Test Bank For Economics For Today 9th Edition by Irvin B. Tucker

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1. Whichgofgthegfollowinggbestgdescribesgthegthreegfundamentalgeconomicgquestions?
a. hatgtogproduce,gwhengtogproduce,gandgwheregtogproduce.
b. Whatgtimegtogproduce,gwhatgplacegtogproduce,gandghowgtogproduce.
c. Whatgtogproduce,gwhengtogproduce,gandgforgwhomgtogproduce.
d. Whatgtogproduce,ghowgtogproduce,gandgforgwhomgtogproduce.
ANSWER:g d
POINTS: 1

2. Whichgofgthegfollowinggisgnotgonegofgthegthreegfundamentalgeconomicgquestions?
a. Whatghappensgwhengyougaddgtogorgsubtractgfromgagcurrentgsituation?
b. Forgwhomgtogproduce?
c. Howgtogproduce?
d. Whatgtogproduce?
ANSWER:g a
POINTS: 1

3. Whichgofgthegfollowinggcorrectlyglistsgthegthreegfundamentalgeconomicgquestions?
a. Ifgtogproduce?gWhygtogproduce?gWhengtogproduce?
b. Ifgtogproduce?gWhatgtogproduce?gHowgtogproduce?
c. Whygtogproduce?gWhatgtogproduce?gHowgtogproduce?
d. Whatgtogproduce?gHowgtogproduce?gForgwhomgtogproduce?
ANSWER: d
POINTS: 1
DIFFICULTY:g Easy
TOPICS: ThreegFundamentalgEconomicgQuestions
KEYWORDS:g Bloom's:gComprehension

4. Threegbasicgdecisionsgmustgbegmadegbygallgeconomies.gWhatgaregthey?
a. Howgmuchgwillgbegproduced,gwhengitgwillgbegproduced,gandghowgmuchgitgwillgcost.
b. Whatgthegpricegofgeachggoodgwillgbe,gwhogwillgproducegeachggood,gandgwhogwillgconsumegeachggood.
c. Whatgwillgbegproduced,ghowggoodsgwillgbegproduced,gandgforgwhomggoodsgwillgbegproduced.
d. Howgthegopportunitygcostgprinciplegwillgbegapplied,gifgandghowgtheglawgofgcomparativegadvantagegwill
gbegutilized,gandgwhethergthegproductiongpossibilitiesgconstraintgwillgapply.

ANSWER: c
POINTS: 1
DIFFICULTY:g Easy
TOPICS: ThreegFundamentalgEconomicgQuestions
KEYWORDS:g Bloom's:gComprehension

5. Becausegofgthegproblemgofgscarcity,geachgeconomicgsystemgmustgmakegwhichgofgthegfollowinggchoices?
a. Howgtogproduce? b.gWhatgtogproduce?
c.gForgwhomgtogproduce? d.gAllgofgthese.
ANSWER: d
POINTS: 1
DIFFICULTY:g Easy
TOPICS: ThreegFundamentalgEconomicgQuestions

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KEYWORDS:g Bloom's:gComprehension

6. Whichgfundamentalgeconomicgquestiongisgmostgcloselygrelatedgtogthegissuesgofgincomegdistributiongandgpoverty?
a. ThegWhatgtogProducegquestion. b.gThegWhygtogProducegquestion.
c.gThegHowgtogProducegquestion. d.gThegForgWhomgtogProducegquestion.
ANSWER: d
POINTS: 1
DIFFICULTY:g Moderate
TOPICS: ThreegFundamentalgEconomicgQuestions
KEYWORDS:g Bloom's:gComprehension

7. Whichgfundamentalgeconomicgquestiongrequiresgsocietygtogchoosegthegtechnologicalgandgresourcegmixgusedgtogprodu
ceggoods?
a. ThegWhatgtogProducegquestion. b.gThegWhygtogProducegquestion.
c.gThegHowgtogProducegquestion. d.gThegForgWhomgtogProducegquestion.
ANSWER: c
POINTS: 1
DIFFICULTY:g Moderate
TOPICS: ThreegFundamentalgEconomicgQuestions
KEYWORDS:g Bloom's:gComprehension

