Test Bank For Microeconomics 1st Canadian Edition By Ottawa Karlan
Multiple Choice Questions
- The study of economics can help us:
A.be smarter voters.
B. better understand the impacts of public policies.
C. make the best choices around how to spend our time and money.
D. All of these are true.
Blooms: Remember
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
- Economics is primarily the study of:
A.the government’s decision making process.
B. why provincial and federal governments disagree.
C. how society manages scarce resources.
D. All of these are true.
Blooms: Remember
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
- The principles of economics can explain:
A.why people choose to work or go to college.
B. why a country might prosper.
C. why the value of money changes over time.
D. Economics can explain all of these things.
Blooms: Remember
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
- Decisions about how to allocate resources are made by:
A.individuals.
B. businesses.
C. governments.
D. Resource allocation decisions are made by all of these groups.
Blooms: Remember
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
- Which of the following statements best describes the study of economics?
A.Economics studies the resource allocation decisions made by individuals, families, firms, governments, and other organization.
B. Economics studies the resource allocation decisions made solely by government organization.
C. Economics studies how people maximize returns in the stock market.
D. Economics studies how governments determine appropriate tax rates.
Blooms: Understand
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
- Alan could apply the principles of economic decision making to:
A.deciding how to spend his paycheque.
B. deciding which girl to marry.
C. deciding what to have for dinner.
D. All of these are true.
Blooms: Understand
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
- Which of the following is not considered an economic resource?
A.Real estate
B. A personal relationship
C. Cash
D. These are all examples of a resource.
Blooms: Understand
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
- The two broad fields that make up the subject of economics are:
A.microeconomics and macroeconomics.
B. personal investments and business investments.
C. fiscal policy and monetary policy.
D. imports and exports.
Blooms: Understand
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
- Which of the following is considered a microeconomic issue?
A.The local university decides to raise tuition for online course offerings.
B. Zimbabwe has experienced a decline in inflation.
C. The economic growth rate was reported at 2.4 percent in the first quarter of 2013 for the United States.
D. The unemployment rate in Greece is 22.8 percent.
Blooms: Understand
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
- Which of the following is considered a microeconomic issue?
A.A family decides to drive its child to school instead of relying on a school bus.
B. Apple releases a new version of the iPhone.
C. Coors Light packages alcohol in bottles that turn blue when cold.
D. All of these are examples of microeconomic issues.
Blooms: Understand
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
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