Solution Manual for All Chapters Macroeconomics, 2e (Acemoglu) Chapter 1 The Principles and Practice of Economics
1.1 The Scope of Economics 1) Which of the following statements is true? A) All economic agents are necessarily individuals. B) A worker who shirks work is not an economic agent. C) A government is an example of an economic agent. D) A street gang is not an economic agent. Answer: C Difficulty: Easy AACSB: Analytical Thinking Topic: Economic Agents and Economic Resources
2) Which of the following best describes scarce resources? A) Resources that most people cannot afford to buy B) Resources that can only be distributed efficiently by the government C) Resources for which the quantity demanded is the same for all economic agents D) Resources for which the quantity that people want exceeds the quantity that is freely available Answer: D Difficulty: Easy AACSB: Analytical Thinking Topic: Economic Agents and Economic Resources
3) Which of the following is NOT a scarce resource? A) Gold B) Pollution C) Petroleum D) iPhones Answer: B Difficulty: Easy AACSB: Application of Knowledge Topic: Economic Agents and Economic Resources
4) In economics, scarcity refers to the situation of ________. A) making the best use of limited information B) having more wants than the amount of available resources C) the government rationing available goods and services D) sellers setting the prices of their products too high for people to be able to afford them Answer: B Difficulty: Medium AACSB: Analytical Thinking Topic: Economic Agents and Economic Resources
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