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Chapter 1 Ten Principles of Economics

Multiple Choice

1.THE ENGLISH WORD THAT COMES FROM THE GREEK WORD FOR "ONE WHO MANAGES A HOUSEHOLD" IS |a. |market. | |b. |consumer. | |c. |producer. | |d. |economy. |

ANS:DPTS:1DIF:1REF:1-0
NAT:AnalyticLOC:The study of economics and definitions in economics TOP:EconomyMSC:Definitional

2.The word “economy” comes from the Greek word oikonomos, which means |a. |“environment.” | |b. |“production.” | |c. |“one who manages a household.” | |d. |“one who makes decisions.” |

ANS:CPTS:1DIF:1REF:1-0
NAT:AnalyticLOC:The study of economics and definitions in economics TOP:EconomyMSC:Definitional

3.Resources are
|a. |scarce for households but plentiful for economies. | |b. |plentiful for households but scarce for economies. | |c. |scarce for households and scarce for economies. | |d. |plentiful for households and plentiful for economies. |

ANS:CPTS:1DIF:1REF:1-0
NAT:AnalyticLOC:Scarcity, tradeoffs, and opportunity cost TOP:Resources | ScarcityMSC:Interpretive

4.In considering how to allocate its scarce resources among its various members, a household considers |a. |each member’s abilities. | |b. |each member’s efforts. | |c. |each member’s desires. | |d. |all of the above |

ANS:DPTS:1DIF:1REF:1-0
NAT:AnalyticLOC:Scarcity, tradeoffs, and opportunity cost TOP:ScarcityMSC:Interpretive

5.Economics deals primarily with the concept of
|a. |scarcity. | |b. |money. | |c. |poverty. | |d. |banking. |

ANS:APTS:1DIF:1REF:1-0
NAT:AnalyticLOC:The study of economics and definitions in economics TOP:ScarcityMSC:Definitional

6.Which of the following is correct?
|a. |The word economy comes from the Greek word for “rational thinker.” | |b. |Economists study the management of scarce resources. | |c. |Because...
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