TEST BANK MICROECONOMICS 10TH EDITION by Michael Parkin
Chamberlian School of Nursing
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Exam (elaborations) TEST BANK MICROECONOMICS 10TH EDITION by Michael Parkin (CHAPTER ONE)
- Exam (elaborations) • 190 pages • 2021
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1 Definition of Economics 
1) All economic questions are about 
A) how to make money. 
B) what to produce. 
C) how to cope with scarcity. 
D) how to satisfy all our wants. 
Answer: C 
Topic: Scarcity 
Skill: Recognition 
Question history: Previous edition, Chapter 1 
AACSB: Reflective Thinking 
2) All economic questions arise because we 
A) want more than we can get. 
B) want more than we need. 
C) have an abundance of resources. 
D) have limited wants that need to be satisfied. 
Answer: A 
Topi...

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