8. Opportunitygcost:
a. representsgthegbestgalternativegsacrificedgforgagchosengalternative.
b. hasgnogrelationshipgtogthegvariousgalternativesgthatgmustgbeggivengupgwhengagchoicegisgmadeging
thegcontextgofgscarcity.
c. representsgthegworstgalternativegsacrificedgforgagchosengalternative.
d. Representsgallgpossiblegalternativesgsacrificedgforgagchosengalternative.
ANSWER:g a
POINTS: 1

9. Thegopportunitygcostgofgangactiongis:
a. thegmonetarygpaymentgthegactiongrequired.
b. thegtotalgtimegspentgbygallgpartiesgingcarryinggoutgthegaction.
c. thegvaluegofgthegbestgopportunitygthatgmustgbegsacrificedgingordergtogtakegthegaction.
d. thegcostgofgallgalternativegactionsgthatgcouldghavegbeengtaken,gaddedgtogether.
ANSWER: c
POINTS: 1
DIFFICULTY:g Moderate
TOPICS: OpportunitygCost
KEYWORDS:g Bloom's:gComprehension

10. Theghighestgvaluedgalternativegthatgmustgbeggivengupgingordergtogchoosegangoptiongisgcalledgthe:
a. opportunitygcost. b.gutilitygcost.
c.gscarcitygexpense. d.gdisutilitygoption.
ANSWER: a
POINTS: 1
DIFFICULTY:g Easy
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TOPICS: OpportunitygCost
KEYWORDS:g Bloom's:gKnowledge

11. Whichgofgthegfollowinggsayingsgbestgreflectsgthegconceptgofgopportunitygcost?
a. "Yougcan'tgteachgangoldgdoggnewgtricks." b.g"Theregisgnogsuchgthinggasgagfreeglunch."
c.g"Ighavegagbaker'sgdozen." d.g"There'sgnogbusinessglikegshowgbusiness."
ANSWER: b
POINTS: 1
DIFFICULTY:g Moderate
TOPICS: OpportunitygCost
KEYWORDS:g Bloom's:gComprehension

12. Thegopportunitygcostgtogagcitygforgusingglocalgtaxgrevenuesgtogconstructgagnewgparkgisgthe:
a. bestgalternativegforegonegbygbuildinggthegpark.
b. dollargcostgofgconstructinggthegnewgpark.
c. dollargcostgofgthegoldgpark.
d. increasedgtaxesgnecessarygtogpaygforgmaintenancegofgthegnewgpark.
ANSWER: a
POINTS: 1
DIFFICULTY:g Easy
TOPICS: OpportunitygCost
KEYWORDS:g Bloom's:gComprehension

13. Aggoodgorgservicegthatgisgforgonegbygchoosinggonegalternativegoverganothergisgcalledga(n):
a. explicitgcost. b.gopportunitygcost.
c.ghistoricalgcost. d.gaccountinggcost.
ANSWER: b
POINTS: 1
DIFFICULTY:g Easy
TOPICS: OpportunitygCost
KEYWORDS:g Bloom's:gKnowledge

14. Supposegthatgthegalternativegusesgofganghourgofgyourgtimegingthegevening,grankedgfromgbestgtogworst,gareg(1)gst
udygeconomics,g(2i)gwatchgtwoghalf-
hourgTVgsitcoms,g(3)gplaygpool,gandg(4)gjoggaroundgtown.gYougcangonlygchoosegonegactivity.gWhatgisgthegopportu
nitygcostgofgstudyinggeconomicsgforgoneghour,ggivengthisginformation?
a. Jogginggaroundgtown.
b. Watchinggtwoghalf-hourgTVgsitcoms.
c. Playinggpool.
d. Thegsumgofgwatchinggtwoghalf-hourgTVgsitcoms,gplayinggpool,gandgdoinggyourglaundry.
ANSWER:g b
POINTS: 1

15. Opportunitygcostgisgthe:
a. costgincurredgwhengonegfailsgtogtakegadvantagegofgangopportunity.
b. pricegpaidgforggoodsgandgservices.
c. costgofgthegbestgoptiongforgonegasgagresultgofgchoosinggangalternativegoption.
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d. undesirablegaspectsgofgangoption.




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