Test Bank For ECON MICRO 5th Edition By William A. McEachern

Test Bank For ECON MICRO 5th Edition By William A. McEachern

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Edition: 5th Edition

Format: Downloadable ZIP Fille

Resource Type: Test bank

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Test Bank For ECON MICRO 5th Edition By William A. McEachern

True / False

 

1. Economics is best defined as the study of how individuals decide to use limited resources in an attempt to satisfy unlimited wants.

a. True
b. False

 

ANSWER:   True

 

2. Economics studies how decision makers use scarce resources to satisfy unlimited wants.

a. True
b. False

 

ANSWER:   True

 

3. In economics, money is an example of capital.

a. True
b. False

 

ANSWER:   False

 

4. Profit is the payment received by resource owners for the use of their capital.

a. True
b. False

 

ANSWER:   False

 

5. Rent is the payment received by resource owners for the use of their natural resources.

a. True
b. False

 

ANSWER:   True

 

6. An economist would classify 100 shares of the Apple Computers stock as capital.

a. True
b. False

 

ANSWER:   False

 

7. Profit is the payment made for land resources.

a. True
b. False

 

ANSWER:   False

 

8. Resources are used only in the production of goods, not services.

a. True
b. False

 

ANSWER:   False
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