Test Bank for Microeconomics, 2nd Edition

Reinforce your knowledge with Test Bank for Microeconomics, 2nd Edition, your essential test prep resource.

Andrew Taylor
Contributor
4.7
63
7 months ago
Preview (31 of 1160)
Sign in to access the full document!
1
Microeconomics & Macroeconomics, 2e (Acemoglu)
Chapter 1 The Principles and Practice of Economics
1.1 The Scope of Economics
1) 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: C
Difficulty: Easy
AACSB: Analytical Thinking
Topic: Economic Agents and Economic Resources
2) Which of the following best describes scarce resources?
A) Resources that most people cannot afford to buy
B) Resources that can only be distributed efficiently by the government
C) Resources for which the quantity demanded is the same for all economic agents
D) Resources for which the quantity that people want exceeds the quantity that is freely available
Answer: D
Difficulty: Easy
AACSB: Analytical Thinking
Topic: Economic Agents and Economic Resources
3) Which of the following is NOT a scarce resource?
A) Gold
B) Pollution
C) Petroleum
D) iPhones
Answer: B
Difficulty: Easy
AACSB: Application of Knowledge
Topic: Economic Agents and Economic Resources
4) In economics, scarcity refers to the situation of ________.
A) making the best use of limited information
B) having more wants than the amount of available resources
C) the government rationing available goods and services
D) sellers setting the prices of their products too high for people to be able to afford them
Answer: B
Difficulty: Medium
AACSB: Analytical Thinking
Topic: Economic Agents and Economic Resources
2
5) Which of the following statements is true?

A) Gold is not a scarce resource.

B) Both life-saving drugs and ice cream are examples of scarce goods.

C) If a scarce resource is given away for free, everyone will be able to consume it.

D) Scarcity means that there is an imbalance between unlimited resources and limited wants.

Answer: B

Difficulty: Easy

AACSB: Analytical Thinking

Topic: Economic Agents and Economic Resources

6) What are scarce resources? Why are economic agents concerned with the allocation of these resources?

Answer: Scarce resources are resources for which the quantity that agents want exceeds the quantity
that is freely available. Economic agents need to satisfy their unlimited wants in a world of limited
resources. This makes it important for them to understand how these scarce resources are to be used and
distributed in order to optimize allocation.

Difficulty: Easy

AACSB: Analytical Thinking

Topic: Economic Agents and Economic Resources

7) Define economics. Who are economic agents?

Answer: Economics is the study of how agents choose to allocate scarce resources and how these choices
affect society. An economic agent is an individual or a group that makes choices.

Difficulty: Easy

AACSB: Analytical Thinking

Topic: Economic Agents and Economic Resources

8) Economics is primarily the study of ________.

A) the mental functions and behavior of individuals and groups

B) the state, nation, government, and politics and policies of governments

C) the problems related to the existence and evolution of society

D) how agents choose to allocate scarce resources and how these choices affect society

Answer: D

Difficulty: Easy

AACSB: Analytical Thinking

Topic: Definition of Economics

9) Economics is primarily the study of ________.

A) the relationship between matter and its motion

B) agents' choices and their impact on society

C) events of the past and how these events affect present human behavior

D) the different types of governments and the impact of their policies on a nation

Answer: B

Difficulty: Easy

AACSB: Analytical Thinking

Topic: Definition of Economics

Loading page 6...

Loading page 7...

Loading page 8...

Loading page 9...

Loading page 10...

Loading page 11...

Loading page 12...

Loading page 13...

Loading page 14...

Loading page 15...

Loading page 16...

Loading page 17...

Loading page 18...

Loading page 19...

Loading page 20...

Loading page 21...

Loading page 22...

Loading page 23...

Loading page 24...

Loading page 25...

Loading page 26...

Loading page 27...

Loading page 28...

Loading page 29...

Loading page 30...

Loading page 31...

28 more pages available. Scroll down to load them.

Preview Mode

Sign in to access the full document!

100%

Study Now!

XY-Copilot AI
Unlimited Access
Secure Payment
Instant Access
24/7 Support
Document Chat

Document Details

Subject
Economics

Related Documents

View all