DOWNLOAD THE Test Bank for Economics For Today 9th Edition Tucker
m m m m m m m m m m
1. Whichmofmthemfollowingmbestmdescribesmthemthreemfundamentalmeconomicmquestions?
a. hatmtomproduce,mwhenmtomproduce,mandmwheremtomproduce.
b. Whatmtimemtomproduce,mwhatmplacemtomproduce,mandmhowmtomproduce.
c. Whatmtomproduce,mwhenmtomproduce,mandmformwhommtomproduce.
d. Whatmtomproduce,mhowmtomproduce,mandmformwhommtomproduce.
ANSWER:m d
POINTS: 1
2. Whichmofmthemfollowingmismnotmonemofmthemthreemfundamentalmeconomicmquestions?
a. Whatmhappensmwhenmyoumaddmtomormsubtractmfrommamcurrentmsituation?
b. Formwhommtomproduce?
c. Howmtomproduce?
d. Whatmtomproduce?
ANSWER:m a
POINTS: 1
3. Whichmofmthemfollowingmcorrectlymlistsmthemthreemfundamentalmeconomicmquestions?
a. Ifmtomproduce?mWhymtomproduce?mWhenmtomproduce?
b. Ifmtomproduce?mWhatmtomproduce?mHowmtomproduce?
c. Whymtomproduce?mWhatmtomproduce?mHowmtomproduce?
d. Whatmtomproduce?mHowmtomproduce?mFormwhommtomproduce?
ANSWER: d
POINTS: 1
DIFFICULTY:m Easy
TOPICS: ThreemFundamentalmEconomicmQuestions
KEYWORDS:m Bloom's:mComprehension
4. Threembasicmdecisionsmmustmbemmadembymallmeconomies.mWhatmaremthey?
a. Howmmuchmwillmbemproduced,mwhenmitmwillmbemproduced,mandmhowmmuchmitmwillmcost.
b. Whatmthempricemofmeachmgoodmwillmbe,mwhomwillmproducemeachmgood,mandmwhomwillmconsumemeachmgood.
c. Whatmwillmbemproduced,mhowmgoodsmwillmbemproduced,mandmformwhommgoodsmwillmbemproduced.
d. Howmthemopportunitymcostmprinciplemwillmbemapplied,mifmandmhowmthemlawmofmcomparativemadvantagemwi
llmbemutilized,mandmwhethermthemproductionmpossibilitiesmconstraintmwillmapply.
ANSWER: c
POINTS: 1
DIFFICULTY:m Easy
TOPICS: ThreemFundamentalmEconomicmQuestions
KEYWORDS:m Bloom's:mComprehension
5. Becausemofmthemproblemmofmscarcity,meachmeconomicmsystemmmustmmakemwhichmofmthemfollowingmchoices?
a. Howmtomproduce? b.mWhatmtomproduce?
c.mFormwhommtomproduce? d.mAllmofmthese.
ANSWER: d
POINTS: 1
DIFFICULTY:m Easy
TOPICS: ThreemFundamentalmEconomicmQuestions
CengagemLearningmTesting,mPoweredmbymCogn Pagem1
ero
mynursytest.store
,DOWNLOAD THE Test Bank for Economics For Today 9th Edition Tucker
m m m m m m m m m m
KEYWORDS:m Bloom's:mComprehension
6. Whichmfundamentalmeconomicmquestionmismmostmcloselymrelatedmtomthemissuesmofmincomemdistributionmandmpoverty?
a. ThemWhatmtomProducemquestion. b.mThemWhymtomProducemquestion.
c.mThemHowmtomProducemquestion. d.mThemFormWhommtomProducemquestion.
ANSWER: d
POINTS: 1
DIFFICULTY:m Moderate
TOPICS: ThreemFundamentalmEconomicmQuestions
KEYWORDS:m Bloom's:mComprehension
7. Whichmfundamentalmeconomicmquestionmrequiresmsocietymtomchoosemthemtechnologicalmandmresourcemmixmusedmtompro
ducemgoods?
a. ThemWhatmtomProducemquestion. b.mThemWhymtomProducemquestion.
c.mThemHowmtomProducemquestion. d.mThemFormWhommtomProducemquestion.
ANSWER: c
POINTS: 1
DIFFICULTY:m Moderate
TOPICS: ThreemFundamentalmEconomicmQuestions
KEYWORDS:m Bloom's:mComprehension
8. Opportunitymcost:
a. representsmthembestmalternativemsacrificedmformamchosenmalternative.
b. hasmnomrelationshipmtomthemvariousmalternativesmthatmmustmbemgivenmupmwhenmamchoicemismmademi
nmthemcontextmofmscarcity.
c. representsmthemworstmalternativemsacrificedmformamchosenmalternative.
d. Representsmallmpossiblemalternativesmsacrificedmformamchosenmalternative.
