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CoreMicroeconomics Third Edition Test Bank

CoreMicroeconomics Third Edition Test Bank prepares you thoroughly with real-world examples, key concepts, and solved practice questions.

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Page11.Economicsis BEST defined as the study of how:A)to classify resources used to produce final goods and services.B)resources are apportioned to satisfy human wants.C)people make rational decisions.D)technology can be used to change scarce resources into free resources.2.The study of economics:A)primarily considers the stock market.B)is about people's decisions regarding their use of scarce resources.C)doesn't apply to decisions made by businesses.D)states efficiency and equity don't conflict.3.Economics is a:A)natural science.B)physical science.C)life science.D)social science.4.Economics is a social science that involves the study of how individuals, firms, andsocieties:A)maximum happiness.B)maximize incomes.C)choose among alternatives to satisfy their unlimited wants.D)develop their tastes and preferences.5.Because of scarcity:A)resources are limitless.B)wants are limited.C)choices are unlimited.D)we face tradeoffs in nearly every choice we make.6.Scarcityis BEST defined as when:A)the quantity demanded exceeds quantity supplied.B)the quantity supplied exceeds quantity demanded.C)unlimited resources exceed limited wants.D)unlimited wants exceed limited resources.

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Subject
Economics
Textbook
CoreMicroeconomics by Eric Chiang

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