Microeconomics, 8e (Parkin) Testbank 2 Answer（chap1-chap13）

Chapter 1 What Is Economics?

1) An inducement to take a particular action is called

Answer: D

2) All economic questions arise because we

Answer: A

3) All economic questions arise because

Answer: C

4) Scarcity is

Answer: A

5) Scarcity arises from

Answer: C

6) When an economist talks of scarcity, the economist is referring to the

Answer: C

7) Scarcity is experienced by

Answer: D

8) Fundamental economic problems basically arise from

Answer: D

9) Scarcity exists because

Answer: B

10) Scarcity can be eliminated through

Answer: D

11) Scarcity is common to all economic systems because resources are

Answer: D

12) People must make choices because

Answer: B

13) The problem of \"scarcity\" applies

Answer: D

14) When a wealthy businessman is unable to buy tickets to the Super Bowl, he or she

experiences ________.

Answer: B

15) In every economic system, choices must be made because resources are ________ and our

wants are ________

Answer: B

16) The fundamental questions in economics result from

Answer: D

17) Economics is best defined as

Answer: C

18) The study of economics

Answer: B

19) Economics is best defined as the science of choice and how people cope with

Answer: C