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Microeconomics 9e (Parkin)
Chapter 1 What Is Economics?
1 Definition of Economics
1) All economic questions are about
A) how to make money.
B) what to produce.
C) how to cope with scarcity.
D) how to satisfy all our wants.
Answer: C
Topic: Definition of Economics
Skill: Recognition
AACSB: Reflective Thinking
2) An incentive
A) could be a reward but could not be a penalty.
B) could be a penalty but could not be a reward.
C) could be either a reward or a penalty.
D) is the opposite of a tradeoff.
Answer: C
Topic: Definition of Economics
Skill: Recognition
AACSB: Reflective Thinking
3) An inducement to take a particular action is called
A) the marginal benefit.
B) the marginal cost.
C) opportunity cost.
D) an incentive.
Answer: D
Topic: Incentive
Skill: Recognition
AACSB: Reflective Thinking
4) All economic questions arise because we
A) want more than we can get.
B) want more than we need.
C) have an abundance of resources.
D) have limited wants that need to be satisfied.
Answer: A
Topic: Scarcity
Skill: Recognition
AACSB: Reflective Thinking

1
Copyright © 2010 Pearson Education, Inc.

5) The most fundamental economic problem is
A) security.
B) scarcity.
C) health.
D) the fact the United States buys more goods from foreigners than we sell to foreigners.
Answer: B
Topic: Scarcity
Skill: Recognition
AACSB: Reflective Thinking
6) Economics is best defined as the study of how people, businesses, governments, and societies
A) choose abundance over scarcity.
B) make choices to cope with scarcity.
C) use their infinite resources.
D) attain wealth.
Answer: B
Topic: Scarcity
Skill: Conceptual
AACSB: Reflective Thinking
7) Scarcity is a situation in which
A) people cannot satisfy all their wants.
B) most people can get only bare necessities.
C) people can satisfy all their wants.
D) some people can get all they want and some cannot.
Answer: A
Topic: Scarcity
Skill: Recognition
AACSB: Reflective Thinking
8)

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