Economics Today: The Macro View – 20th
ST
Edition
UV
TEST BANK
IA
_A
Roger LeRoy Miller
PP
RO
Comprehensive Test Bank for Instructors
and Students
VE
D?
© Roger LeRoy Miller
All rights reserved. Reproduction or distribution without permission is prohibited.
??
©STUDYSTREAM
, Economics Today, 20e (Miller)
Chapter 1 The Nature of Economics
ST
1.1 The Power of Economic Analysis
1) The economic way of thinking will help you
A) make decisions in financing your home.
B) analyze solutions to economic problems.
UV
C) make better decisions concerning your education.
D) all of these
Answer: D
Diff: 1
Topic: 1.1 The Power of Economic Analysis
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
IA
think like an economist
AACSB: Analytical thinking
2) Economic analysis is used
_A
A) only by instructors and students in economics to understand the world.
B) only by business people to raise profits.
C) only by policy makers to make policy decisions.
D) in decision making.
Answer: D
PP
Diff: 1
Topic: 1.1 The Power of Economic Analysis
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
think like an economist
AACSB: Analytical thinking
RO
3) Economic analysis is a tool that
A) aids decision making.
B) helps us understand why people make mistakes.
C) helps us forgive selfish people.
VE
D) makes everyone rich.
Answer: A
Diff: 1
Topic: 1.1 The Power of Economic Analysis
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
D?
think like an economist
AACSB: Analytical thinking
??
1
Copyright © 2021 Pearson Education, Inc.
, 4) Economics is best defined as the
A) study of how people make choices to satisfy their wants.
B) study of individual self-interests.
ST
C) study of why people do not react to incentives.
D) process by which goods are sold in free markets.
Answer: A
Diff: 1
Topic: 1.1 The Power of Economic Analysis
UV
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
think like an economist
AACSB: Analytical thinking
5) Economics can be described as the study of how people use ________ resources to satisfy
________ wants.
IA
A) unlimited; unlimited
B) unlimited; limited
C) limited; unlimited
D) limited; limited
_A
Answer: C
Diff: 1
Topic: 1.1 The Power of Economic Analysis
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
think like an economist
PP
AACSB: Analytical thinking
6) Which statement most accurately describes economics?
A) Economics is the study of how people make money.
B) Economics is the study of how people make choices to satisfy their wants.
RO
C) Economics is the study of social values a society should choose.
D) Economics is the study of how to eliminate scarcity.
Answer: B
Diff: 1
Topic: 1.1 The Power of Economic Analysis
VE
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
think like an economist
AACSB: Analytical thinking
D?
??
2
Copyright © 2021 Pearson Education, Inc.
, 7) In economic analysis, people's resources are
A) limited and their wants are unlimited.
B) unlimited and their wants are also unlimited.
ST
C) limited and their wants are also limited.
D) unlimited and their wants are limited.
Answer: A
Diff: 1
Topic: 1.1 The Power of Economic Analysis
UV
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
think like an economist
AACSB: Analytical thinking
8) In economics, items that are used to produce goods and services are known as
A) wants.
IA
B) needs.
C) outputs.
D) resources.
Answer: D
_A
Diff: 1
Topic: 1.1 The Power of Economic Analysis
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
think like an economist
AACSB: Analytical thinking
PP
9) In economics, all the items that people would consume if they had unlimited income are
known as
A) wants.
B) aggregates.
RO
C) outputs.
D) needs.
Answer: A
Diff: 1
Topic: 1.1 The Power of Economic Analysis
VE
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
think like an economist
AACSB: Analytical thinking
D?
??
3
Copyright © 2021 Pearson Education, Inc.
ST
Edition
UV
TEST BANK
IA
_A
Roger LeRoy Miller
PP
RO
Comprehensive Test Bank for Instructors
and Students
VE
D?
© Roger LeRoy Miller
All rights reserved. Reproduction or distribution without permission is prohibited.
??
©STUDYSTREAM
, Economics Today, 20e (Miller)
Chapter 1 The Nature of Economics
ST
1.1 The Power of Economic Analysis
1) The economic way of thinking will help you
A) make decisions in financing your home.
B) analyze solutions to economic problems.
UV
C) make better decisions concerning your education.
D) all of these
Answer: D
Diff: 1
Topic: 1.1 The Power of Economic Analysis
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
IA
think like an economist
AACSB: Analytical thinking
2) Economic analysis is used
_A
A) only by instructors and students in economics to understand the world.
B) only by business people to raise profits.
C) only by policy makers to make policy decisions.
D) in decision making.
Answer: D
PP
Diff: 1
Topic: 1.1 The Power of Economic Analysis
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
think like an economist
AACSB: Analytical thinking
RO
3) Economic analysis is a tool that
A) aids decision making.
B) helps us understand why people make mistakes.
C) helps us forgive selfish people.
VE
D) makes everyone rich.
Answer: A
Diff: 1
Topic: 1.1 The Power of Economic Analysis
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
D?
think like an economist
AACSB: Analytical thinking
??
1
Copyright © 2021 Pearson Education, Inc.
, 4) Economics is best defined as the
A) study of how people make choices to satisfy their wants.
B) study of individual self-interests.
ST
C) study of why people do not react to incentives.
D) process by which goods are sold in free markets.
Answer: A
Diff: 1
Topic: 1.1 The Power of Economic Analysis
UV
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
think like an economist
AACSB: Analytical thinking
5) Economics can be described as the study of how people use ________ resources to satisfy
________ wants.
IA
A) unlimited; unlimited
B) unlimited; limited
C) limited; unlimited
D) limited; limited
_A
Answer: C
Diff: 1
Topic: 1.1 The Power of Economic Analysis
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
think like an economist
PP
AACSB: Analytical thinking
6) Which statement most accurately describes economics?
A) Economics is the study of how people make money.
B) Economics is the study of how people make choices to satisfy their wants.
RO
C) Economics is the study of social values a society should choose.
D) Economics is the study of how to eliminate scarcity.
Answer: B
Diff: 1
Topic: 1.1 The Power of Economic Analysis
VE
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
think like an economist
AACSB: Analytical thinking
D?
??
2
Copyright © 2021 Pearson Education, Inc.
, 7) In economic analysis, people's resources are
A) limited and their wants are unlimited.
B) unlimited and their wants are also unlimited.
ST
C) limited and their wants are also limited.
D) unlimited and their wants are limited.
Answer: A
Diff: 1
Topic: 1.1 The Power of Economic Analysis
UV
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
think like an economist
AACSB: Analytical thinking
8) In economics, items that are used to produce goods and services are known as
A) wants.
IA
B) needs.
C) outputs.
D) resources.
Answer: D
_A
Diff: 1
Topic: 1.1 The Power of Economic Analysis
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
think like an economist
AACSB: Analytical thinking
PP
9) In economics, all the items that people would consume if they had unlimited income are
known as
A) wants.
B) aggregates.
RO
C) outputs.
D) needs.
Answer: A
Diff: 1
Topic: 1.1 The Power of Economic Analysis
VE
Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to
think like an economist
AACSB: Analytical thinking
D?
??
3
Copyright © 2021 Pearson Education, Inc.
