Principle Econ

Chapter 1 Ten Principles of Economics Multiple Choice 1.The word that comes from the Grecian word for one(a) who manages a household is a.market. b. swallowr. c.producer. d.economy. autonomic nervous system: DDIF: 1 reviewer: 1-0 jacket crown: Economymultiple sclerosis: 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: CDIF: 1REF: 1-0 TOP: EconomyMSC: Definitional 3.Resources be a. odd for households but plentiful for economies. b.plentiful for households but extraordinary for economies. c.scarce for households and scarce for economies. d.plentiful for households and plentiful for economies. ANS: CDIF: 1REF: 1-0 TOP: Resources, ScarcityMSC: Interpretive 4.Economics deals generally with the concept of a.scarcity. b.poverty. c.change. d.power. ANS: ADIF: 1REF: 1-0 TOP: ScarcityMSC: Definitional 5.Which of the following questions is non answered by the decisions that all society must make? a.What determines consumer preferences? b.What goods lead be produced? c.Who will produce the goods? d.

Who will consume the goods? ANS: ADIF: 2REF: 1-0 TOP: EconomiesMSC: Interpretive 6.The overriding reason as to why households and societies face many decisions is that a.resources are scarce. b.goods and services are not scarce. c.incomes fluctuate with business cycles. d.people, by nature, tend to disagree. ANS: ADIF: 2REF: 1-0 TOP: ScarcityMSC: Interpretive 7.The phenomenon of scarcity stems from the fact that a.most economies production methods are not very good. b.in most economies, wealthy people consume disproportionate quantities of goods and services. c.governments restricts production of too many goods and services. d.resources are... If you want to involve a full essay, order it on our website: Orderessay

Order your essay at Orderessay and get a 100% original and high-quality custom paper within the required time frame.