DOWNLOAD THE Test Bank for Principles of Economics 12th Edition Case
n n n n n n n n n n
PrinciplesnofnEconomics,n12en(Case/Fair/Oster)
Chaptern2n n ThenEconomicnProblem:nScarcitynandnChoice
2.1 Scarcity,nChoice,nandnOpportunitynCost
1) Thenprocessnbynwhichnresourcesnarentransformednintonusefulnformsnis
A) capitalization.
B) consumption.
C) production.
D) allocation.
nAnswer:n Cn
Diff:n1
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Definition
LearningnOutcome:n Micro-1
2) Outputsninnthenproductionnprocessnare
A) pollution.
B) money.
C) goodsnandnservicesnofnvaluentonhouseholds.
D) resources.
nAnswer:n Cn
Diff:n1
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Definition
LearningnOutcome:n Micro-1
3) Whichnofnthenfollowingnisnnotnanresourcenasnthentermnisnusednbyneconomists?
A) land
B) labor
C) buildings
D) moneyn
Answer:n Dn
Diff:n1
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Conceptual
AACSB:n ReflectivenThinkingnLearnin
gnOutcome:n Micro-1
1
Copyrightn©n2017nPearsonnEducation,nInc.
mynursytest.store
,DOWNLOAD THE Test Bank for Principles of Economics 12th Edition Case
n n n n n n n n n n
4) Whichnofnthenfollowingnwouldnanneconomistnclassifynasncapital?
A) an$50nbill
B) ancorporatenbond
C) anpostnofficenemployee
D) anguitarnusednbynanmusiciann
Answer:n D
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Conceptual
AACSB:n ReflectivenThinkingnLearnin
gnOutcome:n Micro-1
5) Capital,nasneconomistsnusenthenterm
A) isnthenmoneynthenfirmnspendsntonhirenresources.
B) isnmoneynthenfirmnraisesnfromnsellingnstock.
C) refersntonthenprocessnbynwhichnresourcesnarentransformednintonusefulnforms.
D) refersntonthingsnthatnhavenalreadynbeennproducednthatnareninnturnnusedntonproducenotherngoodsna
ndnservices.
Answer:n DnDif
f:n3
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Definition
LearningnOutcome:n Micro-1
6) Thenconceptnofnopportunityncostnisnbasednonnthenprinciplenof
A) need.
B) consumption.
C) scarcity.
D) profit.n
Answer:n Cn
Diff:n1
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Conceptual
AACSB:n ReflectivenThinkingnLearnin
gnOutcome:n Micro-20
7) Thenconceptnofntrade-offsnwouldnbecomenirrelevantnif
A) wenwerendealingnwithnanverynsimple,none-personneconomy.
B) povertynwereneliminated.
C) scarcitynwereneliminated.
D) capitalnwereneliminated.n
Answer:n C
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Conceptual
AACSB:n ReflectivenThinkingnLearnin
gnOutcome:n Micro-4
2
Copyrightn©n2017nPearsonnEducation,nInc.
mynursytest.store
,DOWNLOAD THE Test Bank for Principles of Economics 12th Edition Case
n n n n n n n n n n
8) SupposenyounarendecidingnwhetherntonspendnyourntaxnrebatenchecknonnannewniPodnornannewnd
igitalncamera.nYounarendealingnwithnthenconceptnof
A) equity.
B) comparativenadvantage.
C) opportunityncosts.
D) thenfallacynofncomposition.n
Answer:n C
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Conceptual
AACSB:n ReflectivenThinkingnLearnin
gnOutcome:n Micro-20
9) Accordingntonthentheorynofncomparativenadvantage,nspecializationnandnfreentradenwillnbenefit
A) onlynthatntradingnpartynthatnhasnbothnannabsolutenadvantagenandnancomparativenadvantageninnt
henproductionnofnallngoods.
B) allntradingnparties,nevennwhennsomenarenabsolutelynmorenefficientnproducersnthannothers.
C) onlynthatntradingnpartynthatnhasnannabsolutenadvantageninnthenproductionnofnallngoods.
D) onlynthatntradingnpartynthatnhasnancomparativenadvantageninnthenproductionnofnallngoods.n
Answer:n B
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Conceptual
AACSB:n ReflectivenThinkingnLearnin
gnOutcome:n Micro-3
ReferntontheninformationnprovidedninnTablen2.1nbelowntonanswernthenfollowingnquestion(s).
Tablen2.1
Krystal Mark
WritingnPoems 8 12
WritingnTVnCommercials 2 4
10) ReferntonTablen2.1.nFornKrystal,nthenopportunityncostnofnwritingnonenTVncommercialnis
A) 1/4nofnanpoem.
B) 2npoems.
C) 4npoems.
