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Macroeconomics Principles Applications and Tools 8th Edition – Test Bank
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Macroeconomics Principles Applications and Tools 8th Edition – Test Bank Macroeconomics: Prin., Apps, & Tools, 8e (O’Sullivan) TB1 Chapter 1 Introduction: What Is Economics? 1.1 What Is Economics? 1) Economics is best defined as the ...

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  • March 1, 2022
  • 52
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • apps
  • macroeconomics principles applications and tools 8th edition – test bank macroeconomics prin
  • amp tools
  • 8e o’sullivan tb1 chapter 1 introduction what is econom

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Macroeconomics Principles Applications
and Tools 8th Edition – Test Bank




Macroeconomics: Prin., Apps, & Tools, 8e (O’Sullivan)

,TB1 Chapter 1 Introduction: What Is Economics?


1.1 What Is Economics?

,1) Economics is best defined as the study of

1. A) financial decision-making.
2. B) how consumers make purchasing decisions.
3. C) the choices made by people faced with scarcity.
4. D) inflation, unemployment, and economic growth.

Answer:
C Diff: 1
Topic: What Is
Economics? Skill:
Definition
AACSB: Reflective
Thinking Learning
Outcome: Micro-1


2) Economics is the study of

1. A) how to invest in the stock market.
2. B) how society uses limited resources.
3. C) the role of money in markets.
4. D) how government officials decide which goods and
services are produced.

Answer:
B Diff: 1
Topic: What Is
Economics? Skill:
Conceptual
AACSB: Reflective
Thinking Learning
Outcome: Micro-1


3) Scarcity can best be defined as a situation in which

1. A) there are no buyers willing to purchase what sellers have

, produced.
2. B) there are not enough goods to satisfy all of the buyers’
demand.
3. C) the resources we use to produce goods and services are
limited.
4. D) there is more than enough money to satisfy consumers’
wants.

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