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TEST BANK
Foundations of Business by William M. Pride
7th Edition
,TEST BANK
,Foundations of Business 7e
William M. Pride; Chapter 1
End of Chapter Questions
Quiz Yourself
1. Scarcity implies that the allocation decision
chosen by society can
a) not make more of any one good.
b) Always make more of any good.
c) Typically make more of one
good but at the expense of
making less ofanother.
d) Always make more of
all goods simultaneously.
Explanation: Scarcity
implies that choices involve
trade-offs.
AACSB:
Reflective
Thinking
Accessibility:
Keyboard
Navigation
, Blooms:
Understand
Difficulty:
02 Medium
Gradeable:
automatic
Learning
Objective:
01-01
Topic: Economics and Opportunity Cost
2. A production possibilities frontier is a simple
model of
a) Allocating scarce inputs to the production
of alternative outputs.
a) Price and production/consumption in a
market.
b) The cost of producing goods.
c) The number of inputs required to
produce varying levels of output.
Explanation: The production
possibilities frontier shows the quantity
of two goods that can be produced. It
implies that scarcity requires that
choices be made as to how to use
TEST BANK
Foundations of Business by William M. Pride
7th Edition
,TEST BANK
,Foundations of Business 7e
William M. Pride; Chapter 1
End of Chapter Questions
Quiz Yourself
1. Scarcity implies that the allocation decision
chosen by society can
a) not make more of any one good.
b) Always make more of any good.
c) Typically make more of one
good but at the expense of
making less ofanother.
d) Always make more of
all goods simultaneously.
Explanation: Scarcity
implies that choices involve
trade-offs.
AACSB:
Reflective
Thinking
Accessibility:
Keyboard
Navigation
, Blooms:
Understand
Difficulty:
02 Medium
Gradeable:
automatic
Learning
Objective:
01-01
Topic: Economics and Opportunity Cost
2. A production possibilities frontier is a simple
model of
a) Allocating scarce inputs to the production
of alternative outputs.
a) Price and production/consumption in a
market.
b) The cost of producing goods.
c) The number of inputs required to
produce varying levels of output.
Explanation: The production
possibilities frontier shows the quantity
of two goods that can be produced. It
implies that scarcity requires that
choices be made as to how to use
