ch1 what is economics testbank - Chapter 1 5 A B C D WHAT...

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1 1 WHAT IS ECONOMICS? Definition of Economics Topic: Incentives Skill: Recognition 1) An incentive A) could be a reward but could not be a penalty. B) could be a penalty but could not be a reward. C) could be either a reward or a penalty. D) is the opposite of a tradeoff. Answer: C Topic: Definition of Economics Skill: Recognition 2) The most fundamental economic problem is Topic: Definition of Economics Skill: Conceptual 3) Economics is best defined as the study of how people, businesses, governments, and societies Topic: Definition of Economics Skill: Conceptual 4) Economists point out that scarcity confronts Topic: Definition of Economics Skill: Conceptual 5) Scarcity requires that people must A) cooperate. B) compete. C) trade. D) make choices. Answer: D Topic: Definition of Economics Skill: Conceptual 6) As an economic concept, scarcity applies to Topic: Definition of Economics Skill: Conceptual 7) Which is the most accurate definition of the study of economics? Economics is the study of Topic: Microeconomics and Macroeconomics Skill: Recognition 8) Which of the following is a macroeconomic topic? C h a p t e r
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2 C H A P T E R 1 Topic: Microeconomics and Macroeconomics Skill: Recognition 9) Which of the following is a microeconomic topic? A) The reasons why Kathy buys less orange juice. B) The reasons for a decline in average prices. C) The cause of why total employment may de- crease. D) The effect of the government budget deficit on inflation. Answer: A Topic: Microeconomics and Macroeconomics Skill: Recognition
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