Principles of Macroeconomics, 11e

Principles of Macroeconomics, 11e - TB1 (Case/Fair/Oster) Chapter 1 The Scope and Method of Economics 1.1 Why Study Economics? 1) Which of the following is NOT listed in the book as a reason to study economics? A) to learn a way of thinking B) to understand society C) to be an informed citizen D) to learn how to make lots of money Answer: D Di昀昀: 1 Topic: Why Study Economics? Skill: Fact Learning Outcome: Micro-1 2) Among the fundamental concepts in economics are A) opportunity cost. B) marginalism. C) e昀昀icient markets. D) all of the above Answer: D Di昀昀: 1 Topic: Why Study Economics? Skill: Conceptual AACSB: Re昀氀ective Thinking Learning Outcome: Micro-1 3) Which of the following is the best de昀椀nition of economics? A) the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided B) the study of how consumers spend their income C) the study of how business 昀椀rms decide what inputs to hire and what outputs to produce D) the study of how the federal government allocates tax dollars Answer: A Di昀昀: 1 Topic: Why Study Economics? Skill: De昀椀nition Learning Outcome: Micro-1