Test Bank for Principles of Economics (Irwin Economics), 6th Edition by Robert H. Frank , Ben Bernanke Professor , Kate Antonovics , Ori Heffetz
Test Bank for Principles of Economics (Irwin Economics), 6th Edition by Robert H. Frank , Ben Bernanke Professor , Kate Antonovics , Ori Heffetz/ 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 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 tradeoffs. C. they will never be happy. D. our future is bleak. 4. The Scarcity Principle states that: A. people don't have enough money to buy what they want. B. society will eventually run out of resources. C. with limited resources, having more of one thing means having less of another. D. some countries have fewer resources than others. 5. An implication of scarcity is that: A. people will never be happy. B. making tradeoffs becomes unnecessary as wealth increases. C. some people will always be poor. D. people must make tradeoffs.
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