Test Bank For Economics Principles and Applications 5th Edition By Robert E. Hall

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Edition:  5th Edition

Format: Downloadable ZIP Fille

Resource Type: Test bank

Duration: Unlimited downloads

Delivery: Instant Download

Test Bank For Economics Principles and Applications 5th Edition By Robert E. Hall

CHAPTER 1—WHAT IS ECONOMICS?

MULTIPLE CHOICE

 

  1. The basic problem of economics arises when there are unlimited resources available to fulfill society’s limited wants.
a. True
b. False

ANS:  B                    PTS:   1                    NAT:  Financial theories, analysis, reporting, and markets

LOC:  Scarcity, tradeoffs, and opportunity cost

TOP:   Economics | Scarcity and Choice

 

  1. Economics is the study of choice under conditions of
a. demand
b. supply
c. scarcity
d. opportunity
e. abundance

ANS:  C                    PTS:   1                    DIF:    1

NAT:  Financial theories, analysis, reporting, and markets

LOC:  Scarcity, tradeoffs, and opportunity cost

TOP:   Economics | Scarcity and Choice

 

  1. The study of economics would be superfluous if _____ did not exist.
a. demand
b. capital
c. corporations
d. profit
e. scarcity

ANS:  E                    PTS:   1                    DIF:    2

NAT:  Financial theories, analysis, reporting, and markets

LOC:  Scarcity, tradeoffs, and opportunity cost

TOP:   Economics | Scarcity and Choice

 

  1. Which of the following disciplines is not a social science?
a. psychology
b. mathematics
c. economics
d. political science
e. sociology

ANS:  B                    PTS:   1                    DIF:    1

NAT:  Financial theories, analysis, reporting, and markets

LOC:  The study of economics, and definitions of economics

TOP:   Economics | Scarcity and Choice

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