Test Bank For ECON MICRO 5th Edition By William A. McEachern
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1. Economics is best defined as the study of how individuals decide to use limited resources in an attempt to satisfy unlimited wants.
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2. Economics studies how decision makers use scarce resources to satisfy unlimited wants.
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3. In economics, money is an example of capital.
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4. Profit is the payment received by resource owners for the use of their capital.
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5. Rent is the payment received by resource owners for the use of their natural resources.
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6. An economist would classify 100 shares of the Apple Computers stock as capital.
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7. Profit is the payment made for land resources.
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8. Resources are used only in the production of goods, not services.
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