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Exploring Microeconomics, 7th Edition Chapter_1_The_Role_and_Method_of_Economics 1. Since resources are abundant, we do not have to make choices about their use. a. True b. False ANSWER: False POINTS: 1 REFERENCES: p. 3 TOPICS: 1.1 Economics: A Brief Introduction | Economics—A Word with Many Different Meanings 2. Economics is the study of choices we make among our many wants and desires. a. True b. False ANSWER: True POINTS: 1 REFERENCES: p. 3 TOPICS: 1.1 Economics: A Brief Introduction | Economics—A Word with Many Different Meanings 3. It is possible to completely eliminate scarcity. a. True b. False ANSWER: False POINTS: 1 REFERENCES: p. 3-4 TOPICS: 1.1 Economics: A Brief Introduction | Economics—A Word with Many Different Meanings 4. Scarcity applies to decision makers in macroeconomics but not in microeconomics. a. True b. False ANSWER: False POINTS: 1 REFERENCES: p. 3-4 TOPICS: 1.1 Economics: A Brief Introduction | Economics—A Word with Many Different Meanings 5. Scarcity forces us to choose, and choices are costly because we must give up other opportunities that we value. a. True b. False ANSWER: True Cengage Learning Testing, Powered by Cognero
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