Test Bank for Essentials of Economics, 7th Edition

Stay focused and exam-ready with Test Bank for Essentials of Economics, 7th Edition, a guide designed to enhance understanding and improve test performance.

John Wilson

Contributor

4.0

6 months ago

Preview (16 of 2540 Pages)

100%

Purchase to unlock

Test Bank for Essentials of Economics, 7th Edition - Page 1 preview image

Loading page ...

1Essentials of Economics, 7e(Hubbard)Chapter 1Economics: Foundations and Models1.1Three Key Economic Ideas1) Apple assembles most iPhones in China because the lower wages earned by Chinese workersand their experience in electronics manufacturing reduce the costs of assembling iPhones. This isan example of Apple reacting to which of the three key economic ideas?A) People are rational.B) People respond to economic incentives.C) Optimal decisions are made at the margin.D) Firms attempt to maximize revenues.Answer:BDiff: 2Page Ref: 2Topic:ScarcityLearning Outcome:Micro-1: Identify the basic principles of economics and explain how tothink like an economistAACSB:Analytical thinkingSpecial Feature:Chapter Opener: Does Apple Manufacture the iPhone in the United States?2) In economics, choices must be made because we live in a world ofA) unemployment.B) scarcity.C) greed.D) unlimited resources.Answer:BDiff: 1Page Ref: 4Topic:Scarcity*:RecurringLearning Outcome:Micro-1: Identify the basic principles of economics and explain how tothink like an economistAACSB:Analytical thinking3) Which of the following statements about scarcity istrue?A) Scarcity refers to the situation in which unlimited wants exceed limited resources.B) Scarcity is not a problem for the wealthy.C) Scarcity is only a problem when a country has too large a population.D) Scarcity only arises when there is a wide disparity in income distribution.Answer:ADiff: 1Page Ref: 4Topic:Scarcity*:RecurringLearning Outcome:Micro-1: Identify the basic principles of economics and explain how tothink like an economistAACSB:Analytical thinking

Preview Mode

This document has 2540 pages. Sign in to access the full document!

Report

Study Now!

XY-Copilot AI

Unlimited Access

Secure Payment

Instant Access

24/7 Support

Document Chat

Document Details

Subject

Economics

Textbook

Essentials Of Economics by Glenn Hu...

Test Bank for Essentials of Economics, 7th Edition

Study Now!

Document Details

Related Documents

Solution Manual for Essentials of Economics, 7th Edition

Analysis of McDonald

The Effect of Exercise on Clothespin Squeezing

Analyzing Coca-Cola's Demand, Supply and Market St

United States Fiscal Policy

Emerging Economies and Globalization

Emerging Economies and Globalization

Principles of Managerial Economics

Economic Policy Recommendation

Assignment 2: Market Forms

Company

Explore

Study Tools