ANSWER:m a
POINTS: 1
9. Themopportunitymcostmofmanmactionmis:
a. themmonetarympaymentmthemactionmrequired.
b. themtotalmtimemspentmbymallmpartiesminmcarryingmoutmthemaction.
c. themvaluemofmthembestmopportunitymthatmmustmbemsacrificedminmordermtomtakemthemaction.
d. themcostmofmallmalternativemactionsmthatmcouldmhavembeenmtaken,maddedmtogether.
ANSWER: c
POINTS: 1
DIFFICULTY:m Moderate
TOPICS: OpportunitymCost
KEYWORDS:m Bloom's:mComprehension
10. Themhighestmvaluedmalternativemthatmmustmbemgivenmupminmordermtomchoosemanmoptionmismcalledmthe:
a. opportunitymcost. b.mutilitymcost.
c.mscarcitymexpense. d.mdisutilitymoption.
ANSWER: a
POINTS: 1
DIFFICULTY:m Easy
CengagemLearningmTesting,mPoweredmbymCogn Pagem2
ero
mynursytest.store
,DOWNLOAD THE Test Bank for Economics For Today 9th Edition Tucker
m m m m m m m m m m
TOPICS: OpportunitymCost
KEYWORDS:m Bloom's:mKnowledge
11. Whichmofmthemfollowingmsayingsmbestmreflectsmthemconceptmofmopportunitymcost?
a. "Youmcan'tmteachmanmoldmdogmnewmtricks." b.m"Theremismnomsuchmthingmasmamfreemlunch."
c.m"Imhavemambaker'smdozen." d.m"There'smnombusinessmlikemshowmbusiness."
ANSWER: b
POINTS: 1
DIFFICULTY:m Moderate
TOPICS: OpportunitymCost
KEYWORDS:m Bloom's:mComprehension
12. Themopportunitymcostmtomamcitymformusingmlocalmtaxmrevenuesmtomconstructmamnewmparkmismthe:
a. bestmalternativemforegonembymbuildingmthempark.
b. dollarmcostmofmconstructingmthemnewmpark.
c. dollarmcostmofmthemoldmpark.
d. increasedmtaxesmnecessarymtompaymformmaintenancemofmthemnewmpark.
ANSWER: a
POINTS: 1
DIFFICULTY:m Easy
TOPICS: OpportunitymCost
KEYWORDS:m Bloom's:mComprehension
13. Amgoodmormservicemthatmismforgonembymchoosingmonemalternativemovermanothermismcalledma(n):
a. explicitmcost. b.mopportunitymcost.
c.mhistoricalmcost. d.maccountingmcost.
ANSWER: b
POINTS: 1
DIFFICULTY:m Easy
TOPICS: OpportunitymCost
KEYWORDS:m Bloom's:mKnowledge
14. Supposemthatmthemalternativemusesmofmanmhourmofmyourmtimeminmthemevening,mrankedmfrommbestmtomworst,marem(1)m
studymeconomics,m(2i)mwatchmtwomhalf-
hourmTVmsitcoms,m(3)mplaympool,mandm(4)mjogmaroundmtown.mYoumcanmonlymchoosemonemactivity.mWhatmismthemoppor
tunitymcostmofmstudyingmeconomicsmformonemhour,mgivenmthisminformation?
a. Joggingmaroundmtown.
b. Watchingmtwomhalf-hourmTVmsitcoms.
c. Playingmpool.
d. Themsummofmwatchingmtwomhalf-hourmTVmsitcoms,mplayingmpool,mandmdoingmyourmlaundry.
ANSWER:m b
POINTS: 1
15. Opportunitymcostmismthe:
a. costmincurredmwhenmonemfailsmtomtakemadvantagemofmanmopportunity.
b. pricempaidmformgoodsmandmservices.
c. costmofmthembestmoptionmforgonemasmamresultmofmchoosingmanmalternativemoption.
CengagemLearningmTesting,mPoweredmbymCogn Pagem3
ero
mynursytest.store
, DOWNLOAD THE Test Bank for Economics For Today 9th Edition Tucker
m m m m m m m m m m
d. undesirablemaspectsmofmanmoption.
