DOWNLOAD THE Test Bank for Principles of Microeconomics 13th Edition Case
m m m m m m m m m m
PrinciplesmofmMicroeconomics,m13em(Case/Fair/Oster)mCh
apterm2m ThemEconomicmProblem:mScarcitymandmChoice
2.1 Scarcity,mChoice,mandmOpportunitymCost
1) Themprocessmbymwhichmresourcesmaremtransformedmintomusefulmformsmis
A) capitalization.
B) consumption.
C) production.
D) allocation.
mAnswer:m Cm
Diff:m1
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Definition
LearningmOutcome:m Micro-1
2) Outputsminmthemproductionmprocessmare
A) pollution.
B) money.
C) goodsmandmservicesmofmvaluemtomhouseholds.
D) resources.
mAnswer:m Cm
Diff:m1
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Definition
LearningmOutcome:m Micro-1
3) Whichmofmthemfollowingmismnotmamresourcemasmthemtermmismusedmbymeconomists?
A) land
B) labor
C) buildings
D) moneym
Answer:m D
mDiff:m1
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Conceptual
AACSB:m ReflectivemThinking
m LearningmOutcome:m Micro-1
1
Copyrightm©m2020mPearsonmEducation,mIn
c.
mynursytest.store
,DOWNLOAD THE Test Bank for Principles of Microeconomics 13th Edition Case
m m m m m m m m m m
4) Whichmofmthemfollowingmwouldmanmeconomistmclassifymasmcapital?
A) am$50mbill
B) amcorporatembond
C) ampostmofficememployee
D) amguitarmusedmbymammusicia
nmAnswer:m D
Diff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Conceptual
AACSB:m ReflectivemThinking
m LearningmOutcome:m Micro-1
5) Capital,masmeconomistsmusemthemterm,
A) ismthemmoneymthemfirmmspendsmtomhiremresources.
B) ismmoneymthemfirmmraisesmfrommsellingmstock.
C) refersmtomthemprocessmbymwhichmresourcesmaremtransformedmintomusefulmforms.
D) refersmtomthingsmthatmhavemalreadymbeenmproducedmthatmareminmturnmusedmtomproducemothermgo
odsmandmservices.
Answer:m DmDif
f:m3
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Definition
LearningmOutcome:m Micro-1
6) Themconceptmofmopportunitymcostmismbasedmonmthemprinciplemof
A) need.
B) consumption.
C) scarcity.
D) profit.m
Answer:m C
mDiff:m1
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Conceptual
AACSB:m ReflectivemThinking
m LearningmOutcome:m Micro-
20
7) Themconceptmofmtrade-offsmwouldmbecomemirrelevantmif
A) wemweremdealingmwithmamverymsimple,mone-personmeconomy.
B) povertymweremeliminated.
C) scarcitymweremeliminated.
D) capitalmweremeliminated
.mAnswer:m C
Diff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Conceptual
AACSB:m ReflectivemThinking
2
Copyrightm©m2020mPearsonmEducation,mIn
c.
mynursytest.store
,DOWNLOAD THE Test Bank for Principles of Microeconomics 13th Edition Case
m m m m m m m m m m
m LearningmOutcome:m Micro-4
3
Copyrightm©m2020mPearsonmEducation,mIn
c.
mynursytest.store
, DOWNLOAD THE Test Bank for Principles of Microeconomics 13th Edition Case
m m m m m m m m m m
8) SupposemyoumaremdecidingmwhethermtomspendmyourmtaxmrebatemcheckmonmamnewmiPodmormamn
ewmdigitalmcamera.mYoumaremdealingmwithmthemconceptmof
A) equity.
B) comparativemadvantage.
C) opportunitymcosts.
D) themfallacymofmcomposition
.mAnswer:m C
Diff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Conceptual
AACSB:m ReflectivemThinking
m LearningmOutcome:m Micro-
20
9) Accordingmtomthemtheorymofmcomparativemadvantage,mspecializationmandmfreemtrademwillmbenefit
A) onlymthatmtradingmpartymthatmhasmbothmanmabsolutemadvantagemandmamcomparativemadvantage
minmthemproductionmofmallmgoods.
B) allmtradingmparties,mevenmwhenmsomemaremabsolutelymmoremefficientmproducersmthanmothers.
C) onlymthatmtradingmpartymthatmhasmanmabsolutemadvantageminmthemproductionmofmallmgoods.
D) onlymthatmtradingmpartymthatmhasmamcomparativemadvantageminmthemproductionmofmallmgoo
ds.mAnswer:m B
Diff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Conceptual
AACSB:m ReflectivemThinking
m LearningmOutcome:m Micro-3
RefermtomtheminformationmprovidedminmTablem2.1mbelowmtomanswermthemfollowingmquestion(s).
Tablem2.1
Krystal Mark
WritingmPoems 8 12
WritingmTVmCommercials 2 4
10) RefermtomTablem2.1.mFormKrystal,mthemopportunitymcostmofmwritingmonemTVmcommercialmis
A) 1/4mofmampoem.
B) 2mpoems.
C) 4mpoems.
