Test Bank For Economics A Contemporary Introduction International Edition 10th Edition By William A. McEachern
Chapter 1—The Art and Science of Economic Analysis
MULTIPLE CHOICE
- 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: Difficulty: Easy
NAT: BUSPROG: Analytic
STA: DISC: The study of economics, and definitions in economics
TOP: The Economic Problem: Scarce Resources, Unlimited Wants
KEY: Bloom’s: Knowledge
- Economics studies how decision makers use scarce resources to satisfy unlimited wants.
| a. | True |
| b. | False |
ANS: A PTS: 1 DIF: Difficulty: Easy
NAT: BUSPROG: Analytic
STA: DISC: The study of economics, and definitions in economics
TOP: The Economic Problem: Scarce Resources, Unlimited Wants
KEY: Bloom’s: Knowledge
- In economics, money is an example of capital.
| a. | True |
| b. | False |
ANS: B PTS: 1 DIF: Difficulty: Challenging
NAT: BUSPROG: Analytic
STA: DISC: The study of economics, and definitions in economics
TOP: The Economic Problem: Scarce Resources, Unlimited Wants
KEY: Bloom’s: Knowledge
- Profit is the payment received by resource owners for the use of their capital.
| a. | True |
| b. | False |
ANS: B PTS: 1 DIF: Difficulty: Moderate
NAT: BUSPROG: Analytic
STA: DISC: The study of economics, and definitions in economics
TOP: The Economic Problem: Scarce Resources, Unlimited Wants
KEY: Bloom’s: Knowledge
- Rent is the payment received by resource owners for the use of their natural resources.
| a. | True |
| b. | False |
ANS: A PTS: 1 DIF: Difficulty: Moderate
NAT: BUSPROG: Analytic
STA: DISC: The study of economics, and definitions in economics
TOP: The Economic Problem: Scarce Resources, Unlimited Wants
KEY: Bloom’s: Knowledge
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