Test Bank for Principles of Microeconomics , 13th Edition

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1Principles of Microeconomics, 13e(Case/Fair/Oster)Chapter 1The Scope and Method of Economics1.1Why Study Economics?1) Which of the following isnotlisted in the book as a reason to study economics?A) to learn a way of thinkingB) to understand societyC) to be an informed citizenD) to learn how to make lots of moneyAnswer: DDiff: 1Topic: Why Study Economics?Skill: FactLearning Outcome: Micro-12) Among the fundamental concepts in economics isA) opportunity cost.B) marginalism.C)efficient markets.D) all of the aboveAnswer: DDiff: 1Topic: Why Study Economics?Skill: ConceptualAACSB: Reflective ThinkingLearning Outcome: Micro-13) Which of the following is the best definition of economics?A)the study of how individualsandsocieties choose to use the scarce resources that nature andprevious generations have providedB) the study of how consumers spend their incomeC) the study of how business firms decide what inputs to hire and what outputsto produceD) the study ofhow the federal government allocates tax dollarsAnswer: ADiff: 1Topic: Why Study Economics?Skill: DefinitionLearning Outcome: Micro-1

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Principles Of Microeconomics by Kar...

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