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Principles of Economics (Irwin Economics), 6th Edition Test Bank

Principles of Economics (Irwin Economics), 6th Edition Test Bank ensures thorough exam preparation with comprehensive topic coverage and exam-style practice questions.

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Chapter 01 Test BankStudent: _______________________________________________________________________________________1.Economics is best defined as the study of:A. inflation, interest rates and the stock market.B. supply and demand.C. how people make choices in the face of scarcity and the implications of those choices for society as a whole.D. the financial concerns of businesses and individuals.2.Economics is the study of:A.the financial concerns of businesses and individuals.B.the role of government in limiting the choices people make.C.choice in the face of limited resources.D.whether we will have enough resources in the future.3.Economists recognize that because people have limited resources:A.government intervention is necessary.B.they have to make trade-offs.C.they will never be happy.D.our future is bleak.4.The Scarcity Principle states that:A.people don't have enough money to buy what they want.B.society will eventually run out of resources.C.with limited resources, having more of one thing means having less of another.D.some countries have fewer resources than others.5.An implication of scarcity is that:A.people will never be happy.B.making trade-offs becomes unnecessary as wealth increases.C.some people will always be poor.D.people must make trade-offs.

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Economics
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Principles Of Economics (Irwin Econ...

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