MICROECONOMICS 9TH EDITION (PARKIN)|QUESTIONS AND CORRECT ANSWERS % PASS

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MICROECONOMICS 9TH EDITION
(PARKIN)|QUESTIONS AND CORRECT
ANSWERS 2024\2025 100% PASS




Microeconomics 9e (Parkin)
Chapter 1 What Is Economics?

1 Definition of Economics

All economic questions are about
how to make money.
what to produce.
how to cope with scarcity.
how to satisfy all our wants.
Answer: C

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Topic: Definition of Economics
Skill: Recognition
AACSB: Reflective Thinking

An incentive
could be a reward but could not be a penalty.
could be a penalty but could not be a reward.
could be either a reward or a penalty.
is the opposite of a tradeoff.
Answer: C
Topic: Definition of Economics
Skill: Recognition
AACSB: Reflective Thinking

An inducement to take a particular action is called
the marginal benefit.
the marginal cost.
opportunity cost.
an incentive.
Answer: D
Topic: Incentive
Skill: Recognition
AACSB: Reflective Thinking

All economic questions arise because we
want more than we can get.
want more than we need.
have an abundance of resources.
have limited wants that need to be satisfied.
Answer: A
Topic: Scarcity
Skill: Recognition
AACSB: Reflective Thinking


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The most fundamental economic problem is
security.
scarcity.
health.
the fact the United States buys more goods from foreigners than we sell to foreigners.
Answer: B
Topic: Scarcity
Skill: Recognition
AACSB: Reflective Thinking

Economics is best defined as the study of how people, businesses, governments, and societies
choose abundance over scarcity.
make choices to cope with scarcity.
use their infinite resources.
attain wealth.
Answer: B
Topic: Scarcity
Skill: Conceptual
AACSB: Reflective Thinking

Scarcity is a situation in which
people cannot satisfy all their wants.
most people can get only bare necessities.
people can satisfy all their wants.
some people can get all they want and some cannot.
Answer: A
Topic: Scarcity
Skill: Recognition
AACSB: Reflective Thinking

Economists point out that scarcity confronts
neither the poor nor the rich.
the poor but not the rich.
the rich but not the poor.
both the poor and the rich.
Answer: D
Topic: Scarcity
Skill: Conceptual
AACSB: Ethical Reasoning




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Scarcity requires that people must
cooperate.
compete.
trade.
make choices.
Answer: D Topic:
Scarcity Skill:
Conceptual
AACSB: Reflective Thinking

All economic questions arise because
people are greedy.
production possibilities are unlimited.
we want more than we can get.
people are irrational.
Answer: C
Topic: Scarcity
Skill: Recognition
AACSB: Reflective Thinking

Scarcity is
our inability to satisfy all our wants.
a situation that exists during economic recessions but not during economic booms.
when a child wants a $1.00 can of soda and two 50¢ packs of gum and has $2.00 in her
pocket.
an economic problem only for poor people.
Answer: A
Topic: Scarcity
Skill: Recognition
AACSB: Reflective Thinking

Scarcity arises from
inefficient production.
exploration.
limited resources and limitless wants.
limited wants and limitless resources.
Answer: C
Topic: Scarcity
Skill: Recognition
AACSB: Reflective Thinking




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