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Test Bank for Principles of Microeconomics, 8th Edition by Robert Frank $29.49   Add to cart
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Test Bank for Principles of Microeconomics, 8th Edition by Robert Frank
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  • Microeconomics
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  • Microeconomics

Test Bank for Principles of Microeconomics 8e 8th Edition by Robert Frank, Ben Bernanke, Kate Antonovics, Ori Heffetz. ISBN-13: 0387 Full Chapters test bank included PART 1: Introduction 1. Thinking Like an Economist 2. Comparative Advantage 3. Supply and Demand PART 2: Compe...

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  • December 1, 2022
  • 1190
  • 2022/2023
  • Exam (elaborations)
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  • Microeconomics
  • Microeconomics

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Chapter 01 – 8e
1) Economics is best defined as the study of


A) inflation, interest rates, and the stock market.
B) supply and demand.
C) how people make choices in the face of scarcity and the implications of those choices
for society as a whole.
D) the financial concerns of businesses and individuals.




2) Economics is best defined as the study of


A) the financial concerns of businesses and individuals.
B) the role of government in limiting the choices people make.
C) choice in the face of limited resources.
D) whether we will have enough resources in the future.




3) Economists recognize that because people have limited resources


A) government intervention is necessary.
B) they have to make trade-offs.
C) they will never be happy.
D) our future is bleak.




4) The Scarcity Principle states that




Version 1 1

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