D) 6mpoems.
mAnswer:m C
mDiff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Analytical
AACSB:m AnalyticalmThinking
m LearningmOutcome:m Micro-
20
4
Copyrightm©m2020mPearsonmEducation,mIn
c.
mynursytest.store
m m m m m m m m m m
PrinciplesmofmMicroeconomics,m13em(Case/Fair/Oster)mCh
apterm2m ThemEconomicmProblem:mScarcitymandmChoice
2.1 Scarcity,mChoice,mandmOpportunitymCost
1) Themprocessmbymwhichmresourcesmaremtransformedmintomusefulmformsmis
A) capitalization.
B) consumption.
C) production.
D) allocation.
mAnswer:m Cm
Diff:m1
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Definition
LearningmOutcome:m Micro-1
2) Outputsminmthemproductionmprocessmare
A) pollution.
B) money.
C) goodsmandmservicesmofmvaluemtomhouseholds.
D) resources.
mAnswer:m Cm
Diff:m1
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Definition
LearningmOutcome:m Micro-1
3) Whichmofmthemfollowingmismnotmamresourcemasmthemtermmismusedmbymeconomists?
A) land
B) labor
C) buildings
D) moneym
Answer:m D
mDiff:m1
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Conceptual
AACSB:m ReflectivemThinking
m LearningmOutcome:m Micro-1
1
Copyrightm©m2020mPearsonmEducation,mIn
c.
mynursytest.store
,DOWNLOAD THE Test Bank for Principles of Microeconomics 13th Edition Case
m m m m m m m m m m
4) Whichmofmthemfollowingmwouldmanmeconomistmclassifymasmcapital?
A) am$50mbill
B) amcorporatembond
C) ampostmofficememployee
D) amguitarmusedmbymammusicia
nmAnswer:m D
Diff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Conceptual
AACSB:m ReflectivemThinking
m LearningmOutcome:m Micro-1
5) Capital,masmeconomistsmusemthemterm,
A) ismthemmoneymthemfirmmspendsmtomhiremresources.
B) ismmoneymthemfirmmraisesmfrommsellingmstock.
C) refersmtomthemprocessmbymwhichmresourcesmaremtransformedmintomusefulmforms.
D) refersmtomthingsmthatmhavemalreadymbeenmproducedmthatmareminmturnmusedmtomproducemothermgo
odsmandmservices.
Answer:m DmDif
f:m3
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Definition
LearningmOutcome:m Micro-1
6) Themconceptmofmopportunitymcostmismbasedmonmthemprinciplemof
A) need.
B) consumption.
C) scarcity.
D) profit.m
Answer:m C
mDiff:m1
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Conceptual
AACSB:m ReflectivemThinking
m LearningmOutcome:m Micro-
20
7) Themconceptmofmtrade-offsmwouldmbecomemirrelevantmif
A) wemweremdealingmwithmamverymsimple,mone-personmeconomy.
B) povertymweremeliminated.
C) scarcitymweremeliminated.
D) capitalmweremeliminated
.mAnswer:m C
Diff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Conceptual
AACSB:m ReflectivemThinking
2
Copyrightm©m2020mPearsonmEducation,mIn
c.
mynursytest.store
,DOWNLOAD THE Test Bank for Principles of Microeconomics 13th Edition Case
m m m m m m m m m m
m LearningmOutcome:m Micro-4
3
Copyrightm©m2020mPearsonmEducation,mIn
c.
mynursytest.store
, DOWNLOAD THE Test Bank for Principles of Microeconomics 13th Edition Case
m m m m m m m m m m
8) SupposemyoumaremdecidingmwhethermtomspendmyourmtaxmrebatemcheckmonmamnewmiPodmormamn
ewmdigitalmcamera.mYoumaremdealingmwithmthemconceptmof
A) equity.
B) comparativemadvantage.
C) opportunitymcosts.
D) themfallacymofmcomposition
.mAnswer:m C
Diff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Conceptual
AACSB:m ReflectivemThinking
m LearningmOutcome:m Micro-
20
9) Accordingmtomthemtheorymofmcomparativemadvantage,mspecializationmandmfreemtrademwillmbenefit
A) onlymthatmtradingmpartymthatmhasmbothmanmabsolutemadvantagemandmamcomparativemadvantage
minmthemproductionmofmallmgoods.
B) allmtradingmparties,mevenmwhenmsomemaremabsolutelymmoremefficientmproducersmthanmothers.
C) onlymthatmtradingmpartymthatmhasmanmabsolutemadvantageminmthemproductionmofmallmgoods.
D) onlymthatmtradingmpartymthatmhasmamcomparativemadvantageminmthemproductionmofmallmgoo
ds.mAnswer:m B
Diff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Conceptual
AACSB:m ReflectivemThinking
m LearningmOutcome:m Micro-3
RefermtomtheminformationmprovidedminmTablem2.1mbelowmtomanswermthemfollowingmquestion(s).
Tablem2.1
Krystal Mark
WritingmPoems 8 12
WritingmTVmCommercials 2 4
10) RefermtomTablem2.1.mFormKrystal,mthemopportunitymcostmofmwritingmonemTVmcommercialmis
A) 1/4mofmampoem.
B) 2mpoems.
C) 4mpoems.
D) 6mpoems.
mAnswer:m C
mDiff:m2
Topic:m Scarcity,mChoice,mandmOpportunitymCostmSki
ll:m Analytical
AACSB:m AnalyticalmThinking
m LearningmOutcome:m Micro-
20
4
Copyrightm©m2020mPearsonmEducation,mIn
c.
mynursytest.store
