs.
D) needs.
Answer: A
Diff: 1 Type: MC
Topic: 1.1 The Power of Economic Analysis
AACSB: Analytical thinking

10) In economics, ________ are limited but ________ are unlimited.
A) wants; resources
B) resources; wants
C) money; ideas
D) ideas; money
Answer: B
Diff: 1 Type: MC
Topic: 1.1 The Power of Economic Analysis
AACSB: Analytical thinking

11) Economics is the study of how
A) people become selfish.
B) preferences are determined.
C) psychology influences preferences.
D) people make choices.
Answer: D
Diff: 1 Type: MC
Topic: 1.1 The Power of Economic Analysis
AACSB: Analytical thinking

12) A fundamental aspect of economics is to
A) ensure that every firm makes a profit.
B) analyze how choices are made.
C) satisfy all our wants.
D) make sure that we always have sufficient resources.
Answer: B
Diff: 1 Type: MC
Topic: 1.1 The Power of Economic Analysis
AACSB: Analytical thinking

3

, 13) Economics is the study of
A) how to get rich.
B) how people allocate their limited resources to satisfy their unlimited wants.
C) how people spend their income.
D) why people want certain goods and services rather than other goods and services.
Answer: B
Diff: 1 Type: MC
Topic: 1.1 The Power of Economic Analysis
AACSB: Analytical thinking

14) Economics is the study of
A) nonhuman phenomena.
B) the determinants of preferences.
C) scarce resources and unlimited wants.
D) the physical sciences.
Answer: C
Diff: 1 Type: MC
Topic: 1.1 The Power of Economic Analysis
AACSB: Analytical thinking

15) Economics deals with
A) how to profit from the stock market.
B) how to satisfy limited human wants.
C) how society allocates unlimited resources.
D) how individuals allocate scarce resources to satisfy unlimited human wants.
Answer: D
Diff: 1 Type: MC
Topic: 1.1 The Power of Economic Analysis
AACSB: Analytical thinking

16) Economics is the study of
A) how to own as many resources as possible.
B) ceteris paribus.
C) the way people think rather than the way they act.
D) how people allocate their limited resources to satisfy their unlimited wants.
Answer: D
Diff: 1 Type: MC
Topic: 1.1 The Power of Economic Analysis
AACSB: Analytical thinking

4

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