Test Bank for Living in the Environment 26th Edition by Miller and Spoolman All 1-25 Chapters covered.pdf

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EconomicsoToday,o20eo(Miller)
Chaptero2o o ScarcityoandotheoWorldoofoTrade-Offs

2.1 Scarcity

1) Scarcityoarisesobecause
A) resourcesoareolimitedoandoareoinadequateotoomeetoallohumanowants.
B) shortagesoalwaysooccur.
C) naturaloresourcesoareoabundant.
D) someopeopleodoonotobehaveoinoaorationalomanner.o
Answer:o A
Diff:o2
Topic:o 2.1oScarcity
LearningoOutcome:o Micro-
1:oIdentifyotheobasicoprinciplesoofoeconomicsoandoexplainohowotoothinkolikeoanoeconomist
AACSB:o Analyticalothinking

2) Scarcityorefersoto
A) aoshortageoinoaogoodooroservice.
B) theoabilityoofosocietyotooconsumeoallothatoitoproduces.
C) theoinabilityoofosocietyotoosatisfyoallohumanowantsobecauseoofolimitedoresources.
D) theoinabilityoofoanoindividualotoopurchaseoaogoodooroserviceodueotooherolimitedoincome.o
Answer:o C
Diff:o1
Topic:o 2.1oScarcity
LearningoOutcome:o Micro-
1:oIdentifyotheobasicoprinciplesoofoeconomicsoandoexplainohowotoothinkolikeoanoeconomist
AACSB:o Analyticalothinking

3) WhichoofotheofollowingostatementsoisoTRUEoaboutoscarcity?
A) Bothorichoandopooropeopleofaceotheoproblemoofoscarcity.
B) Scarcityoexistsoonlyowhenosupplyoisoinsufficientotoomeetodemand.
C) Scarcityoexistsoonlyowhenoaoshortageoexists.
D) Scarcityocanobeoeliminatedowheno peopleoearnosufficientoincomes.o
Answer:o A
Diff:o1
Topic:o 2.1oScarcity
LearningoOutcome:o Micro-
1:oIdentifyotheobasicoprinciplesoofoeconomicsoandoexplainohowotoothinkolikeoanoeconomist
AACSB:o Analyticalothinking




1
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4) Theoproblemoofoeconomicoscarcityoapplies
A) onlyoinocountriesowithonoomarketsotoomeetopeople'sowants.
B) onlyoinounderdevelopedocountries,obecauseothereoareonooproductiveoresourcesoinotheseonations.
C) onlyotoonationsowithofeworesources.
D) tootheoeconomiesoofoallonations,oregardlessoofotheirolevelsoofodevelopment.o
Answer:o D
Diff:o1
Topic:o 2.1oScarcity
LearningoOutcome:o Micro-
1:oIdentifyotheobasicoprinciplesoofoeconomicsoandoexplainohowotoothinkolikeoanoeconomist
AACSB:o Analyticalothinking

5) Inoeveryoeconomicosystem,ochoicesomustobeomadeobecauseoresources
A) areounlimited,obutohumanodesiresoandowantsoareolimited.
B) areolimited,obutohumanodesiresoandowantsoareounlimited.
C) areounlimited,oandosooareohumanodesiresoandowants.
D) areolimited,oandosooareohumanodesiresoandowants.o
Answer:o B
Diff:o1
Topic:o 2.1oScarcity
LearningoOutcome:o Micro-
1:oIdentifyotheobasicoprinciplesoofoeconomicsoandoexplainohowotoothinkolikeoanoeconomist
AACSB:o Analyticalothinking

6) Inotheoproductionoofogoodsoandoservices,otrade-offsoexistobecause
A) notoalloproductionoisoefficient.
B) societyohasoonlyoaolimitedoamountoofoproductiveoresources.
C) weohaveoabundantoresourcesotoochooseofrom.
D) humanowantsoandoneedsoareolimitedoatoaoparticularopointoinotime.o
Answer:o B
Diff:o1
Topic:o 2.1oScarcity
LearningoOutcome:o Micro-
1:oIdentifyotheobasicoprinciplesoofoeconomicsoandoexplainohowotoothinkolikeoanoeconomist
AACSB:o Analyticalothinking

7) WhichoofotheofollowingostatementsoaboutoeconomicoscarcityoisoFALSE?
A) Scarcityooccursoamongotheopooroandotheorich.
B) Scarcityoonlyooccursoifothereoareoshortagesoandopeopleowaitoinolineotoobuyothings.
C) Scarcityoresultsofromonotohavingoenoughoresourcesotooproduceoallotheothingsoweowant.
D) Scarcityoresultsoinotheonecessityotoomakeochoices.o
Answer:o B
Diff:o1
Topic:o 2.1oScarcity
LearningoOutcome:o Micro-
1:oIdentifyotheobasicoprinciplesoofoeconomicsoandoexplainohowotoothinkolikeoanoeconomist
AACSB:o Analyticalothinking

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, DOWNLOAD THE Test Bank for Economics Today 20th Edition Miller
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8) WhichoofotheofollowingostatementsoisoFALSE?
A) Economicogoodsoareoavailableoinodesiredoquantitiesoatoaozerooprice.
B) Aogoodoisoanythingothatogivesosatisfactionoorohappinessotooindividuals.
C) Servicesoareointangibleogoodsosuchoasodryocleaning,ohospitalocare,oandorestaurantomealo
preparation.
D) Wantsoareounlimitedoandoincludeoallomaterialoandononmaterialodesires.o
Answer:o A
Diff:o1
Topic:o 2.1oScarcity
LearningoOutcome:o Micro-
1:oIdentifyotheobasicoprinciplesoofoeconomicsoandoexplainohowotoothinkolikeoanoeconomist
AACSB:o Analyticalothinking

9) WhichoofotheofollowingostatementsoaboutoscarcityoisoTRUE?
A) Scarcityo occursoonlyoamongolessodevelopedocountries.
B) Scarcityoexistsoinoallosocieties.
C) Scarcityoisoaoproblemoonlyoforogreedyopeople.
D) Scarcityoisoaoproblemoonlyoinocountriesothatodoonotouseomarketsotooorganizeoeconomicoactivity.o
Answer:o B
Diff:o1
Topic:o 2.1oScarcity
LearningoOutcome:o Micro-
1:oIdentifyotheobasicoprinciplesoofoeconomicsoandoexplainohowotoothinkolikeoanoeconomist
AACSB:o Analyticalothinking

10) Ino2020,otornadoesodamagedopartsoofotheoU.S.oMidwest,odestroyingohomes,obusinesses,osch
ools,oandoinfrastructure.oInostrictlyoeconomicoterminology,otheseotornadoesoareosaidotoohaveocaus
ed
A) scarcity,obecauseotheodamagesomadeofoodoandoshelteroscarce.
B) scarcity,obecauseosomeogoodsowereodifficultotooget.
C) shortages,obecauseosuppliesowereocutooffoandogoodsowereodestroyed.
D) trade-
offs,obecauseosomeoareasoofotheocountryowereodamagedowhenoothersowereonot.oAnswer:o
C
Diff:o2
Topic:o 2.1oScarcity
LearningoOutcome:o Micro-
1:oIdentifyotheobasicoprinciplesoofoeconomicsoandoexplainohowotoothinkolikeoanoeconomist
AACSB:o Analyticalothinking




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Copyrighto©o2021oPearsonoEducation,oInc.
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