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1) Because resources scarce relative to wants, the study of

Question : 1) Because resources scarce relative to wants, the study of : 1912917

1) Because resources are scarce relative to wants, the study of economics concerns

A) how money is important to people.

B) how individuals, businesses, and governments make choices.

C) how money is used to buy what people want.

D) None of the above are correct.

32) In the definition of economics,

A) both resources and wants are limited.

B) both resources and wants are unlimited.

C) resources are limited and wants are unlimited.

D) resources are unlimited and wants are limited.

33) Microeconomics is defined as that part of economic analysis that

A) studies the behavior of the economy as a whole.

B) includes the problems of inflation and unemployment.

C) studies individual decision making by households and firms.

D) concerns aggregate production and consumption.

34) Macroeconomics is the study of

A) aggregate economic variables.

B) output in particular industries.

C) prices in particular industries.

D) all of the above.

35) Microeconomics is the study of

A) the behavior of the economy as a whole.

B) how rising prices affect the level of employment in the economy.

C) how individuals and firms make decisions.

D) the effect that money has in the economic system.

36) Macroeconomics is best defined by which of the following statements?

A) Macroeconomics is the study of how firms strive to maximize their profits.

B) Macroeconomics is the study of the behavior of the economy as a whole.

C) Macroeconomics is the study of individual economic units.

D) Macroeconomics is the study of how the prices of individual goods are determined.

37) Macroeconomics deals with ________ while microeconomics deals with ________.

A) choices important to people; choices not important to people

B) economywide choices; choices of individuals

C) choices that involve money; choices that does not involve money

D) choices of rich people; choices of poor people

38) Macroeconomics deals with

A) aggregates within the economy.

B) specific sectors within the economy.

C) the retail industry only.

D) decisions made by firms.

39) Which of the following would most likely NOT be taught in a microeconomics course?

A) changes in prices of automobiles

B) the effects of a gas tax on gas purchases

C) the effects of an increase in wheat prices on farmers' behavior

D) the unemployment rate

40) A macroeconomist would study

A) the price changes at K-Mart.

B) the cost problems at several airlines.

C) the economy's unemployment level.

D) none of the above.

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