Economics today 19th edition by roger leroy miller test bank

,EconomicsnToday,n19en(Miller)nChapte
rn1n ThenNaturenofnEconomics

1.1 ThenPowernofnEconomicnAnalysis

1) Theneconomicnwaynofnthinkingnwillnhelpnyou
A) makendecisionsninnfinancingnyournhome.
B) analyzensolutionsntoneconomicnproblems.
C) makenbetterndecisionsnconcerningnyourneducation.
D) allnofnthenaboven
Answer:nD
Diff:n1
Topic:n1.1nThenPowernofnEconomicnAnalysis
LearningnOutcome:nMicro-
1:nIdentifynthenbasicnprinciplesnofneconomicsnandnexplainnhowntonthinknlikenanneconomist
AACSB:n Analyticalnthinking

2) Economicnanalysisnisnused
A) onlynbyninstructorsnandnstudentsninneconomicsntonunderstandnthenworld.
B) onlynbynbusinessnpeoplentonraisenprofits.
C) onlynbynpolicynmakersntonmakenpolicyndecisions.
D) innallndecisionnmaking.n
Answer:nD
Diff:n1
Topic:n1.1nThenPowernofnEconomicnAnalysis
LearningnOutcome:nMicro-
1:nIdentifynthenbasicnprinciplesnofneconomicsnandnexplainnhowntonthinknlikenanneconomist
AACSB:n Analyticalnthinking

3) Economicnanalysisnisnantoolnthat
A) aidsnallndecisionnmaking.
B) helpsnusnunderstandnwhynpeoplenmakenmistakes.
C) helpsnusnforgivenselfishnpeople.
D) makesneveryonenrich.
Answer:n A
Diff:n1
Topic:n1.1nThenPowernofnEconomicnAnalysis
LearningnOutcome:nMicro-
1:nIdentifynthenbasicnprinciplesnofneconomicsnandnexplainnhowntonthinknlikenanneconomist
AACSB:n Analyticalnthinking




1
Copyrightn©n2018nPearsonnEducation,nInc.

,4) Economicsnisnbestndefinednasnthe
A) studynofnhownpeoplenmakenchoicesntonsatisfyntheirnwants.
B) studynofnindividualnself-interests.
C) studynofnwhynpeoplendonnotnreactntonincentives.
D) processnbynwhichngoodsnarensoldninnfreenmarkets.n
Answer:nA
Diff:n1
Topic:n1.1nThenPowernofnEconomicnAnalysis
LearningnOutcome:nMicro-
1:nIdentifynthenbasicnprinciplesnofneconomicsnandnexplainnhowntonthinknlikenanneconomist
AACSB:n Analyticalnthinking

5) Economicsncannbendescribednasnthenstudynofnhownpeoplenuse resourcesntonsatisfy
n wants.
A) unlimited;nunlimited
B) unlimited;nlimited
C) limited;nunlimited
D) limited;nlimitedn
Answer:nC
Diff:n1
Topic:n1.1nThenPowernofnEconomicnAnalysis
LearningnOutcome:nMicro-
1:nIdentifynthenbasicnprinciplesnofneconomicsnandnexplainnhowntonthinknlikenanneconomist
AACSB:n Analyticalnthinking

6) Whichnstatementnmostnaccuratelyndescribesneconomics?
A) Economicsnisnthenstudynofnhownpeoplenmakenmoney.
B) Economicsnisnthenstudynofnhownpeoplenmakenchoicesntonsatisfyntheirnwants.
C) Economicsnisnthenstudynofnsocialnvaluesnansocietynshouldnchoose.
D) Economicsnisnthenstudynofnhowntoneliminatenscarcity.n
Answer:nB
Diff:n1
Topic:n1.1nThenPowernofnEconomicnAnalysis
LearningnOutcome:nMicro-
1:nIdentifynthenbasicnprinciplesnofneconomicsnandnexplainnhowntonthinknlikenanneconomist
AACSB:n Analyticalnthinking




2
Copyrightn©n2018nPearsonnEducation,nInc.

, 7) Inneconomicnanalysis,npeople'snresourcesnare
A) limitednandntheirnwantsnarenunlimited.
B) unlimitednandntheirnwantsnarenalsonunlimited.
C) limitednandntheirnwantsnarenalsonlimited.
D) unlimitednandntheirnwantsnarenlimited.n
Answer:nA
Diff:n1
Topic:n1.1nThenPowernofnEconomicnAnalysis
LearningnOutcome:nMicro-
1:nIdentifynthenbasicnprinciplesnofneconomicsnandnexplainnhowntonthinknlikenanneconomist
AACSB:n Analyticalnthinking

8) Inneconomics,nitemsnthatnarenusedntonproducengoodsnandnservicesnarenknownnas
A) wants.
B) needs.
C) outputs.
D) resources.n
Answer:nDnD
iff:n1
Topic:n1.1nThenPowernofnEconomicnAnalysis
LearningnOutcome:nMicro-
1:nIdentifynthenbasicnprinciplesnofneconomicsnandnexplainnhowntonthinknlikenanneconomist
AACSB:n Analyticalnthinking

9) Inneconomics,nallnthenitemsnthatnpeoplenwouldnconsumenifntheynhadnunlimitednincomenarenk
nownnas
A) wants.
B) aggregates.
C) outputs.
D) needs.n
Answer:nAn
Diff:n1
Topic:n1.1nThenPowernofnEconomicnAnalysis
LearningnOutcome:nMicro-
1:nIdentifynthenbasicnprinciplesnofneconomicsnandnexplainnhowntonthinknlikenanneconomist
AACSB:n Analyticalnthinking




3
Copyrightn©n2018nPearsonnEducation,nInc.