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Principles of Microeconomics, 8th Edition by Robert Frank, Ben Bernanke Test Bank
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1) Economics is best defined as the study of A) inflation, interest rates, and the stock market. B) supply and demand. C) how people make choices in the face of scarcity and the implications of tho... se choices for society as a whole. D) the financial concerns of businesses and individuals. 2) Economics is best defined as the study of A) the financial concerns of businesses and individuals. B) the role of government in limiting the choices people make. C) choice in the face of limited resources. D) whether we will have enough resources in the future. 3) Economists recognize that because people have limited resources A) government intervention is necessary. B) they have to make trade-offs. C) they will never be happy. D) our future is bleak. 4) The Scarcity Principle states that [Show More]
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