Test Bank for Economics, 9th edition by Glenn Hubbard and Anthony O'Brien, ISBN: 9780138300036, All 28 Chapters Covered, Verified Latest Edition | Complete Guide.

Test Bank for Economics, 9th edition by Glenn Hubbard
rq rq rq rq rq rq rq rq




Economics Digital Update, 9e (Hubbard) rq rq rq rq All Chapters rq rq




Chapter 1 Economics: Foundations and Models
rq rq rq rq




1.1 Three Key Economic Ideas rq rq rq
rq
24/7 Customer Support
rq rq




1) Apple assembles most iPhones in China and India because the lower wages earned by Chinese and
rq rq rq rq rq rq rq rq rq rq rq rq rq rq rq




Indian workers and their experience in electronics manufacturing reduce the costs of assembling iPhones.
rq rq rq rq rq rq rq rq rq rq rq rq rq rq




This is an example of Apple reacting to which of the three key economic ideas?
rq rq rq rq rq rq rq rq rq rq rq rq rq rq rq




A) People are rational. rq rq




B) People respond to economic incentives.
rq rq rq rq




C) Optimal decisions are made at the margin. rq rq rq rq rq rq




D) Firms attempt to maximize revenues.
rq rq rq rq




Answer: B
rq r q




Diff: 2 rq




Topic: Scarcity r q r q




Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
rq r q rq rq rq rq rq rq rq rq rq rq rq rq rq




economist
rq




AACSB: Analytical thinking r q r q rq




Special Feature: Chapter Opener: Should Apple Manufacture the iPhone in the United States?
rq r q r q rq rq rq rq rq rq rq rq rq rq




2) In economics, choices must be made because we live in a world of
rq rq rq rq rq rq rq rq rq rq rq rq




A) unemployment.
B) scarcity.
C) greed.
D) unlimited resources. rq




Answer: B
rq r q




Diff: 1 rq




Topic: Scarcity r q r q




*: Recurring
r q r q




Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
rq r q rq rq rq rq rq rq rq rq rq rq rq rq rq




economist
rq




AACSB: Analytical thinking r q r q rq




3) Which of the following statements about scarcity is true?
rq rq rq rq rq rq rq rq




A) Scarcity refers to the situation in which unlimited wants exceed limited resources.
rq rq rq rq rq rq rq rq rq rq rq




B) Scarcity is not a problem for the wealthy. rq rq rq rq rq rq rq




C) Scarcity is only a problem when a country has too large a population.
rq rq rq rq rq rq rq rq rq rq rq rq




D) Scarcity only arises when there is a wide disparity in income distribution.
rq rq rq rq rq rq rq rq rq rq rq




Answer: A
rq r q




Diff: 1 rq




Topic: Scarcity r q r q




*: Recurring
r q r q




Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an
rq r q rq rq rq rq rq rq rq rq rq rq rq rq rq




economist
rq




AACSB: Analytical thinking r q r q rq




1