D) 6npoems.
nAnswer:n Cn
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Analytical
AACSB:n AnalyticalnThinkingnLearnin
gnOutcome:n Micro-20
3
Copyrightn©n2017nPearsonnEducation,nInc.
mynursytest.store
, DOWNLOAD THE Test Bank for Principles of Economics 12th Edition Case
n n n n n n n n n n
11) ReferntonTablen2.1.nFornMark,nthenopportunityncostnofnwritingnonenTVncommercialnis
A) 1/3nofnanpoem.
B) 2npoems.
C) 3npoems.
D) 8npoems.
nAnswer:n Cn
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Analytical
AACSB:n AnalyticalnThinkingnLearnin
gnOutcome:n Micro-20
12) ReferntonTablen2.1.nWhichnofnthenfollowingnstatementsnisntrue?
A) KrystalnhasnancomparativenadvantageninnbothnwritingnTVncommercialsnandnwritingnpoems.
B) MarknhasnancomparativenadvantageninnbothnwritingnTVncommercialsnandnwritingnpoems.
C) KrystalnhasnancomparativenadvantageninnwritingnTVncommercials,nandnMarknhasnancomparativena
dvantageninnwritingnpoems.
D) MarknhasnancomparativenadvantageninnwritingnTVncommercials,nandnKrystalnhasnancomparativena
dvantageninnwritingnpoems.
Answer:n DnDif
f:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Analytical
AACSB:n AnalyticalnThinkingnLearnin
gnOutcome:n Micro-20
13) ReferntonTablen2.1.nTonmaximizentotalnproduction
A) KrystalnshouldnspecializeninnwritingnTVncommercials,nandnMarknshouldnspecializeninnwritingn
poems.
B) MarknshouldnspecializeninnwritingnTVncommercials,nandnKrystalnshouldnspecializeninnwritingn
poems.
C) KrystalnandnMarknshouldnbothnsplitntheirntimenbetweennwritingnpoemsnandnwritingnTVnc
ommercials.
D) KrystalnshouldnwritenpoemsnandnwritenTVncommercials,nbutnMarknshouldnonlynwritenpoems.n
Answer:n B
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Analytical
AACSB:n AnalyticalnThinkingnLearnin
gnOutcome:n Micro-20
4
Copyrightn©n2017nPearsonnEducation,nInc.
mynursytest.store
n n n n n n n n n n
PrinciplesnofnEconomics,n12en(Case/Fair/Oster)
Chaptern2n n ThenEconomicnProblem:nScarcitynandnChoice
2.1 Scarcity,nChoice,nandnOpportunitynCost
1) Thenprocessnbynwhichnresourcesnarentransformednintonusefulnformsnis
A) capitalization.
B) consumption.
C) production.
D) allocation.
nAnswer:n Cn
Diff:n1
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Definition
LearningnOutcome:n Micro-1
2) Outputsninnthenproductionnprocessnare
A) pollution.
B) money.
C) goodsnandnservicesnofnvaluentonhouseholds.
D) resources.
nAnswer:n Cn
Diff:n1
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Definition
LearningnOutcome:n Micro-1
3) Whichnofnthenfollowingnisnnotnanresourcenasnthentermnisnusednbyneconomists?
A) land
B) labor
C) buildings
D) moneyn
Answer:n Dn
Diff:n1
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Conceptual
AACSB:n ReflectivenThinkingnLearnin
gnOutcome:n Micro-1
1
Copyrightn©n2017nPearsonnEducation,nInc.
mynursytest.store
,DOWNLOAD THE Test Bank for Principles of Economics 12th Edition Case
n n n n n n n n n n
4) Whichnofnthenfollowingnwouldnanneconomistnclassifynasncapital?
A) an$50nbill
B) ancorporatenbond
C) anpostnofficenemployee
D) anguitarnusednbynanmusiciann
Answer:n D
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Conceptual
AACSB:n ReflectivenThinkingnLearnin
gnOutcome:n Micro-1
5) Capital,nasneconomistsnusenthenterm
A) isnthenmoneynthenfirmnspendsntonhirenresources.
B) isnmoneynthenfirmnraisesnfromnsellingnstock.
C) refersntonthenprocessnbynwhichnresourcesnarentransformednintonusefulnforms.
D) refersntonthingsnthatnhavenalreadynbeennproducednthatnareninnturnnusedntonproducenotherngoodsna
ndnservices.
Answer:n DnDif
f:n3
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Definition
LearningnOutcome:n Micro-1
6) Thenconceptnofnopportunityncostnisnbasednonnthenprinciplenof
A) need.
B) consumption.
C) scarcity.
