Test Bank For Economics A Contemporary Introduction International Edition 10th Edition By William A. McEachern

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Edition: 10th Edition

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Resource Type: test bank

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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

  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:    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

 

  1. 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

 

  1. 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

 

  1. 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

 

  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:    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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