Test Bank for Economics Today 18th Edition by Roger LeRoy Miller ISBN

,DOWNLOAD THE Test Bank for Economics Today 18th Edition Roger LeRoyMiller
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EconomicslToday,l18el(Miller)
Chapterl2l ScarcitylandlthelWorldloflTrade-Offs

2.1 Scarcity

1) Scarcitylariseslbecause
A) resourceslarelfinitelandlarelinadequateltolmeetlalllhumanlwants.
B) productionloflgoodslandlserviceslislalwayslslow.
C) companieslarelslowltolexplorelforlnewlresources.
D) allargelnumberloflpeoplellivelinlpoverty.lA
nswer:l A
Diff:l2
Topic:l2.1lScarcity
LearninglOutcome:l Micro-
1:lIdentifylthelbasiclprincipleslofleconomicslandlexplainlhowltolthinkllikelanleconomist
AACSB:l Analyticallthinking

2) Scarcitylreferslto
A) alshortagelinlalgoodlorlservice.
B) thelabilityloflsocietyltolconsumelalllthatlitlproduces.
C) thelinabilityloflsocietyltolsatisfylalllhumanlwantslbecauselofllimitedlresources.
D) thelinabilityloflanlindividualltolpurchaselalgoodlorlserviceldueltolherllimitedlincome.lAns
wer:l C
Diff:l1
Topic:l2.1lScarcity
LearninglOutcome:l Micro-
1:lIdentifylthelbasiclprincipleslofleconomicslandlexplainlhowltolthinkllikelanleconomist
AACSB:l Analyticallthinking

3) WhichloflthelfollowinglstatementslislTRUElaboutlscarcity?
A) Bothlrichlandlpoorlpeoplelfacelthelproblemloflscarcity.
B) Scarcitylexistslonlylwhenlsupplylislinsufficientltolmeetldemand.
C) Scarcitylexistslonlylwhenlalshortagelexists.
D) Scarcitylcanlbeleliminatedlwhenlalcountrylbecomeslricher.lA
nswer:l A
Diff:l1
Topic:l2.1lScarcity
LearninglOutcome:l Micro-
1:lIdentifylthelbasiclprincipleslofleconomicslandlexplainlhowltolthinkllikelanleconomist
AACSB:l Analyticallthinking




1
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,DOWNLOAD THE Test Bank for Economics Today 18th Edition Roger LeRoyMiller
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4) Thelproblemlofleconomiclscarcitylapplies
A) onlylinldevelopedlcountries,lbecauselresourceslarelscarcelinltheselnations.
B) onlylinlunderdevelopedlcountries,lbecauseltherelarelnolproductivelresourceslinltheselnations.
C) onlyltolanleconomylwithlanlinsufficientlsupplyloflmoney.
D) toltheleconomiesloflalllnations,lregardlesslofltheirllevellofldevelopment.lAn
swer:l D
Diff:l1
Topic:l2.1lScarcity
LearninglOutcome:l Micro-
1:lIdentifylthelbasiclprincipleslofleconomicslandlexplainlhowltolthinkllikelanleconomist
AACSB:l Analyticallthinking

5) Inleveryleconomiclsystem,lchoiceslmustlbelmadelbecauselresources
A) arelunlimited,lbutlhumanldesireslandlwantslarellimited.
B) arellimited,lbutlhumanldesireslandlwantslarelunlimited.
C) arelunlimited,landlsolarelhumanldesireslandlwants.
D) arellimited,landlsolarelhumanldesireslandlwants.lA
nswer:lB
Diff:l1
Topic:l2.1lScarcity
LearninglOutcome:l Micro-
1:lIdentifylthelbasiclprincipleslofleconomicslandlexplainlhowltolthinkllikelanleconomist
AACSB:l Analyticallthinking

