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Chapter 1: MANAGERS, PROFITS, AND MARKETS Multiple Choice 1-1 Economic theory is a valuable tool for business decision making because it a. identifies for managers the essential information for making a decision. b. assumes away the problem. c. creates a realistic, complex model of the business firm. d. provides an easy solution to complex business problems. Answer: a Difficulty: 01 Easy Topic: The Economic Way of Thinking about Business Practices and Strategy AACSB: Reflective Thinki...

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 Diff: 1 Topic: Why Study Economics? Skill: Fact Learning Outcome: Micro-1 2) Among the fundamental concepts in economics is A) opportunity cost. B) marginalism. C) efficient markets. D) all of the ab...

PRINCIPLES OF MACRO ECONOMICS 7th EDITION Chapter 1 Economics: The Core Issues 1) Which of the following is not one of the three core economic issues that must be resolved? A) How to produce the goods and services we select. B) What to produce with unlimited resources. C) Who should get the goods and services we produce. D) What to produce with limited resources. Answer: B Difficulty: 2 Medium Topic: Scarcity: The Core Problem Learning Objective: 01-04 The three core econom...