,Chapter 01 - Economics and Life
Chapter 01
Economics and Life
Multiple Choice Questions
1. The study of economics can help us:
A. be smarter voters.
B. better understand the impacts of public policies.
C. make the best choices around how to spend our time and money.
D. All of these are true.
Blooms: Remember
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
2. Economics is primarily the study of:
A. the government's decision making process.
B. why provincial and federal governments disagree.
C. how society manages scarce resources.
D. All of these are true.
Blooms: Remember
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
3. The principles of economics can explain:
A. why people choose to work or go to college.
B. why a country might prosper.
C. why the value of money changes over time.
D. Economics can explain all of these things.
Blooms: Remember
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
1-1
,Chapter 01 - Economics and Life
1-2
, Chapter 01 - Economics and Life
4. Decisions about how to allocate resources are made by:
A. individuals.
B. businesses.
C. governments.
D. Resource allocation decisions are made by all of these groups.
Blooms: Remember
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
5. Which of the following statements best describes the study of economics?
A. Economics studies the resource allocation decisions made by individuals, families, firms,
governments, and other organization.
B. Economics studies the resource allocation decisions made solely by government
organization.
C. Economics studies how people maximize returns in the stock market.
D. Economics studies how governments determine appropriate tax rates.
Blooms: Understand
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
6. Alan could apply the principles of economic decision making to:
A. deciding how to spend his paycheque.
B. deciding which girl to marry.
C. deciding what to have for dinner.
D. All of these are true.
Blooms: Understand
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
1-3
Chapter 01
Economics and Life
Multiple Choice Questions
1. The study of economics can help us:
A. be smarter voters.
B. better understand the impacts of public policies.
C. make the best choices around how to spend our time and money.
D. All of these are true.
Blooms: Remember
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
2. Economics is primarily the study of:
A. the government's decision making process.
B. why provincial and federal governments disagree.
C. how society manages scarce resources.
D. All of these are true.
Blooms: Remember
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
3. The principles of economics can explain:
A. why people choose to work or go to college.
B. why a country might prosper.
C. why the value of money changes over time.
D. Economics can explain all of these things.
Blooms: Remember
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
1-1
,Chapter 01 - Economics and Life
1-2
, Chapter 01 - Economics and Life
4. Decisions about how to allocate resources are made by:
A. individuals.
B. businesses.
C. governments.
D. Resource allocation decisions are made by all of these groups.
Blooms: Remember
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
5. Which of the following statements best describes the study of economics?
A. Economics studies the resource allocation decisions made by individuals, families, firms,
governments, and other organization.
B. Economics studies the resource allocation decisions made solely by government
organization.
C. Economics studies how people maximize returns in the stock market.
D. Economics studies how governments determine appropriate tax rates.
Blooms: Understand
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
6. Alan could apply the principles of economic decision making to:
A. deciding how to spend his paycheque.
B. deciding which girl to marry.
C. deciding what to have for dinner.
D. All of these are true.
Blooms: Understand
Learning Objective: 01-01 Explain the economic concept of scarcity.
Topic: 01-02 The Basic Insights of Economics
1-3
