Chapter 01 Testbank
t t
Student:tt
1. Economicstistbesttdefinedtastthetstudytof
A. pricestandtquantities.
B. inflationtandtinteresttrates.
C.
howtpeopletmaketchoicestundertthetconditionstoftscarcity.
D. wagestandtincomes.
2. Economictquestionstalwaystdealtwith
A. financialtmatters.
B. politicaltmatters.
C. insufficienttresources.
D.
choicestintthetfacetoftlimitedtresources.
,3. Thetrangetofttopicstortissuestthattfittwithintthetdefinitiontofteconomicstis
A. limitedttotmarkettactivities,te.g.,tbuyingtsoap.
B. limitedttotindividualstandtfirms.
C. extremelytwide,trequiringtonlytthetideastoftchoicetandtscarcity.
D. verytlimited.
4. Thetcentraltconcerntofteconomicstis
A. poverty.
B. scarcity.
C. wealthtaccumulation.
D. overconsumption.
5. Thetscarcitytprincipletindicatestthat
A. notmatterthowtmuchtonethas,tittistnevertenough.
B. comparedttot100tyearstago,tindividualsthavetlessttimettoday.
C. withtlimitedtresources,thavingtmoretoft"this"tmeansthavingtlesstoft"that."
D. becausettradeoffstmusttbetmade,tresourcestaretthereforetscarce.
,6. Thetlogicaltimplicationtoftthetscarcitytprincipletistthat
A. onetwilltnevertbetsatisfiedtwithtwhattonethas.
B. astwealthtincreases,tmakingttradeoffstbecomestlesstnecessary.
C. astwealthtdecreases,tmakingttradeoffstbecomestlesstnecessary.
D. choicestmusttbetmade.
7. Iftalltthetworld'stresourcestwerettotmagicallytincreaset100tfold,tthen
A. thetscarcitytprincipletwouldtstilltgoverntbehavior.
B. economicstwouldtnotlongertbetrelevant.
C. thetscarcitytprincipletwouldtdisappear.
D. tradeoffstwouldtbecometunnecessary.
8. Thetprincipletoftscarcitytappliestto
A. thetpoortexclusively.
B. alltconsumers.
C. alltfirms.
D. everyone;tconsumers,tfirms,tgovernments,tandtnations.
, 9. Attthetverytleast,tpoortandtwealthytindividualstaretidenticallytlimitedtby
A. theirtwealth.
B. thet24thourstthattcomprisetatday.
C. theirtknowledge.
D. theirtinfluence.
10. Foresttistatmountaintmantlivingtintcompletetisolation.tHetistcompletelytself-
sufficienttthroughthunting,tfishing,tandtfarming.tHethastnottbeentintthetcityttotbuytanythingtintfivetyea
rs.tOnetcantinfer
A. thetscarcitytprincipletdoestnottapplyttotForest.
B. Foresttistnottrequiredttotmaketchoices.
C. thetscarcitytprincipletstilltappliestbecausetmorethuntingtmeanstlesstfishingtandtfarming.
D. Foresttistverytsatisfied.
11. Thetscarcitytprincipletappliestto
A. alltdecisions.
B. onlytmarkettdecisions,te.g.,tbuyingtatcar.
C. onlytnon-markettdecisions,te.g.,twatchingtatsunset.
D. onlytthetpoor.
t t
Student:tt
1. Economicstistbesttdefinedtastthetstudytof
A. pricestandtquantities.
B. inflationtandtinteresttrates.
C.
howtpeopletmaketchoicestundertthetconditionstoftscarcity.
D. wagestandtincomes.
2. Economictquestionstalwaystdealtwith
A. financialtmatters.
B. politicaltmatters.
C. insufficienttresources.
D.
choicestintthetfacetoftlimitedtresources.
,3. Thetrangetofttopicstortissuestthattfittwithintthetdefinitiontofteconomicstis
A. limitedttotmarkettactivities,te.g.,tbuyingtsoap.
B. limitedttotindividualstandtfirms.
C. extremelytwide,trequiringtonlytthetideastoftchoicetandtscarcity.
D. verytlimited.
4. Thetcentraltconcerntofteconomicstis
A. poverty.
B. scarcity.
C. wealthtaccumulation.
D. overconsumption.
5. Thetscarcitytprincipletindicatestthat
A. notmatterthowtmuchtonethas,tittistnevertenough.
B. comparedttot100tyearstago,tindividualsthavetlessttimettoday.
C. withtlimitedtresources,thavingtmoretoft"this"tmeansthavingtlesstoft"that."
D. becausettradeoffstmusttbetmade,tresourcestaretthereforetscarce.
,6. Thetlogicaltimplicationtoftthetscarcitytprincipletistthat
A. onetwilltnevertbetsatisfiedtwithtwhattonethas.
B. astwealthtincreases,tmakingttradeoffstbecomestlesstnecessary.
C. astwealthtdecreases,tmakingttradeoffstbecomestlesstnecessary.
D. choicestmusttbetmade.
7. Iftalltthetworld'stresourcestwerettotmagicallytincreaset100tfold,tthen
A. thetscarcitytprincipletwouldtstilltgoverntbehavior.
B. economicstwouldtnotlongertbetrelevant.
C. thetscarcitytprincipletwouldtdisappear.
D. tradeoffstwouldtbecometunnecessary.
8. Thetprincipletoftscarcitytappliestto
A. thetpoortexclusively.
B. alltconsumers.
C. alltfirms.
D. everyone;tconsumers,tfirms,tgovernments,tandtnations.
, 9. Attthetverytleast,tpoortandtwealthytindividualstaretidenticallytlimitedtby
A. theirtwealth.
B. thet24thourstthattcomprisetatday.
C. theirtknowledge.
D. theirtinfluence.
10. Foresttistatmountaintmantlivingtintcompletetisolation.tHetistcompletelytself-
sufficienttthroughthunting,tfishing,tandtfarming.tHethastnottbeentintthetcityttotbuytanythingtintfivetyea
rs.tOnetcantinfer
A. thetscarcitytprincipletdoestnottapplyttotForest.
B. Foresttistnottrequiredttotmaketchoices.
C. thetscarcitytprincipletstilltappliestbecausetmorethuntingtmeanstlesstfishingtandtfarming.
D. Foresttistverytsatisfied.
11. Thetscarcitytprincipletappliestto
A. alltdecisions.
B. onlytmarkettdecisions,te.g.,tbuyingtatcar.
C. onlytnon-markettdecisions,te.g.,twatchingtatsunset.
D. onlytthetpoor.
