Test Bank for Microeconomics, 2nd Edition

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1Microeconomics&Macroeconomics, 2e(Acemoglu)Chapter 1The Principles and Practice of Economics1.1The Scope of Economics1) Which of the following statements is true?A) All economic agents are necessarily individuals.B) A worker who shirks work is not an economic agent.C) A government is an example of an economic agent.D) A street gang is not an economic agent.Answer:CDifficulty:EasyAACSB:Analytical ThinkingTopic:Economic Agents and Economic Resources2) Which of the following best describes scarce resources?A) Resources that most people cannot afford to buyB) Resources that can only be distributed efficiently by the governmentC) Resources for which the quantity demanded is the same for all economic agentsD) Resources for which the quantity that people want exceeds the quantity that is freely availableAnswer:DDifficulty:EasyAACSB:Analytical ThinkingTopic:Economic Agents and Economic Resources3) Which of the following is NOT a scarce resource?A) GoldB) PollutionC) PetroleumD) iPhonesAnswer:BDifficulty:EasyAACSB:Application of KnowledgeTopic:Economic Agents and Economic Resources4) In economics, scarcity refers to the situation of ________.A) making the best use of limited informationB) having more wants than the amount of available resourcesC) the government rationing available goods and servicesD) sellers setting the prices of their products too high for people to be able to afford themAnswer:BDifficulty:MediumAACSB:Analytical ThinkingTopic:Economic Agents and Economic Resources

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Subject

Economics

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Economics by Paul Krugman, Robin We...

Test Bank for Microeconomics, 2nd Edition

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