DOWNLOAD THE Test Bank for Principles of Economics 8th Edition Frank
Principles of Economics 8th Edition by Frank CH01
ANSWERS ARE LOCATED IN THE SECOND PART OF THIS DOCUMENT
1) Economics is best defined as the study of
1) ______
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 those choices
for society as a whole.
D) the financial concerns of businesses and individuals.
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-01 Explain and apply the Scarcity Principle, which says that having more of a
Topic : Economics: Studying Choice in a World of Scarcity
Accessibility : Screen Reader Compatible
2) Economics is best defined as the study of
2) ______
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.
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-01 Explain and apply the Scarcity Principle, which says that having more of a
Topic : Economics: Studying Choice in a World of Scarcity
Accessibility : Screen Reader Compatible
Version 1 1
mynursytest.store
,DOWNLOAD THE Test Bank for Principles of Economics 8th Edition Frank
Principles of Economics 8th Edition by Frank CH01
3) Economists recognize that because people have limited resources
3) ______
A) government intervention is necessary.
B) they have to make trade-offs.
C) they will never be happy.
D) our future is bleak.
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-01 Explain and apply the Scarcity Principle, which says that having more of a
Topic : Economics: Studying Choice in a World of Scarcity
Accessibility : Screen Reader Compatible
4) The Scarcity Principle states that
4) ______
A) people don't have enough money to buy what they want.
B) society will eventually run out of resources.
C) with limited resources, having more of one thing means having less of another.
D) some countries have fewer resources than others.
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-01 Explain and apply the Scarcity Principle, which says that having more of a
Topic : Economics: Studying Choice in a World of Scarcity
Accessibility : Screen Reader Compatible
Version 1 2
mynursytest.store
,DOWNLOAD THE Test Bank for Principles of Economics 8th Edition Frank
Principles of Economics 8th Edition by Frank CH01
5) An implication of scarcity is that
5) ______
A) people will never be happy.
B) making trade-offs becomes unnecessary as wealth increases.
C) some people will always be poor.
D) people must make trade-offs.
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-01 Explain and apply the Scarcity Principle, which says that having more of a
Topic : Economics: Studying Choice in a World of Scarcity
Accessibility : Screen Reader Compatible
6) If all the world's resources were to magically increase one hundredfold, then
6) ______
A) people would still have to make trade-offs.
B) economics would no longer be relevant.
C) scarcity would disappear.
D) trade-offs would become unnecessary.
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Learning Objective : 01-01 Explain and apply the Scarcity Principle, which says that having more of a
Topic : Economics: Studying Choice in a World of Scarcity
Bloom's : Understand
Difficulty : 02 Medium
Accessibility : Screen Reader Compatible
Version 1 3
mynursytest.store
, DOWNLOAD THE Test Bank for Principles of Economics 8th Edition Frank
Principles of Economics 8th Edition by Frank CH01
7) The Scarcity Principle applies to
7) ______
A) poor people primarily.
B) consumers primarily.
C) firms primarily.
D) everyone.
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-01 Explain and apply the Scarcity Principle, which says that having more of a
Topic : Economics: Studying Choice in a World of Scarcity
Accessibility : Screen Reader Compatible
8) Forest lives in complete isolation in Montana. He is self-sufficient and feeds himself
through hunting, fishing, and farming. Which of the following statements about Forest is true?
8) ______
A) Forest has unlimited resources.
B) Forest is not required to make trade-offs because he is self-sufficient.
C) Forest has to make trade-offs.
D) Forest doesn't have to consider costs and benefits.
Version 1 4
mynursytest.store
Principles of Economics 8th Edition by Frank CH01
ANSWERS ARE LOCATED IN THE SECOND PART OF THIS DOCUMENT
1) Economics is best defined as the study of
1) ______
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 those choices
for society as a whole.
D) the financial concerns of businesses and individuals.
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-01 Explain and apply the Scarcity Principle, which says that having more of a
Topic : Economics: Studying Choice in a World of Scarcity
Accessibility : Screen Reader Compatible
2) Economics is best defined as the study of
2) ______
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.
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-01 Explain and apply the Scarcity Principle, which says that having more of a
Topic : Economics: Studying Choice in a World of Scarcity
Accessibility : Screen Reader Compatible
Version 1 1
mynursytest.store
,DOWNLOAD THE Test Bank for Principles of Economics 8th Edition Frank
Principles of Economics 8th Edition by Frank CH01
3) Economists recognize that because people have limited resources
3) ______
A) government intervention is necessary.
B) they have to make trade-offs.
C) they will never be happy.
D) our future is bleak.
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-01 Explain and apply the Scarcity Principle, which says that having more of a
Topic : Economics: Studying Choice in a World of Scarcity
Accessibility : Screen Reader Compatible
4) The Scarcity Principle states that
4) ______
A) people don't have enough money to buy what they want.
B) society will eventually run out of resources.
C) with limited resources, having more of one thing means having less of another.
D) some countries have fewer resources than others.
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-01 Explain and apply the Scarcity Principle, which says that having more of a
Topic : Economics: Studying Choice in a World of Scarcity
Accessibility : Screen Reader Compatible
Version 1 2
mynursytest.store
,DOWNLOAD THE Test Bank for Principles of Economics 8th Edition Frank
Principles of Economics 8th Edition by Frank CH01
5) An implication of scarcity is that
5) ______
A) people will never be happy.
B) making trade-offs becomes unnecessary as wealth increases.
C) some people will always be poor.
D) people must make trade-offs.
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-01 Explain and apply the Scarcity Principle, which says that having more of a
Topic : Economics: Studying Choice in a World of Scarcity
Accessibility : Screen Reader Compatible
6) If all the world's resources were to magically increase one hundredfold, then
6) ______
A) people would still have to make trade-offs.
B) economics would no longer be relevant.
C) scarcity would disappear.
D) trade-offs would become unnecessary.
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Learning Objective : 01-01 Explain and apply the Scarcity Principle, which says that having more of a
Topic : Economics: Studying Choice in a World of Scarcity
Bloom's : Understand
Difficulty : 02 Medium
Accessibility : Screen Reader Compatible
Version 1 3
mynursytest.store
, DOWNLOAD THE Test Bank for Principles of Economics 8th Edition Frank
Principles of Economics 8th Edition by Frank CH01
7) The Scarcity Principle applies to
7) ______
A) poor people primarily.
B) consumers primarily.
C) firms primarily.
D) everyone.
Question Details
AACSB : Reflective Thinking
Accessibility : Keyboard Navigation
Bloom's : Remember
Difficulty : 01 Easy
Learning Objective : 01-01 Explain and apply the Scarcity Principle, which says that having more of a
Topic : Economics: Studying Choice in a World of Scarcity
Accessibility : Screen Reader Compatible
8) Forest lives in complete isolation in Montana. He is self-sufficient and feeds himself
through hunting, fishing, and farming. Which of the following statements about Forest is true?
8) ______
A) Forest has unlimited resources.
B) Forest is not required to make trade-offs because he is self-sufficient.
C) Forest has to make trade-offs.
D) Forest doesn't have to consider costs and benefits.
Version 1 4
mynursytest.store
