Test Bank For ECON Microeconomics 1st Edition by William A. McEachern

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Edition: 1st Edition

Format: Downloadable ZIP Fille

Resource Type: test bank

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Test Bank For ECON Microeconomics 1st Edition by William A. McEachern

Chapter 1—The Art and Science of Economic Analysis

MULTIPLE CHOICE

  1. Economics is best defined as the study of how individuals decide to use limited resources in an attempt to satisfy unlimited wants.
a. True
b. False

ANS:  A                    PTS:   1                    DIF:    Easy               NAT:  Analytic

LOC:  The study of economics and definitions of economics

TOP:   The Economic Problem: Scarce Resources | Unlimited Wants

 

  1. Economics studies how decision makers use scarce resources to satisfy unlimited wants.
a. True
b. False

ANS:  A                    PTS:   1                    DIF:    Easy               NAT:  Analytic

LOC:  The study of economics and definitions of economics

TOP:   The Economic Problem: Scarce Resources | Unlimited Wants

 

  1. In economics, money is an example of capital.
a. True
b. False

ANS:  B                    PTS:   1                    DIF:    Hard               NAT:  Analytic

LOC:  The study of economics and definitions of economics

TOP:   The Economic Problem: Scarce Resources | Unlimited Wants

 

  1. Profit is the payment received by resource owners for the use of their capital.
a. True
b. False

ANS:  B                    PTS:   1                    DIF:    Moderate        NAT:  Analytic

LOC:  The study of economics and definitions of economics

TOP:   The Economic Problem: Scarce Resources | Unlimited Wants

 

  1. Rent is the payment received by resource owners for the use of their natural resources.
a. True
b. False

ANS:  A                    PTS:   1                    DIF:    Moderate        NAT:  Analytic

LOC:  The study of economics and definitions of economics

TOP:   The Economic Problem: Scarce Resources | Unlimited Wants

 

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