Econ Final- Chapter 1

When an economist talks of scarcity, the economist is referring to the
A) inability of society to satisfy all human wants because of limited resources
B) ability of society to continually make technological breakthroughs and increase production
C) ability of society to employ all of its resources
D) ability of society to consume all that it produces
A.

Macroeconomics differs from microeconomics in that:
A) macroeconomics studies the decisions of individuals
B) macroeconomics focuses on the national economy and the global economy
C) macroeconomics studies the behavior of government while microeconomics looks at private corporations
D) microeconomics looks at the economy as a whole
B.

The study of choices made by individuals is part of the definition of
A) positive economics
B) microeconomics
C) macroeconomics
D) normative economics
B.

The probability of “scarcity” applies
A) only in underdeveloped countries because there are few productive resources in these countries
B) to all economic systems, regardless of their level of development
C) only in

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industrially developed countries because are scarce in these countries
D) only in ec

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