Test Bank of The Exploration of Microeconomics International Edition 6th Edition by Robert L. Sexton
Chapter 1—The Role and Method of Economics
TRUE/FALSE
- Since resources are abundant, we do not have to make choices about their use.
ANS: F PTS: 1 REF: p. 3
TOP: 1.1 Economics: A Brief Introduction | Economics—A Word with Many Different Meanings
- Economics is the study of choices we make among our many wants and desires.
ANS: T PTS: 1 REF: p. 3
TOP: 1.1 Economics: A Brief Introduction | Economics—A Word with Many Different Meanings
- It is possible to completely eliminate scarcity.
ANS: F PTS: 1 REF: p. 3-4
TOP: 1.1 Economics: A Brief Introduction | Economics—A Word with Many Different Meanings
- Scarcity applies to decision-makers in macroeconomics but not in microeconomics.
ANS: F PTS: 1 REF: p. 3-4
TOP: 1.1 Economics: A Brief Introduction | Economics—A Word with Many Different Meanings
- Scarcity forces us to choose, and choices are costly because we must give up other opportunities that we value
ANS: T PTS: 1 REF: p. 3-4
TOP: 1.1 Economics: A Brief Introduction | Economics—A Word with Many Different Meanings
- Wealthy consumers do not have to make decisions on what to buy or how much to save.
ANS: F PTS: 1 REF: p. 4
TOP: 1.1 Economics: A Brief Introduction | Economics—A Word with Many Different Meanings
- If we choose more work we sacrifice leisure.
ANS: T PTS: 1 REF: p. 4-5
TOP: 1.1 Economics: A Brief Introduction | Economics Is All Around Us
- Living in a world of scarcity involves trade-offs.
ANS: T PTS: 1 REF: p. 5
TOP: 1.1 Economics: A Brief Introduction | Economics Is All Around Us
- One topic that microeconomics explores is how prices are determined in individual markets, while macroeconomics is concerned with issues such as the economy’s overall rate of inflation, economic growth and unemployment.
ANS: T PTS: 1 REF: p. 13
TOP: 1.3 Economic Theory | T
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