CengagemLearningmTesting,mPoweredmbymCogn Pagem4
ero
mynursytest.store
m m m m m m m m m m
1. Whichmofmthemfollowingmbestmdescribesmthemthreemfundamentalmeconomicmquestions?
a. hatmtomproduce,mwhenmtomproduce,mandmwheremtomproduce.
b. Whatmtimemtomproduce,mwhatmplacemtomproduce,mandmhowmtomproduce.
c. Whatmtomproduce,mwhenmtomproduce,mandmformwhommtomproduce.
d. Whatmtomproduce,mhowmtomproduce,mandmformwhommtomproduce.
ANSWER:m d
POINTS: 1
2. Whichmofmthemfollowingmismnotmonemofmthemthreemfundamentalmeconomicmquestions?
a. Whatmhappensmwhenmyoumaddmtomormsubtractmfrommamcurrentmsituation?
b. Formwhommtomproduce?
c. Howmtomproduce?
d. Whatmtomproduce?
ANSWER:m a
POINTS: 1
3. Whichmofmthemfollowingmcorrectlymlistsmthemthreemfundamentalmeconomicmquestions?
a. Ifmtomproduce?mWhymtomproduce?mWhenmtomproduce?
b. Ifmtomproduce?mWhatmtomproduce?mHowmtomproduce?
c. Whymtomproduce?mWhatmtomproduce?mHowmtomproduce?
d. Whatmtomproduce?mHowmtomproduce?mFormwhommtomproduce?
ANSWER: d
POINTS: 1
DIFFICULTY:m Easy
TOPICS: ThreemFundamentalmEconomicmQuestions
KEYWORDS:m Bloom's:mComprehension
4. Threembasicmdecisionsmmustmbemmadembymallmeconomies.mWhatmaremthey?
a. Howmmuchmwillmbemproduced,mwhenmitmwillmbemproduced,mandmhowmmuchmitmwillmcost.
b. Whatmthempricemofmeachmgoodmwillmbe,mwhomwillmproducemeachmgood,mandmwhomwillmconsumemeachmgood.
c. Whatmwillmbemproduced,mhowmgoodsmwillmbemproduced,mandmformwhommgoodsmwillmbemproduced.
d. Howmthemopportunitymcostmprinciplemwillmbemapplied,mifmandmhowmthemlawmofmcomparativemadvantagemwi
llmbemutilized,mandmwhethermthemproductionmpossibilitiesmconstraintmwillmapply.
ANSWER: c
POINTS: 1
DIFFICULTY:m Easy
TOPICS: ThreemFundamentalmEconomicmQuestions
KEYWORDS:m Bloom's:mComprehension
5. Becausemofmthemproblemmofmscarcity,meachmeconomicmsystemmmustmmakemwhichmofmthemfollowingmchoices?
a. Howmtomproduce? b.mWhatmtomproduce?
c.mFormwhommtomproduce? d.mAllmofmthese.
ANSWER: d
POINTS: 1
DIFFICULTY:m Easy
TOPICS: ThreemFundamentalmEconomicmQuestions
CengagemLearningmTesting,mPoweredmbymCogn Pagem1
ero
mynursytest.store
,DOWNLOAD THE Test Bank for Economics For Today 9th Edition Tucker
m m m m m m m m m m
KEYWORDS:m Bloom's:mComprehension
6. Whichmfundamentalmeconomicmquestionmismmostmcloselymrelatedmtomthemissuesmofmincomemdistributionmandmpoverty?
a. ThemWhatmtomProducemquestion. b.mThemWhymtomProducemquestion.
c.mThemHowmtomProducemquestion. d.mThemFormWhommtomProducemquestion.
ANSWER: d
POINTS: 1
DIFFICULTY:m Moderate
TOPICS: ThreemFundamentalmEconomicmQuestions
KEYWORDS:m Bloom's:mComprehension
7. Whichmfundamentalmeconomicmquestionmrequiresmsocietymtomchoosemthemtechnologicalmandmresourcemmixmusedmtompro
ducemgoods?
a. ThemWhatmtomProducemquestion. b.mThemWhymtomProducemquestion.
c.mThemHowmtomProducemquestion. d.mThemFormWhommtomProducemquestion.
ANSWER: c
POINTS: 1
DIFFICULTY:m Moderate
TOPICS: ThreemFundamentalmEconomicmQuestions
KEYWORDS:m Bloom's:mComprehension
8. Opportunitymcost:
a. representsmthembestmalternativemsacrificedmformamchosenmalternative.
b. hasmnomrelationshipmtomthemvariousmalternativesmthatmmustmbemgivenmupmwhenmamchoicemismmademi
nmthemcontextmofmscarcity.
c. representsmthemworstmalternativemsacrificedmformamchosenmalternative.
d. Representsmallmpossiblemalternativesmsacrificedmformamchosenmalternative.