6) Inlthelproductionloflgoodslandlservices,ltrade-offslexistlbecause
A) notlalllproductionlislefficient.
B) societylhaslonlylallimitedlamountloflproductivelresources.
C) buyerslandlsellersloftenlmustlnegotiatelprices.
D) humanlwantslandlneedslarellimitedlatlalparticularlpointlinltime.lAn
swer:lB
Diff:l1
Topic:l2.1lScarcity
LearninglOutcome:l Micro-
1:lIdentifylthelbasiclprincipleslofleconomicslandlexplainlhowltolthinkllikelanleconomist
AACSB:l Analyticallthinking

7) WhichloflthelfollowinglstatementslaboutleconomiclscarcitylislFALSE?
A) Scarcityloccurslamonglthelpoorlandlthelrich.
B) Scarcitylonlyloccurslifltherelarelshortageslandlpeoplelwaitlinllineltolbuylthings.
C) Scarcitylresultslfromlnotlhavinglenoughlresourcesltolproducelalllthelthingslwelwant.
D) Scarcitylresultslinlthelnecessityltolmakelchoices.lA
nswer:lB
Diff:l1
Topic:l2.1lScarcity
LearninglOutcome:l Micro-
1:lIdentifylthelbasiclprincipleslofleconomicslandlexplainlhowltolthinkllikelanleconomist
AACSB:l Analyticallthinking

2
Copyrightl©l2016lPearsonlEducation,lInc.
mynursytest.store

, DOWNLOAD THE Test Bank for Economics Today 18th Edition Roger LeRoyMiller
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8) WhichloflthelfollowinglstatementslislFALSE?
A) Economiclgoodslarelavailablelinldesiredlquantitieslatlalzerolprice.
B) Algoodlislanythinglthatlgiveslsatisfactionlorlhappinessltolindividuals.
C) Serviceslarelintangiblelgoodslsuchlasldrylcleaning,lhospitallcare,landlrestaurantlmeallpre
paration.
D) Wantslarelunlimitedlandlincludelalllmateriallandlnonmaterialldesires.lAn
swer:l A
Diff:l1
Topic:l2.1lScarcity
LearninglOutcome:l Micro-
1:lIdentifylthelbasiclprincipleslofleconomicslandlexplainlhowltolthinkllikelanleconomist
AACSB:l Analyticallthinking

9) WhichloflthelfollowinglstatementslaboutlscarcitylislTRUE?
A) Scarcitylislnollongerlalproblemlforlindustrializedlcountries.
B) Scarcitylexistslinlalllsocieties.
C) Scarcitylislalproblemlonlylforlgreedylpeople.
D) Scarcitylislalproblemlonlylinlcountrieslthatldolnotluselmarketsltolorganizeleconomiclactivity.lAns
wer:lB
Diff:l1
Topic:l2.1lScarcity
LearninglOutcome:l Micro-
1:lIdentifylthelbasiclprincipleslofleconomicslandlexplainlhowltolthinkllikelanleconomist
AACSB:l Analyticallthinking

10) Inl2006,lhurricanesldamagedlmanylpartsloflTexas,ldestroyinglhomes,lbusinesses,lschools,land
linfrastructure.l Inlstrictlyleconomiclterminology,ltheselhurricaneslarelsaidltolhavelcaused

A) scarcity,lbecauseltheldamageslmadelfoodlandlshelterlscarce.
B) scarcity,lbecauselsomelgoodslwereldifficultltolget.
C) shortages,lbecauselsupplieslwerelcutlofflandlgoodslwereldestroyed.
D) tradeoffs,lbecauselsomelareasloflthelcountrylwereldamagedlwhenlotherslwerelnot.lAns
wer:l C
Diff:l2
Topic:l2.1lScarcity
LearninglOutcome:lMicro-
1:lIdentifylthelbasiclprincipleslofleconomicslandlexplainlhowltolthinkllikelanleconomist
AACSB:l Analyticallthinking




3
Copyrightl©l2016lPearsonlEducation,lInc.
mynursytest.store