D) profit.n
Answer:n Cn
Diff:n1
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Conceptual
AACSB:n ReflectivenThinkingnLearnin
gnOutcome:n Micro-20
7) Thenconceptnofntrade-offsnwouldnbecomenirrelevantnif
A) wenwerendealingnwithnanverynsimple,none-personneconomy.
B) povertynwereneliminated.
C) scarcitynwereneliminated.
D) capitalnwereneliminated.n
Answer:n C
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Conceptual
AACSB:n ReflectivenThinkingnLearnin
gnOutcome:n Micro-4
2
Copyrightn©n2017nPearsonnEducation,nInc.
mynursytest.store
,DOWNLOAD THE Test Bank for Principles of Economics 12th Edition Case
n n n n n n n n n n
8) SupposenyounarendecidingnwhetherntonspendnyourntaxnrebatenchecknonnannewniPodnornannewnd
igitalncamera.nYounarendealingnwithnthenconceptnof
A) equity.
B) comparativenadvantage.
C) opportunityncosts.
D) thenfallacynofncomposition.n
Answer:n C
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Conceptual
AACSB:n ReflectivenThinkingnLearnin
gnOutcome:n Micro-20
9) Accordingntonthentheorynofncomparativenadvantage,nspecializationnandnfreentradenwillnbenefit
A) onlynthatntradingnpartynthatnhasnbothnannabsolutenadvantagenandnancomparativenadvantageninnt
henproductionnofnallngoods.
B) allntradingnparties,nevennwhennsomenarenabsolutelynmorenefficientnproducersnthannothers.
C) onlynthatntradingnpartynthatnhasnannabsolutenadvantageninnthenproductionnofnallngoods.
D) onlynthatntradingnpartynthatnhasnancomparativenadvantageninnthenproductionnofnallngoods.n
Answer:n B
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Conceptual
AACSB:n ReflectivenThinkingnLearnin
gnOutcome:n Micro-3
ReferntontheninformationnprovidedninnTablen2.1nbelowntonanswernthenfollowingnquestion(s).
Tablen2.1
Krystal Mark
WritingnPoems 8 12
WritingnTVnCommercials 2 4
10) ReferntonTablen2.1.nFornKrystal,nthenopportunityncostnofnwritingnonenTVncommercialnis
A) 1/4nofnanpoem.
B) 2npoems.
C) 4npoems.
D) 6npoems.
nAnswer:n Cn
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Analytical
AACSB:n AnalyticalnThinkingnLearnin
gnOutcome:n Micro-20
3
Copyrightn©n2017nPearsonnEducation,nInc.
mynursytest.store
, DOWNLOAD THE Test Bank for Principles of Economics 12th Edition Case
n n n n n n n n n n
11) ReferntonTablen2.1.nFornMark,nthenopportunityncostnofnwritingnonenTVncommercialnis
A) 1/3nofnanpoem.
B) 2npoems.
C) 3npoems.
D) 8npoems.
nAnswer:n Cn
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Analytical
AACSB:n AnalyticalnThinkingnLearnin
gnOutcome:n Micro-20
12) ReferntonTablen2.1.nWhichnofnthenfollowingnstatementsnisntrue?
A) KrystalnhasnancomparativenadvantageninnbothnwritingnTVncommercialsnandnwritingnpoems.
B) MarknhasnancomparativenadvantageninnbothnwritingnTVncommercialsnandnwritingnpoems.
C) KrystalnhasnancomparativenadvantageninnwritingnTVncommercials,nandnMarknhasnancomparativena
dvantageninnwritingnpoems.
D) MarknhasnancomparativenadvantageninnwritingnTVncommercials,nandnKrystalnhasnancomparativena
dvantageninnwritingnpoems.
Answer:n DnDif
f:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Analytical
AACSB:n AnalyticalnThinkingnLearnin
gnOutcome:n Micro-20
13) ReferntonTablen2.1.nTonmaximizentotalnproduction
A) KrystalnshouldnspecializeninnwritingnTVncommercials,nandnMarknshouldnspecializeninnwritingn
poems.
B) MarknshouldnspecializeninnwritingnTVncommercials,nandnKrystalnshouldnspecializeninnwritingn
poems.
C) KrystalnandnMarknshouldnbothnsplitntheirntimenbetweennwritingnpoemsnandnwritingnTVnc
ommercials.
D) KrystalnshouldnwritenpoemsnandnwritenTVncommercials,nbutnMarknshouldnonlynwritenpoems.n
Answer:n B
Diff:n2
Topic:n Scarcity,nChoice,nandnOpportunitynCostnSkill
:n Analytical
AACSB:n AnalyticalnThinkingnLearnin
gnOutcome:n Micro-20
4
Copyrightn©n2017nPearsonnEducation,nInc.
mynursytest.store