ANSWER:m a
POINTS: 1
9. Themopportunitymcostmofmanmactionmis:
a. themmonetarympaymentmthemactionmrequired.
b. themtotalmtimemspentmbymallmpartiesminmcarryingmoutmthemaction.
c. themvaluemofmthembestmopportunitymthatmmustmbemsacrificedminmordermtomtakemthemaction.
d. themcostmofmallmalternativemactionsmthatmcouldmhavembeenmtaken,maddedmtogether.
ANSWER: c
POINTS: 1
DIFFICULTY:m Moderate
TOPICS: OpportunitymCost
KEYWORDS:m Bloom's:mComprehension
10. Themhighestmvaluedmalternativemthatmmustmbemgivenmupminmordermtomchoosemanmoptionmismcalledmthe:
a. opportunitymcost. b.mutilitymcost.
c.mscarcitymexpense. d.mdisutilitymoption.
ANSWER: a
POINTS: 1
DIFFICULTY:m Easy
CengagemLearningmTesting,mPoweredmbymCogn Pagem2
ero
mynursytest.store
,DOWNLOAD THE Test Bank for Economics For Today 9th Edition Tucker
m m m m m m m m m m
TOPICS: OpportunitymCost
KEYWORDS:m Bloom's:mKnowledge
11. Whichmofmthemfollowingmsayingsmbestmreflectsmthemconceptmofmopportunitymcost?
a. "Youmcan'tmteachmanmoldmdogmnewmtricks." b.m"Theremismnomsuchmthingmasmamfreemlunch."
c.m"Imhavemambaker'smdozen." d.m"There'smnombusinessmlikemshowmbusiness."
ANSWER: b
POINTS: 1
DIFFICULTY:m Moderate
TOPICS: OpportunitymCost
KEYWORDS:m Bloom's:mComprehension
12. Themopportunitymcostmtomamcitymformusingmlocalmtaxmrevenuesmtomconstructmamnewmparkmismthe:
a. bestmalternativemforegonembymbuildingmthempark.
b. dollarmcostmofmconstructingmthemnewmpark.
c. dollarmcostmofmthemoldmpark.
d. increasedmtaxesmnecessarymtompaymformmaintenancemofmthemnewmpark.
ANSWER: a
POINTS: 1
DIFFICULTY:m Easy
TOPICS: OpportunitymCost
KEYWORDS:m Bloom's:mComprehension
13. Amgoodmormservicemthatmismforgonembymchoosingmonemalternativemovermanothermismcalledma(n):
a. explicitmcost. b.mopportunitymcost.
c.mhistoricalmcost. d.maccountingmcost.
ANSWER: b
POINTS: 1
DIFFICULTY:m Easy
TOPICS: OpportunitymCost
KEYWORDS:m Bloom's:mKnowledge
14. Supposemthatmthemalternativemusesmofmanmhourmofmyourmtimeminmthemevening,mrankedmfrommbestmtomworst,marem(1)m
studymeconomics,m(2i)mwatchmtwomhalf-
hourmTVmsitcoms,m(3)mplaympool,mandm(4)mjogmaroundmtown.mYoumcanmonlymchoosemonemactivity.mWhatmismthemoppor
tunitymcostmofmstudyingmeconomicsmformonemhour,mgivenmthisminformation?
a. Joggingmaroundmtown.
b. Watchingmtwomhalf-hourmTVmsitcoms.
c. Playingmpool.
d. Themsummofmwatchingmtwomhalf-hourmTVmsitcoms,mplayingmpool,mandmdoingmyourmlaundry.
ANSWER:m b
POINTS: 1
15. Opportunitymcostmismthe:
a. costmincurredmwhenmonemfailsmtomtakemadvantagemofmanmopportunity.
b. pricempaidmformgoodsmandmservices.
c. costmofmthembestmoptionmforgonemasmamresultmofmchoosingmanmalternativemoption.
CengagemLearningmTesting,mPoweredmbymCogn Pagem3
ero
mynursytest.store
, DOWNLOAD THE Test Bank for Economics For Today 9th Edition Tucker
m m m m m m m m m m
d. undesirablemaspectsmofmanmoption.
CengagemLearningmTesting,mPoweredmbymCogn Pagem4
ero
mynursytest.store
