Macroeconomics, 5e (Hubbard) Chapter 1 Economics: Foundations and Models 1.1 Three Key Economic Ideas 1) As recently as 2000, ________ percent of doctors were in private practice and by 2013, ________ percent of doctors were in private practice. A) only 20; more than 70 B) nearly 60; less than 40 C) about 50; about 50 D) over 80; less than 15 Answer: B Diff: 1 Page Ref: 3/3 Topic: Scarcity Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an economist AACSB: Analytic thinking Special Feature: Chapter Opener: Is the Private Doctor's Office Going to Disappear? 2) The study of economics arises due to A) money. B) scarcity. C) greed. D) resources. Answer: B Diff: 1 Page Ref: 4/4 Topic: Scarcity *: Recurring Learning Outcome: Micro-1: Identify the basic principles of economics and explain how to think like an economist AACSB: Analytic thinking 3) Scarcity refers to the situation in which A) unlimited wants exceed limited resources. B) unlimited resources exceed limited wants. C) a country's population is larger than its resource base. D) a nation's poverty level increases faster than its population.